Owing to prevailing doubts amongst certain sections of students, we take this opportunity to clarify the tax rates applicable for Nov. 2015 Exams in Indirect Taxes :
- Rate of Excise Duty : 12.5% and no EC/SHEC. If period mentioned in question is upto 28-2-2015, then, use 12.36% (12% duty plus 3% cesses)
- Rate of service tax : 12.36% (12% tax plus 3% cesses)
- Manner of computation of customs duty : BCD + CVD equal to excise duty + EC/SHEC on total of ‘BCD&CVD’ + Special CVD
BEST OF LUCK !!