No change in standard rate of excise duty, service tax
Feb 28 2013, 14:55 | By Moneycontrol.com
The standard rate of excise duty and service tax was kept unchanged. Also, no change was made in peak basic custom duty rate on non-agriculture goods.
However, the standard excise duty on cigarettes was hiked by 18%. The street was expecting a 15% hike in standard excise duty.
Here is the list of other related announcements:
To raise excise duty on non-taxi SUVs to 30% Vs 27%
In the previous Budget, a two percent hike in peak excise duty from 10% to 12% was announced. Then finance minister Pranab Mukherjee also proposed to set up a common tax code for service tax and excise duty.
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