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Budget Updates: Peak customs duty cut by 10%. Revenue deficit remained at 2% and fiscal deficit at 2% of GDP.Increase in gross tax revenue by 19.9%. Rs750 crore for ITI expansion. Excise duty on petrol and diesel to be cut. Ad valorem duty on petrol and diesel cut to 6%. No change CENVAT and service tax rate. SSI expansion raised to Rs1.5 crore. Excise duty on cigarettes increased by 5%.Import duty on medical equipment cut by 17%.Biodiesel fully exempt from excise.

Budget Updates: Peak customs duty cut by 10%. Revenue deficit remained at 2% and fiscal deficit at 2% of GDP.Increase in gross tax revenue by 19.9%. Rs750 crore for ITI expansion. Excise duty on petrol and diesel to be cut. Ad valorem duty on petrol and diesel cut to 6%. No change CENVAT and service tax rate. SSI expansion raised to Rs1.5 crore. Excise duty on cigarettes increased by 5%.Import duty on medical equipment cut by 17%.Biodiesel fully exempt from excise.
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First Published: Wed, Feb 28 2007. 01 05 PM IST
Updated: Wed, Feb 28 2007. 01 05 PM IST
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First Published: Wed, Feb 28 2007. 01 05 PM IST
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