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Tuesday, February 24, 2009

Excise Duty Lowered

India Government cuts excise duty and service tax to 2% in order to protect the bad impact of Global financial Crises. Government announced that they reduced service tax to 10% from 12% for all service industry. Excise duty is lowered to 8% from 10% and it is very helpful to the Indian cement makers. In Indian Stock marketing, Cement firms up on excise duty cut. It is a good news to see Indian Sensex bounces back on short-covering due to this excise duty cut.
Finance minister Pranab Mukherjee announced this decision to lowering excise duty and tax payable to service industry in response to the debate on the 2009/10 union budget. But exact picture of the status of Indian economy will known only after election. May be this UPA governments decision will be beneficial to Indian economy.

Posted by Technologist at 5:24 PM
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