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of <h1>Government Imposes 2% Education Cess on Excisable Goods, Import Duties, and Services; New Accounting Codes Pending.</h1> The government has imposed a 2% Education Cess on all excisable goods manufactured in India, import duties (excluding certain safeguard and countervailing duties), and services subject to service tax, effective from July 8, 2004. New accounting codes are being established for this cess, but until then, payments should be recorded under 'Receipt Awaiting Transfer' to the other Minor Head under Major Head 0037-Customs/0038-U.E.D., with codes 00370034 (Customs) and 00380086 (U.E.D.). Further instructions regarding service tax will follow after the Finance (No. 2) Bill, 2004, is passed. Commissioners are advised to inform assessees accordingly.
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