Govt reduces excise duty, service tax by 2 per cent

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

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.
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