Excise Duty and Service Tax Reduced by 2%

Giving relief to the industry reeling under the impact of slowdown, the Government reduced by two per cent rates of excise duty and service tax.

While the general excise duty has been reduced from 10 per cent to 8 per cent, the rate of service tax cut from 12 per cent to 10 per cent.

Four per cent excise cut announced earlier in the stimulus package in December will continue beyond March 31, Finance Minister Pranab Mukherjee said while winding up the debate on the Interim Budget in the Lok Sabha on Tuesday.

The Lok Sabha later approved the Interim Budget by voice vote, amidst a walkout by the Opposition BJP and erstwhile supporters Left parties.

Mukherjee further said that duty on bulk cement has been reduced from 10 per cent to 8 per cent.

Related posts:

1. Excise duty | Dummie Guide of Excise Duty
2. Payment of Excise Duty – Provisions
3. An Overview of Central Excise Duty
4. Changed Due Date for Deposit of Excise Duty
5. Chandigarh Excise Policy 2009-2010 Enhances VAT on Liquor to Maximum