Dear Sir,
Can you pls update me that can we take credit of education cess(2%) & Higher Sec. Edu.cess(1%) from the bill of our supplier in both Excise & Service Tax?
1 Replies
Harshal
(CA)
(106 Points)
Replied 02 April 2015
Dear Jayanta,
After budget was presented in Parliment, there will be no leavy of Education Cess or Higher Ed. Cess on Excise Duty. However changes in rate of Service tax will be effective only from the date when finance bill has been approved by President & notified by government. However there are no changes in CenVAT credit Rules yet which restrcits the assessee from taking CenVAT Credit of Ed. Cess. So in my Opinion you can stil take credit of Ed. Cess... However you will not be able to utilise as you can not charge Ed. Cess on manufactured product.
Regards: -
CA Harshal Pahade
Contact 92723 44759
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