Govt tek on Financial crisis

24 Feb:Govt. showing some concern over financial crisis and slashed the excise duty, service tax to boost ailing sectors even during the widening fiscal deficit.

Announcements that were made:

• 4% across the board excise duty cut to be continued beyond 31st March 2009.
• To cut service tax by 10%.
• To cut excise duty by additional 2%.
• Excise duty on bulk cement to be 8% or Rs. 230 per metric tonne whichever is higher.
• Naphtha exempted from customs duty to provide relief to the power sector, extends customs duty in Naphtha beyond March 31,2009.

Industrial s have welcomed this announcements but feel this too less to be happy, they had expected a little more Govt.
But yes we common are happy, atleast some thing is done by the Govt., else we had no expectations.