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Important Announcement on Krishi Kalyan Cess - Applicable for Unpaid Invoices also

Dear Clients,

Greetings from Techno Developers Group !

This is to inform you that Chapter VI of the Finance Act, 2015 has been brought into effect from 01 June, 2016.

Accordingly, Krishi Kalyan Cess is leviable on all taxable services, other than services which are fully exempt from Service Tax or services which are otherwise not liable to Service Tax under section 66B of the Finance Act, 1994, at the rate of 0.5%.

Basis the amendment, it is viewed that the new levy of Krishi Kalyan Cess would apply on Invoices raised prior to 01 June 2016, if the payment is not received against the invoice on such service at the time of introduction ofnew levy of KKC (i.e. 1st June 2016). Pursuant to above, differential billing on account of Tax rate changes (KKC @ 0.5%) will be adjusted through a Debit Note which Techno Developers Group would raise against such unpaid invoices carrying service tax component as of June 01, 2016.

Note : Please forward this message to the appropriate people in your organization.

Posted on: Tuesday, 31st May 2016 2:45 PM