Excise and Custom

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The Union Finance Minister Mr. P Chidambaram has presented the Union Budget of India for the financial year 2008-2009. Growth rate of more than 8% has been in tandem for the last three years.

The Finance Minister of India announced that the peak customs duty for the financial year 2008-2009 would remain unchanged. The minister further said that no customs duty on steel scrap to be charged for the financial year 2008-2009. Excise duty on pharmaceutical products has been reduced from 16% to 8%.

The excise duties on two wheelers and 3 wheelers have been reduced from 16% to12 %. The refrigeration devices and set-top boxes for televisions would get complete waiver on excise duties. Further, 4% reduction on water purification devices has been announced in the Union Budget 2008-2009.

Furthermore, the excise duties on anti-AIDs drugs have also been reduced. Reduction of excise duties has been made on paper and paper products, buses and chassis. The excise duty on small cars would be 14%. The customs duty on few bulk drugs has been curtailed to 5%. The custom duty on crude sulphur would be 2%.

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