Govt may not hike indirect tax rates

Jan 21 2013, 08:46 IST
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The finance ministry was said to be considering hiking rates of service tax and excise duty by 2% to plug the fiscal deficit. (Reuters) The finance ministry was said to be considering hiking rates of service tax and excise duty by 2% to plug the fiscal deficit. (Reuters)
SummaryNeed to revive industry may trump plugging deficit

ďThese steps will help garner additional revenue,Ē he had said in an interview to The Indian Express.

Taxing times

* The finance ministry was said to be considering hiking rates of service tax and excise duty by 2% to plug the fiscal deficit

* This would mean bringing excise duty rates back to the pre-crisis level of 14% and service tax to an all-time high

* Additionally, it would make goods and services more expensive and could dampen consumer demand to some extent

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