Giving relief to the industry reeling under the impact of slowdown, the government on Tuesday reduced by 2 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.
Image: Pranab Mukherjee, India's external affairs minister and acting finance minister, smiles as he leaves his office to present the 2009/10 interim budget in New Delhi on February 16, 2009. | Photograph: Vijay Mathur/Reuters
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