Which of the following statements about Krishi Kalyan Cess (KKC) is/are correct 1) KKC is calculated in the same way as Service Tax is calculated. 2) The current rate of KKC is 0.50% 3) KKC is similar to the KKS (Krishi Kalayn Surcharge) Select the correct answer using the code given below:?

1, 2 and 3
1 and 2 only
2 and 3 only
1 only

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 2 : 1 and 2 only

The correct answer is option 2, i.e 1 and 2 only.

Krishi Kalyan Cess (KKC)

A cess could be a tax that's levied by the government to boost funds for a selected purpose.
The new cess is supposed to be levied at a rate of 0.5% on all goods and services where the government can levy service taxes. Hence statement 1 and 2 is correct.
It is alleged to promote various initiatives within the domain of agriculture and also finance them.
KKC would be levied, charged, collected and paid to Government independent of Service Tax.
The proceeds of the Krishi Kalyan Cess shall first be credited to the Consolidated Fund of India.

NOTE

The Ministry of Finance had gradually disposed of several cesses with the Goods and Services Tax (GST) rollout, including the KKC which was abolished on July 1, 2017.
KKC is different from KKS in the sense that KKS will be levied on undisclosed income at a rate of 7.5%. Hence statement 3 is incorrect.

4 views Answered 2022-09-04 04:29

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