Accounting Codes for Krishi Kalyan Cess

[Service Tax Circular No. 194 dated 26th May 2016]

Subject: Accounting code for payment of Krishi Kalyan Cess.

Chapter VI of the Finance Act, 2016 will come into effect from 1st June, 2016. Krishi Kalyan Cess is leviable on all taxable services, other than services which are fully exempt from Service Tax or services which are otherwise not liable to Service Tax under section 66B of the Finance Act, 1994, at the rate of 0.5%.

2.  Accordingly, accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head “507-Krishi Kalyan Cess” and new Sub-heads as under:

S.No.

Krishi Kalyan Cess (Minor Head)

Tax Collection

Other Receipts (Interest)

Deduct Refunds

Penalties

1

0044-00-507

00441509

00441510

00441511

00441512

3. All concerned are requested to acknowledge the receipt of this circular.

4. Trade Notice/ Public Notice to be issued. Wide publicity through local news media including vernacular press may be given.

F.No. 354/31/2016-TRU