Rates of Excise Duty Changed to 12.5% from 1 March 2015

Last updated at April 16, 2024 by Teachoo

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

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

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Particulars	Amount
Sales Price(Assessable Value)	100000
Add
Excise 12%	12000
(12% on Assessable Value)
Add
Primary Education Cess 2%	240
(2% on Excise)
Add
Secondary Education Cess 1%	120
(1% on Excise)
TOTAL	112360

Particulars	Amount
Sales Price(Assessable Value)	100000
Add
Excise 12.5%	12500
TOTAL	112500

Class 6