New Delhi, Feb 29 (UNI) To continue the buoyancy in tax revenues, Finance Minister, P Chidambaram has announced reduction in excise duty on agriculture related items while presenting the Union Budget 2008-09 in the Lok Sabha today.
In order to reduce the cost of manufacture of cattle and poultry feeds, duty on vitamin premixes and mineral mixtures has been reduced from 30% to 20%. Duty on Phosphoric acid has been reduced from 7.5 to 5 percent. The duty on bactofuges is reduced from 7.5percent to Nil. This will increase the shelf life of milk and benefit the dairy industry.
In order to support domestic fertilizer production, the minister reduced the customs duty on crude and unrefined sulphur from 5% to 2%.
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