clarification of 2% & 1% of central excise according to the budget-2015

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  1. hitler

    hitler New Member

    Respected Sir,

    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
     
  2. Shishir Nayak

    Shishir Nayak Member

    Education Cess and Secondary & Higher Education Cess leviable on excisable goods fully exempted. Further, standard ad valorem rate of excise duty increased from 12% to 12.5% with immediate effect.
     
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