Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Credit of Education Cess & SHEC can be used for payment of Excise Duty by Manufacturers

Central Excise - By: - Bimal jain - Dated:- 2-5-2015 Last Replied Date:- 4-5-2015 - Dear Professional Colleague, Credit of Education Cess and SHEC can be used for payment of Excise Duty by Manufacturers The Lok Sabha passed the Finance Bill, 2015 which includes various tax proposals presented in the Union Budget, 2015, by a voice vote on Thursday, April 30, 2015. The Hon ble Finance Minister, Shri. Arun Jaitley made certain announcements in Lok Sabha and promised the required Notifications to be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of Excise Duty on or after March 1, 2015. Background: With the underlying theme of setting the stage for Goods and Services Tax ( GST ), the Union Budget, 2015 had proposed to do away with the Cess. While withdrawal of Cess on Excise duty has been made effective from March 1, 2015, as a parallel change, Cess on Service tax has also been proposed to be withdrawn from the date to be notified after enactment of the Finance Bill, 2015. The act of withdrawal of Cess presented the Industry at large w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

puts or capital goods received in the factory of manufacture of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise leviable under the First Schedule to the Excise Tariff Act: Provided also that the credit of balance fifty per cent. Education Cess and Secondary and Higher Education Cess paid on capital goods received in the factory of manufacture of final product in the financial year 2014-15 can be utilized for payment of the duty of excise spe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as regards utilization of Cess availed on or after March 1, 2015 but at the same time, the Notification fails to amend/ clarify certain other open issues, which are also daunting concerns amongst the Trade: What will be the fate of balance of Cess lying unutilized in Cenvat credit account of the manufacturer as on February 28, 2015? While the afore stated amendment to the Credit Rules allows utilisation of the credit of Cess on Inputs/ Capital goods/ Input services received on or after March 1, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

50% Cenvat credit is taken in subsequent financial year. However, it is not mandatory that the balance 50% should be taken only in the immediate next financial year. Now, in a situation where Capital goods were purchased during the financial year prior to 2014-15 but balance 50% of Cenvat credit of Cess is not taken yet, the amendment made in the Credit Rules fails to provide any clarification. Accordingly, the assessee would confront the problem of utilizing the balance 50% Cenvat credit. c) T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ted the 23rd July, 1996 - Exemption from additional duty of customs levied under section 3 of the Customs Tariff Act (both CVD and SAD) in respect of certain entries of notification No.39/96-Customs, dated 23.07.1996 are withdrawn Notification No. 30 /2015-Customs Amends notification No. 27/2011- Customs, dated the 1st March, 2011 - export duty on iron ore fines reduced from 30% to 10%. CENTRAL EXCISE Notification No. 23 /2015-Central Excise Amends notification No. 62/95 - Central Excise, dated .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n the same factory for the manufacture of textiles and textile articles has been withdrawn. Notification No. 25/2015-Central Excise Amends notification No. 16/2010-Central Excise, dated the 27th February, 2010 - Chewing Tobacco. Notification No. 26/2015-Central Excise Amends notification No. 14/2015-Central Excise, dated the 1st March, 2015 - exemption from education cess on DTA clearances from EOUs. Notification No. 27/2015-Central Excise Amends notification No. 15/2015-Central Excise, dated th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version