Krishi Kalyan Cess
Mr. Arun Jaitley
While announcing the budget 2016 has introduced a new cess which would be
Levied @ 0.5% on the Value of All Taxable Services.
The Krishi Kalyan
Cess has been levied for the purpose of Financing and Promoting initiatives to
improve Agriculture and would be applicable from 1st June-2016.
Tax Category like
Service
tax
- 14%
Swachh
Bharat Cess - 0.5% Against the Service
value only – Non Recoverable
Krishi
Kalyan Cess - 0.5%
Against the Service value only – Input credit allowable.
Impact
of KKC
So far has
Service Tax is concerned, effective tax cost shall be 15 percent of value of
services w.e.f. 01.06.2016,i.e. 14% Service Tax, 0.50% Swacch Bharat Cess and 0.5
percent of Krishi Kalyan Cess. Of this, 14.5% shall be cenvatable but 0.50% of
Swachh Bharat Cess (SBC) shall not be cenvatable.
Oracle
Released India Localization Patch on 20-May-2016. - Main Patch
Patch 23257973:R12.JAI.B
The following pre request patch required to update the records (After update the "India - Service Tax Processing concurrent) in "jai_rgm_trx_records" table for AR invoice transactions.
"India Service tax report" Considering the above table.
This will applicable for Manual AR invoice and Sales order, Shipping and AR invoice generation through Auto Invoice import Program
Oracle Released India Localization Patch on 26-May-2016.
23343867:R12.JAI.B
The following pre request patch required to update the records (After update the "India - Service Tax Processing concurrent) in "jai_rgm_trx_records" table for AR invoice transactions.
"India Service tax report" Considering the above table.
This will applicable for Manual AR invoice and Sales order, Shipping and AR invoice generation through Auto Invoice import Program
Oracle Released India Localization Patch on 26-May-2016.
23343867:R12.JAI.B
