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Currently, a tax of 15 percent is imposed on an average insurance premium which includes Swachh Bharat Cess and Krishi Kalyan Cess. It will increase from July 1.
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Presenting a statement showing the supplementary Demands for Grants in the House, Finance Minister Arun Jaitley said of the total of Rs 59,978.29 crore, the net cash outgo would aggregate to Rs 35,171.92 crore.
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The Income Tax department held an awareness conference to popularise the scheme of one-time domestic black money compliance window in the business community and others in Delhi
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The effective rate of tax on services will be 15% (14% service tax + 0.5% Swachh Bharat Cess + 0.5% KKC). In a span of one year, the effective rate has increased from 12.36% (till 2015-2016) to 15%.
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"With the price of Aviation Turbine Fuel (ATF) increasing by a steep 9.2 percent, this could result in an increase in airfares as fuel constitutes approximately 40 percent of an airline's operating costs," travel portal Yatra.com president Sharat Dhall said.
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Under the scheme, income as declared by the eligible persons would be taxed at the rate of 45 percent which is 30 percent plus a 'Krishi Kalyan Cess' of 25 percent and a penalty at the rate of 25 percent.
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Purely from an investment point of view, I don‘t think that there is any worthy call to be taken for purchase of Coal India shares, says Tulsian
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The Krishi Kalyan cess of 0.5 percent was announced in this year‘s Budget speech in February by the Finance Minister, which is effective from June 1, 2016 i.e. Wednesday.
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With the imposition of Krishi Kalyan Cess (KKC), the total incidence of service tax will increase to 15 percent thus making eating out, phone usage, air and rail travel, expensive.
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Eating out, mobile phone usage
and air and rail travel will become expensive with the new
Krishi Kalyan Cess (KKC) of 0.5 per cent on taxable services
coming into force from June.
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The public information piece also talks about the salient features of the four-month IDS made known earlier, like declarants will enjoy immunity from scrutiny or inquiry under the Wealth Tax Act (now scrapped), IT Act and Benami Transactions Act (subject to certain conditions).
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Since December 2015, banks have been borrowing Rs 1.5-2.5 lakh crore from RBI to meet their daily CRR requirements. The governor addressed this complaint fully and squarely in the April 4th policy when he said he will reduce the liquidity deficit in the interbank market to zero.
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Talking about the Krishi Kalyan Cess, which loosely put means an increase in service tax, Economics Affairs secretary Shaktikanta Das says it was done because the government needed more resources to spend on infrastructure
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Reduction in litigation and providing certainty in taxes has also been a key focus point in this year‘s Budget
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Najib Shah Chairman, Central Board of Excise & Customs (CBEC) says, the government will also gain marginally by the way of Make in India programme.
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Krishi Kalyan Cess will be levied on all taxable services at the rate of 0.5 percent with effect from June 1, 2016, to finance and promote initiatives to improve agriculture, Finance Minister Arun Jaitley said in his Budget speech.
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The Krishi Kalyan Cess, at 0.5 percent will be levied on all taxable services effective June 1, 2016.
