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Sales Tax / VAT

Q28. Consider...

Question

Q28. Consider the following statements regarding Krishi Kalyan Cess (KKC)
1. It is a levy/tax imposed by the Union Government on all services, which are liable to service tax, at the rate of 0.5% for financing improvement of agriculture and welfare of farmers.
2. The proceeds will be kept out of the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament, utilize the money for such specified purposes as it may consider necessary.
Which of the above statement(s) is/are correct?

A

(a) Only 1

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B

(b) Only 2

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C

(c) Both 1 and 2

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D

(d) None of the above

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Solution

The correct option is A (a) Only 1
The proceeds are first credited to the Consolidated Fund of India and the Central
Government may, after due appropriation made by Parliament, utilize the money for such specified purposes as it may consider necessary.

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