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of <h1>Clause 158 of Finance Bill, 2016 introduces 0.5% Krishi Kalyan Cess on services to support agricultural initiatives.</h1> Clause 158 of the Finance Bill, 2016 introduces the Krishi Kalyan Cess, effective June 1, 2016. This cess is a 0.5% service tax on taxable services, aimed at financing and promoting agricultural initiatives. It is in addition to existing service taxes under the Finance Act, 1994, or other laws. The collected cess will be credited to the Consolidated Fund of India and utilized by the Central Government for specified agricultural purposes. The provisions and rules of the Finance Act, 1994, including those on refunds and penalties, apply to this cess as they do to other service taxes.
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