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of <h1>Finance Bill 2008: CENVAT Rate Cut, Excise Duty Reductions for Autos & Food, New Customs Duty Rules.</h1> The Finance Bill, 2008 introduces changes to excise and customs duties effective from March 2008. Key adjustments include a reduction in the general CENVAT rate from 16% to 14%, with specific reductions for drugs, automobiles, and food processing sectors. Excise duties on small cars, hybrid vehicles, and electric cars are reduced, while certain food products receive full exemption. The customs duty on project imports is reduced, and export duties on chromium ores are increased. New rules address the refund of excise duty, capacity-based excise duty, and penalties under the Central Excise and Customs Acts. Reports on price impacts and duty collections are required from relevant authorities.
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