Krishi Kalyan Cess meaning

Krishi Kalyan meaning - 'Krishi' means 'farming' and 'Kalyan' means 'welfare' in Hindi.

Finance Minister Arun Jaitley proposed to impose a Krishi Kalyan Cess (KKC), at 0.5 per cent on all taxable services, proceeds of which would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers on presenting the Budget for 2016-17.

KKC came into effect from 1 June 2016.

Now the effective rate of Service Tax is 15% (as on 1-June-2016) as sum of Service Tax Rate 14% and Swachh Bharat Cess 0.5% and Krishi Kalyan Cess (KKC), at 0.5%

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