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Our Bureau

New Delhi May 12 The President, Mr A.P.J. Abdul Kalam, has given his assent to the Finance Bill 2007.

Parliament had passed the Finance Bill on May 4. Official sources said that the Presidential assent was given on Friday evening.

With this nod, the Budget proposal to levy an additional cess of 1 per cent on all taxes (income-tax, excise duty, customs duty and service tax) to fund secondary education and higher education has come into effect.

On the service tax front, certain amendments like extending the applicability of power to order cost audits on Cenvat credit utilisation to service tax and allowing assesses to file service tax returns after payment of late fee has now come into effect.

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Presidential assent for Finance Bill

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