TaxTMI 
TaxTMI 
How to deal with Balances of 2% Primary Education Cess of Central Excise & 1% Secondary & Higher Education Cess of Central Excise, lying in CENVAT Credit Register on 01.03.2015 ?
How to deal with Balances 2% & 1% cess on 01.03.2015
ABHINAY TARE
Government Maintains Stance on Unused CENVAT Credit for Phased-Out Education Cesses; No Rule Amendments Planned A discussion on a forum addressed the issue of handling balances of 2% Primary Education Cess and 1% Secondary & Higher Education Cess in the CENVAT Credit Register as of March 1, 2015. Following the exemption from these cesses, it was highlighted that CENVAT credit for these cesses can only be used for their respective payments. A suggestion was made to amend the rules to allow using the accumulated credit for excise duty or service tax payments. However, it was clarified that the government decided against utilizing the accumulated credit, as these cesses were phased out. The existing rules and notifications remain unchanged. (AI Summary)