Excise duty on petrol driven trucks, lorries reduced

Shri Pranab Mukherjee, Union Finance Minister, has announced the reduction of excise duty applicable to large cars / utility vehicles of engine capacity of 2000 cc and above from Rs.20,000 per vehicle to Rs.15,000 per vehicle. The excise duty on petrol driven trucks/lorries has been reduced from 20% to 8%, while on chassis of such trucks/lorries, the reduction is from '20% + Rs.10000' to '8% + Rs.10000'.

He has further reduced the excise duty on Special Boiling Point spirits to 14% and on naptha to 14%. Duty paid high speed diesel blended with up to 20% bio-diesel has also been fully exempted from excise duties.

The excise duty exemption on 'recorded smart cards' and 'recorded proximity cards and tags' has been made optional. The manufacturers will have the option to pay the applicable excise duty and avail the credit of duty paid on inputs.

Source : Equity Bulls

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