Government Announce Excise and Service Tax Rate Cuts

The government on Tuesday said that the 4 per cent excise duty cut across-the-board will continue beyond March 31, 2009.

Finance Minister Pranab Mukherjee also said that the excise duty on cement will be reduced to 8 per cent from 10 per cent, while service tax will be cut from 12 per cent to 10 per cent.

The finance minister also said that the permission to states to raise more money from the market has been extended to the next fiscal year too.

Details are awaited.