Cenvat Credit of education cess and secondary and higher edu. cess on inputs and capital goods received on or after 01.03.2015 allowed to be utilised towards duty of excise .No clarification regarding education cess & secondary and higher edu. Cess lying as closing balance as on 28.02.15

Cenvat Credit of education cess and secondary and higher edu. cess on inputs and capital goods received on or after 01.03.2015 allowed to be utilised towards duty of excise .No clarification regarding education cess & secondary and higher edu. Cess lying as closing balance as on 28.02.15

           

            The Ministry of Finance , Government of India vide Ntfn 12/2015 CE NT dated 30.04.15 has allowed credit of education cess and secondary and higher edu. cess paid on
input/ capital goods or inputs services received by manufacturer of final products on or after 01.03.15& the same can be now utilised towards payment of duty of excise.

            The education cess and secondary and higher edu. cess on balance 50% duty on capital goods received in the factory of final product during the year 2014-15, can be utilised for payment of duty of excise.

            The cenvat credit of education cess and secondary and higher edu. cess paid on input/ capital goods or inputs services & lying as closing balance as on 28.02.2015 can’t be utilised for payment of duty of excise till further clarification.