Govt Reduces Excise Duty, Service Tax by 2%

Govt Reduces Excise Duty, Service Tax by 2% Dated: 24 Feb 2009, 1520 hrs IST, Source : PTI Text: NEW DELHI: Giving relief to the industry reeling under the impact of slowdown, the government on Tuesday reduced by two percent rates of excise duty and service tax. While the general excise duty has been reduced from 10 percent to 8 percent, the rate of service tax cut is from 12 percent to 10 percent. Four percent excise cut announced earlier in the stimulus package in December will continue beyond March 31, stand-in finance minister Pranab Mukherjee said while winding up the debate on the Interim Budget in the Lok Sabha today. 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 percent to 8 percent.

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