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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. Arun Jaitley presented the third full-year Budget of the Hon ble Prime Minister Shri. Narendra Modi's Government on February 29, 2016, Monday. The Budget 2016, a big test for Shri. Jaitley, is a tough balancing act between the fiscal consolidati .....

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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 dated February 29, 2016 [Para 3.1], it is provided that Cenvat credit of Krishi Kalyan Cesspaid on input services shall be allowed to be used for payment of the proposed Cess on the service provided by a service provider. However, corresponding to s .....

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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 seems to hit Start up India initiative of our Hon ble Prime Minister, as: An entrepreneur craves for simplicity of taxes. However, it is likely that a separate accounting code will be prescribed for Krishi Kalyan Cess and the service providers will be .....

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