Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Krishi Kalyan Cess on all taxable services w.e.f. June 1, 2016 – Impact on “Make in India” and “Start-up India” drive

Budget - By: - Bimal jain - Dated:- 9-3-2016 - Dear professional colleague, Krishi Kalyan Cess on all taxable services w.e.f. June 1, 2016 - Impact on Make in India and Start-up India drive Amidst huge expectations, the Hon ble Finance Minister Shri. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on and much-needed spending to revive growth in the economy. Pursuing with an objective to finance and promote initiatives to improve agriculture and farmer welfare, the Government on Monday announced a new cess namely Krishi Kalyan Cess , to be levi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t appropriate amendments also required in the Cenvat Credit Rules, 2004 Unlike Swachh Bharat Cess imposed w.e.f. June 15, 2015, which is not Cenvatable neither in the hands of service providers nor manufacturers, in terms of TRU F. No. 334/8/2016-TRU .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

uch entitlement of Cenvat credit of Krishi Kalyan Cess as stated in the TRU letter, changes are yet to be incorporated in Rule 3 of the Cenvat Credit Rules, 2004 to provide requisite legal backing for availment of Cenvat credit. Krishi Kalyan Cess vi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

igher Education Cess) from 12.36% w.e.f June 1, 2015 and Swachh Bharat Cess at 0.5% on value of all taxable services imposed w.e.f November 15, 2015. Whereas these steps are said to be taken for improvement of agriculture and welfare of farmers, it s .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

required to display the same separately on invoices; Paying Service tax at 15% may not be a problem but maintaining separate accounts for Service tax and various Cesses, their records & computation, followed by corresponding Cenvat provisions wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(as stated in TRU Letter). But on perusal of the same, it can be inferred that such entitlement is limited only to the service providers for payment of the proposed Cess on the services provided. Manifestly, the manufacturers paying Krishi Kalyan Ces .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y can be neither utilized for payment of Krishi Kalyan Cess nor vice versa. In the nutshell: Though, the Union Budget 2016 has endeavoured to give impetus to the Make in India and Start-up India campaign of the Modi Government, but imposition of Kris .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version