Abbreviation

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M. Manikandan

M. Manikandan (Querist)
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05 March 2008 What is the abbreviation of "CESS" (Hr.CESS) in Central Excise?

R.V.RAO

R.V.RAO (Expert)
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05 March 2008 HIGHER EDUCATION CESS (1%) AND BASIC EDUCATION(2%) CESS ARE A POOL OF FUNDS RAISED BY THE GOVT. ALONG WITH THE REGULAR TAXES COLLECTED BY THE GOVT. WHETHER IT IS CENTRAL EXCISE, INCOME TAX OR SERVICE TAX OR WHATEVER IT IS.
THE IDEA OF COLLECTING A PARTICULAR CESS OR DUTY IS TO USE THE SAME FOR A SPECIFIC PURPOSE RATHER THAN CLUBBING IT FOR GEN. USE WITH CONSOLIDATED FUND OF INDIA.
USUALLY FOR ANY SPECIAL DEV. OF A SECTOR OR A NEGLECTED SECTOR LAGGING FOR FUNDS ,THESE CESS IS RAISED AND SPENT FOR THE PURPOSE EARMARKED.
R.V.RAO

M. Manikandan

M. Manikandan (Querist)
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05 March 2008 thank u for the message and can u able to give full form for C.E.S.S

R.V.RAO

R.V.RAO (Expert)
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05 March 2008 The term cess (a shortened form of assess; the spelling is due to a mistaken connection with census), is generally a tax. It is a term formerly more particularly applied to local taxation, in which sense it is still the official term used in Ireland; otherwise it has been superseded by "rate". In India it is applied, with the qualifying word prefixed, to any taxation, such as irrigation-cess,educational cess and the like. In Scotland, it refers to the land value tax.

In North America it is also used as a slang term for cannabis.[citation needed] Credit DJ Rob Base in the song "It Takes Two"
SOURCE:www.wikipedia.org
R.V.RAO

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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05 March 2008 CESS is not acronym of something. In common parlance, Its a synonym of tax,duty,fee,etc.,

When govt. collects tax on income, it is called as "income tax"

When govt. collects tax on goods, it is called as "duty" (eg., excise duty, customs duty)

When govt. collects tax for particular purpose, it is called as "cess"

Eg:
1) Education Cess for providing universalised Quality based education
and
2)Higher & Secondary Education Cess for higher & Secondary education of the poorer section of the society

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