India announces partial rollback of stimulus package

• Source: Xinhua
• [16:05 February 26 2010]
• Comments

India Finance Minister Pranab Mukherjee on Friday proposed to crank up across-the-board excise duty to 10 percent from 8 percent and hike Minimum Alternative Tax (MAT) on corporate profit from 15 percent to 18 percent.

The newly unveiled budget also suggests raising excise duty for SUVs, MUVs to 22 percent from 20 percent and the excise duty on all non-smoke tobacco, indicating governmental efforts to restore back to normal track of economic policy.

Mukherjee said there will be no duty on the transport of cereals and pulses in a bid to trim cost in the process of distribution amid calls to tame food price inflation.