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Krishi Kalyan Cess Feature for Microsoft Dynamics NAV 2013 R2 for India Released

Government has introduced a new Cess called ‘Krishi Kalyan Cess (KKC)’ in Finance Act 2016 which will take effect from 01-Jun-2016. It is imposed on all taxable Services at the rate of 0.5%. KKC is not a Cess on Service Tax but it is a tax on taxable services in addition to Service tax. It would be calculated in the same way as Service Tax is being calculated.

Download

IN7.1_TFS167310 – Krishi Kalyan Cess [9.04 MB – EXE]

Installation

Before this update can be installed, the following prerequisites are required:
Microsoft Dynamics ® NAV 2013 R2 India
Pre-requisites

  • NAV 2013 R2 RTM Database (Version 7.10.35473)
  • Import below Hotfixes sequentially
No. TFSID Fixes Description
1 TFS353595 TDS Zero Percent
2 TFS354411 FVU 3.9-4.1 and TDS Zero Pct
3 HF377555 GL Inconsistency
4 TFS160375 Swachh Bharat Cess

 

License Requirement

No new objects have been added through this update. Licensing refresh is not required.

 

Setup

The following fields are added to Service Tax Setup , setup values given below

S. No Field Description Value
1. KK Cess % 0.5
2. KK Cess Payable Account Balance  Sheet Account under Liabilities and Account Type = Posting
3. KK Cess Payable Interim Balance  Sheet Account under Liabilities and Account Type = Posting
4. KK Cess Receivable Interim Account Balance  Sheet Account under Assets and Account Type = Posting
5. KK Cess Receivable Account Balance  Sheet Account under Assets and Account Type = Posting
6. KK Cess Expense Account Income Statement Account and Account Type = Posting

For detailed information you can check this Link.

 

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