Post Budget Delights

Tax Sops from the Finance Minister

Every one can finally heave a sigh of relief at the phone bills, travel expenditures and general household budget as the Finance Minister has finally taken note of both India's corporate and general public at large. Mr. Mukherjee announced a 2% reduction in both the Excise Duty and the Service Tax rates. However, it is yet to be seen if the benefits of the excise duty cuts are passed on to the ultimate consumer by the corporates of India.

There were a lot of expectations before the budget on the lines of similar reductions, but everyone was up for a surprise, as the budget did not address any such issue. Mr. Mukherjee mentioned constitutional constraints as the main reason for not including such measures in his interim budget speech. Now the whole of India is very much pleased with these measures coming on time to address the impacts of the global recession on India. This is sure to increase consumer spending and in turn revive several of the diminishing sectors of the economy

These measures are all well on time and are most likely to be coined as a budget The Finance Ministry has surely touched the right notes at the right time after a heavy pounding it got for its interim budget inside parliament. The cuts in Excise Duty will certainly go down well with the India Inc. and the common man at large whose household budget is set to come down in the wake of these fresh announcements.