Section 161 Finance Acts 2016- Krishi Kalyan Cess

By | June 5, 2016

Section 161 Finance Acts 2016

CHAPTER VI

Krishi Kalyan Cess

Section 161 Finance Acts 2016 :-

Krishi Kalyan Cess

161 . (1) This Chapter shall come into force on the 1st day of June, 2016.

(2) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called theKrishi Kalyan Cess, as service tax on all or any of the taxable services at the rate of 0.5 per cent. on the value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.

(3) The Krishi Kalyan Cess leviable under sub-section (2) shall be in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994 (32 of 1994), or under any other law for the time being in force.

(4) The proceeds of the Krishi Kalyan Cess levied under sub-section (2) shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Krishi Kalyan Cess for such purposes specified in sub-section (2), as it may consider necessary.

(5) The provisions of Chapter V of the Finance Act, 1994 (32 of 1994) and the rules made thereunder, including those relating to refunds and exemptions from tax, interest and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Krishi Kalyan Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable services under the said Chapter or the rules made thereunder, as the case may be.

Related post

  1. Krishi Kalyan Cess Notifications
  2. No Krishi Kalyan Cess on Exempt services
  3. Composition rate for Krishi Kalyan Cess under rules 7,7A,7B,7C of rule 6 of STR, 1994
  4. All about KRISHI KALYAN CESS
  5. Refund of Krishi Kalyan Cess paid on specified services used in SEZ
  6. Krishi Kalyan Cess Accounting code for payment notified
  7. Krishi Kalyan Cess rebate in case of export of services
  8. Krishi Kalyan Cess credit only for payment of Krishi Kalyan Cess
  9. Krishi Kalyan Cess applicable on service under Reverse Charge Also
  10. KRISHI KALYAN CESS w.e.f 01.06.2016
  11. Krishi Kalyan Cess rebate in case of export of services
  12. Krishi Kalyan Cess @ 0.5% on all taxable servies ; Budget 2016
  13. Income Declaration Scheme 2016 to open from 1st June 2016

Leave a Reply