Budget raises excise duty on oil, tobacco, gold - India News and Travel Times Provides India-centric and other News and Features

Union Finance Minister Pranab Mukherjee on Friday announced hike in excise duty for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver which were exempted as part of a stimulus package. Presenting the budget for the year 2010 -2011, Mukherjee said hike in excise duty is the part of partial roll back of stimulus package. On the other hand, Mukherjee announced tax concessions for mobile accessories, medical equipments, energy efficient CFL lamps, set top boxes, compact disc, toys and books. "Symptoms of economic recovery are widespread and more clear now," Mukherjee said. In his Budget address, Mukherjee substantially cut income tax rates along with other direct tax concessions that would result in a net loss of Rs 26,000 crore to the exchequer.