Krishi Kalyan Cess introduced to fund agriculture; service tax base broadened and targeted exemptions realigned. A new Krishi Kalyan Cess is being introduced on taxable services to fund agricultural initiatives. The Bill broadens the service tax base by withdrawing select exemptions and negative list entries while introducing targeted new exemptions for specified housing projects, pension annuities, regulatory bodies and public interest services. Measures rationalize abatements, improve CENVAT credit flow including actual basis reversals for financial institutions and time-phased credit for assignments of natural resource rights, and provide procedural reforms including an Indirect Tax Dispute Resolution Scheme, extended limitation periods, and interest rate harmonization.
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Krishi Kalyan Cess introduced to fund agriculture; service tax base broadened and targeted exemptions realigned.
A new Krishi Kalyan Cess is being introduced on taxable services to fund agricultural initiatives. The Bill broadens the service tax base by withdrawing select exemptions and negative list entries while introducing targeted new exemptions for specified housing projects, pension annuities, regulatory bodies and public interest services. Measures rationalize abatements, improve CENVAT credit flow including actual basis reversals for financial institutions and time-phased credit for assignments of natural resource rights, and provide procedural reforms including an Indirect Tax Dispute Resolution Scheme, extended limitation periods, and interest rate harmonization.
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