Till 28 Feb 2015

We know that Excise Rates are mentioned in CETA(Central Excise Tariff Act)

However, general rate of excise was 12%+ 2% Primary Education cess + 1% Secondary Education Cess

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Effective Rate of Excise=(12000+240+120)/100000=12360/100000=12.36%

From 1.3.2015

General rate was changed to 12.5%

Education Cess and Secondary Cess were exempted

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.