Reduces peak rate to excise duty (Cenvat) from 16% to 14% w.e.f. 1-3-2008, 14% to 10% w.e.f. 7-12-2008 and 10% to 8% w.e.f. 24-2-2009 except few items, 8% to 10% w.e.f. 27-2-2010 - 02/2008 - Central Excise - Tariff

Excise duty rate reduction caps effective duties on specified tariff items by prescribing ad valorem exemptions.

Grants exemptions that cap excise duty on listed tariff items at the ad valorem rates specified in the Table, using section 5A(1) of the Central Excise Act to exempt duty in excess of those rates; the Table identifies Chapters, headings and tariff items with specified reduced rates and records particular exceptions and supplemental levies where applicable.