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.
IN7.1_TFS167310 – Krishi Kalyan Cess [9.04 MB – EXE]
Before this update can be installed, the following prerequisites are required:
Microsoft Dynamics ® NAV 2013 R2 India
- NAV 2013 R2 RTM Database (Version 7.10.35473)
- Import below Hotfixes sequentially
|1||TFS353595||TDS Zero Percent|
|2||TFS354411||FVU 3.9-4.1 and TDS Zero Pct|
|4||TFS160375||Swachh Bharat Cess|
No new objects have been added through this update. Licensing refresh is not required.
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.