As per the Budget 2016-17, Krishi Kalyan cess of 0.5% will be levied on all taxable services, with effect from June 01, 2016. The service tax rate including Krishi Kalyan cess is 15%.
Krishi Kalyan Cess master and transaction experience is now available in Release 5.3.8. With this you can account for Krishi Kalyan Cess in all transactions recorded from June 01, 2016.
● Krishi Kalyan cess of 0.5% is levied, collected, and paid to the government on all taxable services.
● Krishi Kalyan Cess is levied in addition to Service Tax and Swachh Bharat Cess.
● Like Swachh Bharat cess, Krishi Kalyan Cess is separately chargeable on invoices.
● Input Tax credit of Krishi Kalyan cess is adjustable against Krishi Kalyan cess payable on services provided.
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