Education Cess - Accounting codes - Central Excise - C.B.E. & C., Office Memorandum

Education Cess - Accounting codes Pr. Chief Controller of Accounts, C.B.E. C., Office Memorandum Dated 22-7-2004 Government of India Ministry of Finance (Department of Revenue) Central Board of Excise Customs, New Delhi Govt. has levied an Education Cess @ 2% on the aggregate duties of all excisable goods manufactured in India, on the aggregate import duties (except safeguard duties under Sections 8B and 8C, countervailing duty under Section 9 and Anti-dumping duty under Section 9A of the Customs Tariff Act) and services subjected to service tax. The Education Cess on excisable goods and imported goods has come into effect from 8-7-2004. The matter has been taken up with CGA's office for opening of new Head of Accounts. Pending opening of new Heads of Accounts which is likely to take time, the duty being deposited by assessee may be accounted for the present under Sub-Head/Minor Head of Accounts "Receipt Awaiting Transfer" to the other Minor Head etc." under the Major Head 0037-Customs/0038 - U.E.D. The reduced accounting codes are 00370034 (Customs) and 00380086 (U.E.D.). The amount kept under RAT could be transferred to the new Head of Account as and when opened by CGA's office. As regards Service Tax, which will come into effect on passing of Finance (No. 2) Bill, 2004, separate instruction would follow. The Commissioner, Central Excise Customs under your Accounting jurisdiction may please be advised suitably to inform the assessee accordingly.