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Budget 2016: Govt announces 0.5 per cent Krishi Kalyan Cess to fund farm programmes

Jaitley said the Krishi Kalyan Cess would come into force with effect from June 1, 2016.

budget 2016, arun jaitley, union budget 2016, 2016 budget highlights, budget agriculture, 2016 budget kisan cess, budget 2016 agri cess, business news, budget news, india news, latest news Jaitley also proposed to amend section 35AD of the Income-tax Act so as to reduce the deduction from 150 per cent to 100 per cent in the case of a cold chain facility. (Source: Express archive)

The government on Monday announced a Krishi Kalyan Cess of 0.5 per cent on all taxable services effective from June 1 this year to fund farm initiatives.

It also proposed cut in excise duty on irrigation pumps and soil nutrients besides slashing import duty on cold storage related equipments.

Watch Budget 2016: Editors First Take on Arun Jaitley’s Announcements

“I propose to impose a Cess, called the Krishi Kalyan Cess, 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,” Finance Minister Arun Jaitley said while presenting the Budget for 2016-17.

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First published on: 29-02-2016 at 15:09 IST
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