New Delhi: The government extended excise duty concession on auto, capital goods and consumer durables for six more months in an attempt to give a fillip to these sectors and revive the economy.
The excise duty on auto, consumer durables and capital goods, which was cut in the interim budget was to expire on June 30. It has now been extended till December 31. “Considering the present situation in various sectors, the government on Wednesay decided to extend the facility of this reduced excise duty to all those sections for a further period of six months. They will continue till December 31, 2014,” said finance minister Arun Jaitley.
The finance minister said that the government expects the industry to show positive results in the coming months and hoped “the benefit of these duty concessions will be passed on to the consumers”.
In a statement, the finance ministry said that the excise duty concessions were extended due to the commitment of the government to revive economic growth. It said that the notification will be issued on Wednesday.
