Fate of Primary and Secondary Education Cess
What is the fate of unutilsed portion of Primary and Secondary Education Cess as on 31 May 2015? Can we set off against service tax payable?
As of now there is no clarity or I am not aware of it. Accumulated credit is lying in books and companies not sure what to do with it.
Hopefully department may come up with a notification to clarify the status.
i also agree with Rahul.
to utilize the Credit of Cess we have to wait for the notification.
I advice in Notes to accounts put one point for this as Credit is carried forward and Credit is lying as it is at present