Respected Sir,
As regarding above subject, my query is that one of my clients is taking the benefit of noti.no.08/2003 which is about 1.5 crore exemption limit and as u know that FM has announced budget-2015 on 28-02-15 and he has removed 2% and 1% cess on excisable goods but my client, as he has to pay the excise duty on the closing stock of finished goods and raw material on 31-03-2015 then do I have to calculate 2% ed.cess and 1% s and h cess on closing stock or not.Please reply.
THANK U
Client Exempt from 2% and 1% Education Cesses on Closing Stock; Only 12.5% Excise Duty Applies Post-2015 Budget. A query was raised regarding the applicability of a 2% education cess and 1% secondary and higher education cess on closing stock for a client benefiting from a 1.5 crore exemption limit under notification no. 08/2003. Following the 2015 budget announcement, these cesses were removed from excisable goods. The response advised that the client should only pay the new rate of 12.5% excise duty on the closing stock as of March 31, 2015, without including the 2% and 1% cesses. (AI Summary)
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