Govt cuts tax ahead of Lok Sabha polls

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Pranab Mukherjee
New Delhi, Feb 24: To save the Indian economy from the impact of global slump, the government on Tuesday, Feb 24 cut excise duty by an additional 2 pc and also the service tax to 10 pc from 12 pc on all taxable services. The government also extended the previous excise duty cuts beyond March 31, 2009. All tax cuts will be in effect from Tuesday, Feb 24.

Pranab Mukherjee, the acting Finance Minister of India, during the debate on the 'vote-on-account' said to the Parliament that government may also review states' borrowing limit if necessary.

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