Jai Hoo to UPA government. UPA govt has reduced the excise duty and service tax rate by 2 per cent. What is excise duty? An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good.Typically Excise duty is a tax levied on the producer of certain goods,
commodities and activities. It is a separate tax from VAT, and is different from it in that VAT solely affects the consumer.
The Bombay Stock Exchange benchmark Sensex recovered from early losses on Tuesday on funds covering pending positions amid the government cutting excise duty. Typical examples of excise duties are taxes on tobacco, alcohol and gasoline.
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While the excise duty has been reduced from 10 per cent to 8 per cent, the service tax rate has been reduced from 12 per cent to 10 per cent.
The decision to cut the excise duty and service tax was announced by External Affairs Minister Pranab Mukherjee, while replying to the debate on the Interim Budget in the Lok Sabha. The Interim Budget was approved in the Lok Sabha by a voice vote amidst the walkout staged by the opposition and Left parties.
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The reduction in service tax, is likely to help the IT and Manufacturing industry, as the companies have decided to pass on the benefit to the consumers.
www.incometaxindia.gov.in/cbdt/org.aspFM announces 2% cut in general rate of excise duty and service tax; No change in Excise duty rates of 8% and 4%; check out service tax, servicetax, service tax india, central excise, cbdt