excise duty as per current budget 2015-16

[ASHOK AMIN]

Dear Sirs,

Kindly let me know as per current budget 2015-16 the education cess had been subsumed with central excise duty (i.e. 12.36% to 12.50%) , Sir, while preparing invoice should we show only excise duty as 12.50 % ? What about education cess ?

[DR.MARIAPPAN GOVINDARAJAN]

Only excise duty is to be shown.

[umesh chandra]

Hi Colleague,

Is there notification to transfer Education Cess and Secondary & higher Education cess may be transferred to Basic Excise account or shall we continue the un-utilized balance?

Kind regards,

AI Summary

Excise duty invoicing: show consolidated excise rate only; education cess treated as subsumed and transfer of balances queried.
Only the excise duty need be shown on invoices at the consolidated rate following the subsumption of the education cess into central excise; separate presentation of the education cess and secondary and higher education cess is not required. A procedural question remains whether unutilized cess balances must be transferred to the basic excise account by notification or may be retained pending further guidance.