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Credit Balance of Ed Cess & SHE Cess-Never Ending Story

Cenvat Credit - By: - Pradeep Jain - Dated:- 1-12-2015 - Introduction The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards Ease of doing business with reduction in the compliance procedure for maintaining separate accounting records for Education Cess and SHE Cess. However, the assessees forgot that everyth .....

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t:- Inspite of the much hype created as regards the fate of the balance of Education Cess & SHE Cess available with the assessees, the government has not responded in the correct perspective. The summarized version of the two notifications issued by the government is presented as follows:- NOTIFICATION NO. 22/2015-C.E. (N.T.) DATED 29.10.2015 NOTIFICATION NO. 12/2015-C.E. (N.T.) DATED 30.04.2015 Cenvat Credit Rules amended with effect from 30.04.2015. 2. Education Cess & SHE Cess on inpu .....

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xcise duty. Cenvat Credit Rules amended with effect from 29.10.2015. 2. Education Cess & SHE Cess on inputs or capital goods received in the premises of the provider of output service on or after 01.06.2015 can be utilised for payment of service tax on any output service. 3. Balance 50% credit of Education Cess & SHE Cess paid on capital goods received in the premises of the provider of output service in financial year 2014-15 can be utilised for payment of service tax on any output serv .....

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of the government as regards utilisation of balance of Education Cess and SHE Cess as on 01.03.2015 and 01.06.2015 but on the contrary, the amendments were made for permitting utilisation of Education Cess & SHE cess on Transit goods and services . Anyways, following points are worth noting:- The government took around 5 months to amend Cenvat Credit Rules so as to enable service providers to utilise the education cess and SHE cess levied on transit goods and services whose invoices were iss .....

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ilise the cenvat credit of education cess and SHE cess of inputs/capital goods/invoices of input services received on or after 01.06.2015 in the months of June, July, August and September, 2015 itself because the amendment is prospectively applicable with effect from 29.10.2015 whereas the last date of filing service tax return for the half year ending 30.09.2015 was 25.10.2015. Furthermore, even assessees revising returns are unable to utilise the said credit and reflect it in their service tax .....

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in computing the quantum of cenvat credit wrongly availed under amended Rule 14 of the Cenvat Credit Rules, 2004. This is for the reason that Rule 14 presupposes that the opening balance of the month has been utilised first, thereafter the credit taken during the month is utilised next. However, as per above amendments, the balance of education cess and SHE cess as on 01.03.2015 and 01.06.2015 are intact while the education cess and SHE cess on inputs/capital goods/input services whose invoices .....

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