Education cess requires temporary booking under Receipt Awaiting Transfer until new heads of account are opened. Education cess applies to duties on excisable goods, specified import duties and to services upon enactment of the Finance (No.2) Bill, 2004. Pending creation of new Heads of Account by the CGA, cess receipts are to be temporarily booked under 'Receipt Awaiting Transfer' within Major Heads 0037 and 0038 using reduced accounting codes 00370034 and 00380086, and transferred to the new Heads when opened. Commissioners should inform assessees of this accounting arrangement; separate instructions on service tax accounting will follow.
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Provisions expressly mentioned in the judgment/order text.
Education cess requires temporary booking under Receipt Awaiting Transfer until new heads of account are opened.
Education cess applies to duties on excisable goods, specified import duties and to services upon enactment of the Finance (No.2) Bill, 2004. Pending creation of new Heads of Account by the CGA, cess receipts are to be temporarily booked under "Receipt Awaiting Transfer" within Major Heads 0037 and 0038 using reduced accounting codes 00370034 and 00380086, and transferred to the new Heads when opened. Commissioners should inform assessees of this accounting arrangement; separate instructions on service tax accounting will follow.
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