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of <h1>New Krishi Kalyan Cess: 0.5% Service Tax for Agricultural Funding Effective June 1, 2016, with Exemptions and Guidelines.</h1> A new levy called the Krishi Kalyan Cess has been introduced, effective from June 1, 2016, imposing a 0.5% service tax on the value of taxable services to fund agricultural initiatives. This cess is in addition to existing service taxes. Exemptions apply to services already exempt from service tax. The Central Board of Excise & Customs has issued procedural guidelines, including accounting codes and CENVAT credit rules. The reverse charge mechanism applies, and there are provisions for composite rates, rebates for exported services, and refunds for SEZ developers. Relevant notifications provide detailed regulations and guidelines.
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