Tally Solutions announces that all versions of its flagship product, Tally.ERP 9 have been enabled to support the newly passed Krishi Kalyan Cess through an update. Effective from 01 June 2016, the new expansion is cited a pragmatic step towards supporting Indian businesses in complying seamlessly with the government regulation and also implementing the new cess will be fast and smooth for all businesses that use Tally.ERP 9.
In Tally.ERP 9, the Krishi Kalyan cess is auto calculated in transactions, be it regular sale, reverse charge, sale of service with abatement or sale value which is inclusive of tax.
The printed invoice will also display the cess value. Additionally, provision has been made to allow adjustment of Krishi Kalyan cess credit against Krishi Kalyan cess liability, and to account for interest and penalty on the cess.
The Krishi Kalyan cess implemented from 1st June, 2016 introduced by the Union Government for the purpose of financing and promoting initiatives to improve agriculture thus revising the new rate of service tax to 15%.