Upcoming budget unlikely to tamper with excise duty
06 Feb '08
1 min read
A recent decision taken by Mr P Chidambaram, Union Finance Minister, states that the excise duty, which currently stands at 16 percent, is expected to remain unaltered for the upcoming General Budget.
Tax evasion in the recent years has been so widespread that increasing the excise duty would only aggravate the situation resulting in low collection of revenue.
Furthermore, the Government is also considering merging of the different excise duty slabs to the 16 percent rate. In fact, a majority of experts believe that the budget must focus rationalizing these slabs and ensure to implement a uniform rate for all products.
Government is actually skeptical about muddling with the issue of excise duty until a final agreement about the rate and structure of goods and services tax (GST) is nailed down.
This apart, the Economic Advisory Council of the Prime Minister held a pre-budget meeting with Finance Minister P Chidambaram recommending a moderation in indirect taxes on consumer goods to boost domestic consumption and maintain the growth rate.
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