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of <h1>Krishi Kalyan Cess Introduced: 0.5% Levy on Taxable Services per Finance Act, 2016, Effective June 1.</h1> Chapter VI of the Finance Act, 2016, effective from June 1, 2016, introduces the Krishi Kalyan Cess, levied at 0.5% on all taxable services, except those fully exempt from Service Tax or not liable under section 66B of the Finance Act, 1994. The Office of the Controller General of Accounts has assigned accounting codes for this cess under the Minor Head '507-Krishi Kalyan Cess' with specific sub-heads for tax collection, interest, refunds, and penalties. Trade associations are advised to inform their members and the broader trade community about this notice.
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