Krishi Kalyan Cess - Board Bungles Year
KRISHI KALYAN Cess is imposed by the Finance Act 2016, but Board seems to think otherwise.
In Circular No. , dated 26.05.2016, the CBEC states, "Chapter VI of the Finance Act, 2015 will come into effect from 1st June, 2016". What the Board means is obviously 'Finance Act 2016' and not 2015.
Advantage of technology is that the Board can retrospectively correct its mistakes with hardly anyone noticing. The Board will correct this mistake silently in their website, but all those who have downloaded it, printed it and distributed it will look guilty.
On Friday, we pointed out that there was a mistake in paragraph numbering in the same Circular, which the Board silently corrected.
True to what DDT had prophesied, around noon, the Board stealthily changed the year to 2016.