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of <h1>New 1% Education Cess Imposed on Goods and Services; Interim Accounting Measures in Place Under Budget 2007.</h1> A new 'Secondary and Higher Education Cess' of 1% has been introduced on excisable goods, imported goods, and taxable services as per the Union Budget 2007. The matter is under review for establishing new Heads of Accounts. Until then, payments will be recorded under the 'Receipts Awaiting Transfer' (RAT) category within the existing Major Heads: 0037-Customs, 0038-Union Excise Duty, and 0044-Service Tax. The funds will be transferred to the new account once it is established. Trade associations and industry chambers are requested to inform their members of these interim accounting measures.
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