Krishi Kalyan Cess Feature for Microsoft Dynamics NAV 2013 R2 for India Released

Government has introduced a new Cess called 'Krishi Kalyan Cess (KKC)' in Finance Act 2016 which will take effect from 01-Jun-2016. It is imposed on all taxable Services at the rate of 0.5%. KKC is not a Cess on Service Tax but it is a tax on taxable services in addition to Service tax. It would be calculated in the same way as Service Tax is being calculated.

Download

IN7.1_TFS167310 - Krishi Kalyan Cess [9.04 MB - EXE]

Installation

Before this update can be installed, the following prerequisites are required:
Microsoft Dynamics ® NAV 2013 R2 India
Pre-requisites

• NAV 2013 R2 RTM Database (Version 7.10.35473)


• Import below Hotfixes sequentially

No.	TFSID	Fixes Description
1	TFS353595	TDS Zero Percent
2	TFS354411	FVU 3.9-4.1 and TDS Zero Pct
3	HF377555	GL Inconsistency
4	TFS160375	Swachh Bharat Cess

 

License Requirement

No new objects have been added through this update. Licensing refresh is not required.

 

Setup

The following fields are added to Service Tax Setup , setup values given below

S. No	Field Description	Value
1.	KK Cess %	0.5
2.	KK Cess Payable Account	Balance  Sheet Account under Liabilities and Account Type = Posting
3.	KK Cess Payable Interim	Balance  Sheet Account under Liabilities and Account Type = Posting
4.	KK Cess Receivable Interim Account	Balance  Sheet Account under Assets and Account Type = Posting
5.	KK Cess Receivable Account	Balance  Sheet Account under Assets and Account Type = Posting
6.	KK Cess Expense Account	Income Statement Account and Account Type = Posting

For detailed information you can check this Link.