elangovan (Tax and Financial Advisory) (217 Points)
01 June 2016
elangovan
(Tax and Financial Advisory)
(217 Points)
Replied 01 June 2016
CA Chandra Kishore Bajpai
(Tax Consultant)
(3088 Points)
Replied 02 June 2016
https://ckbajpai.blogspot.in/2016/05/a-note-on-krishi-kalyan-cess-kkc.H T M L?m=1
CA Chandra Kishore Bajpai
(Tax Consultant)
(3088 Points)
Replied 02 June 2016
https://ckbajpai.blogspot.in/2016/05/a-note-on-krishi-kalyan-cess-kkc.H T M L?m=1
S. Banerjee
(Practising Cost Accountant. Core area- Central Excise. Service Tax Costing system installation including maintenance of Cost Records and Cost Audit and Management Audit mainly Revenue leakages Audit)
(622 Points)
Replied 02 June 2016
Krishi Kalyan Cess (KKC) is applicable w.e.f 01.06.2016. Accordingly, it does not affect on Sundry Debtors Balance as on 31.05.2016. KKC is taxable where service tax is applicable.
Secondly, service tax is not related with sundry debtors. Because it is taxable on Revarse Charge Mechanism i.e on expenses, it also not applicable on sale (unrealised appears under Sundry Debtros), All services are not taxable that amount is also shown under Sundry Debtors in balance sheet and so on.
CA Hemant Jain
(Job)
(139 Points)
Replied 02 June 2016
Kuldipsinh Jadeja
(Job)
(357 Points)
Replied 18 June 2016
KKC would be applicable as per Rule 5 of Point of Taxation Rules, 2011 since payment for the bal. on 31/05/16 would be received after 01/06/16.
CA Hemant Jain
(Job)
(139 Points)
Replied 06 July 2016
As per the Notification No. 35/2016-ST dated 23/06/2016, No KKC if Invoice is raised & services are rendered on or before 31/05/2016. It means no KKC on debtors as on 31/05/2016
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