Ashish Kukreja (CA Final Student) (587 Points)
26 February 2010Hi Freinds,Its very good news for taxpayers that tax exemption limit has been raised.
I want to know what is excise duty ??..i've heard that it is imposed on manufacturing of domestic products..but what's its impact on final prices of goods consumed by us.For example if Finance Minister raises excise duty on petrol..will petrol prices increase with immediate effect on 1st April,2010???
Rasesh
(CS CWA MBA (Fin) B.Com LL.B (Spl))
(6501 Points)
Replied 26 February 2010
Excise duty has been increased from 8% to 10% w.e.f midnight. All goods cleared today will be at old rate. From tomorrow, new rates will be applicable.
CAclubindia
