Balance 50% of Education Cess
IN the same meeting, a question was asked:
In April 2015, it was clarified that Balance 50% Education Cess and Secondary & Higher Education Cess on capital goods received in the factory of manufacture of final product in the financial year 2014-15 could be used for payment of Basic Excise duty. Please advise If there is a time limit to do this or this facility is without a time cap.
The Chief Commissioner replied:
As per Notification No.12/2015-Central Excise (NT) dated 30.04.2015, credit of balance fifty percent education cess and secondary 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 specified in the First schedule to the Excise Tariff Act. As such no time limit is prescribed in the said Notification and is effective from the date of amendment i.e. 30.04.2015.