Clean Energy Cess - Interim Accounting Code - Central Excise - 20/2010

Clean Energy Cess - Interim Accounting Code Trade Notice No. 20/2010 Dated 13-8-2010 Attention of the Trade and Industry is invited to the directions issued under letter No. Coord/13-6/H/A/cs/Vol.VII/dated 23-07-2010 by the Dy. Controller of Accounts, in the office of the Pr. Chief Controller of Accounts Central Board of Excise and Customs, New Delhi regarding accounting of Collection of Clean Energy Cess . The Govt, of India has levied Clean Energy Cess as duty of excise on goods specified in the Tenth Schedule, being goods produced in India, at the rates set forth in the said schedule for the purpose of financing and promoting clean energy initiatives, funding research in the area of clean energy or for any other purpose relating thereto under Clause 82 of Chapter VII , Finance Act, 2010 (14 of 2010) . W.r.t. Tax Research Unit letter No. F. No. 333/5/2006-TRU, dated 2nd June, 2010 the matter for opening of new Head of Accounts has been taken up with O/o the Controller General of Accounts. Pending opening of new Head of Accounts which is likely to take some time, the Cess being deposited by assessees may be accounted for under Sub-Head/Minor head of Accounts Receipt Awaiting Transfer to the other Minor Head etc , under the Major Head 0038-Union Excise Duty. The reduced accounting code to be quoted for depositing Clean Energy Cess is 00380086 (U.E.D.). The pay Accounts Officers (PAOs) should keep a separate record of all such bookings so that the same could be transferred to the new Head of Account as and when opened by O/o the CGA. All the trade Association and Chamber of Commerce and Industries, are requested to bring the contents of this Trade Facility to the notice of their Members constituents.