Krishi Kalyan Cess

[Asked by Guest]

Dear Sir/ Madam,

We would like to understand that the Notification related to KKC has been released from the Government or not yet. If not yet, is there any expected date to be released. As you all aware of that KKC is effective from 1st June 2016 so we need to make our system setting based on this new change but SAP is looking for Government notification which they can refer for the solution and release the SAP Note related to KKC solution.

In case it is getting delay in release the notification from Government then, is there any effective date change with future date?

Thanks in Advance for quick reply.

Regards,

Gunasekhar Bollineni

+91-9986037850

[Suryanarayana Sathineni]

Dear Friend,

Let us hope that the required Notification would be issued at least a fortnight before the scheduled date .

[KASTURI SETHI]

Dear Sh. Gunashekhar B.

Financial Bill, 2016 has been enacted on 14.5.2016. The effective date KKC shall be 1.6.16. No chance of change at all. Notification can be issued at any time. Accounting Code No. is also awaited.

[Suryanarayana Sathineni]

Dear Friend,

I fully agree with the views expressed by Shri. Kasturi Sethi Ji

I feel non- issual of Notification for KKC, should not be a problem for creating required code for such new ST levy in your ERP or accounting software making it effective from 01.06.2016. I feel Notification is a formality since It is already in the Finance Act.

Best Regards

Surya

Dear All,

Thank you very much for your all valuable inputs and suggestions.

Is it possible to share Finance Act number related this topic or any link where I can refer my self for Finance Act.

Regards,

Gunasekhar Bollineni

[KASTURI SETHI]

Sh.Gunasekhar B Ji,

It is easily available on TMI site, CBEC's site or direct on google. Just mention the issue on google, you will get limked to your desired topic.

Thanks.

[Ganeshan Kalyani]

Most trusted source is Lok Sabha. You will be get it. Thanks.

[Ganeshan Kalyani]

www.loksabha.nic.In

AI Summary

Krishi Kalyan Cess: effective from 1 June 2016; update accounting systems now despite pending notification.
Krishi Kalyan Cess has been enacted in the Finance Bill with an effective date of 1 June 2016; this statutory effective date stands regardless of the timing of any administrative notification. In practice, taxpayers and ERP vendors are advised to prepare accounting codes and system changes to apply the cess from the effective date even though formal notification and specific accounting code assignments may be issued subsequently, and primary government portals provide the legislative text for verification.