Zee Media Bureau
New Delhi: Finance Minister P Chidambaram on Monday presented the Interim Budget 2014-15 in Parliament in which he proposed no major changes in tax laws.
However, he slashed the excise duty in various sectors to lighten up the burden of the common man which included a 2 percent cut on capital goods and consumer durables from 12 percent to 10 percent.
The Finance Minister also reduced Excise duty for small cars from 12 percent to 8 percent and that of SUVs from 30 percent to 24 percent which will make the prices of vehicles cheaper in the country.
"To give relief to the automobile industry which is registering unprecedented negative growth, I propose to reduce excise duty..," Chidambaram said.
As per his proposal, excise duty on small cars, motorcycles, scooters and commercial vehicles has been cut to 8 percent from 12 percent earlier.Here are the list of things that will be cheaper:
-Motorcycles and scooters
-Mobile phones made in India
With Agency Inputs
First Published: Monday, February 17, 2014, 12:30