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Go to Budget Highlights 2013-2014

 

Union Budget Highlights: Union Budget 2012-2013

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  •     12% excise duty imposed on branded retail garments
  •     Baggage allowance for people of Indian origin increased from Rs25,000 to Rs35,000 and for children to Rs15,000.
  •     5% customs duty exempted on equipment for fertilizer plants
  •     Customs duty on bicycles and parts increased.
  •     Advalorem duty on some cigarettes
  •     Automated shuttle looms exempted from customs duty
  •     Basic customs duty on cigarettes reduced; duty on hand-rolled beedis increased
  •     Branded silver jewellery fully exempt from excise duty
  •     Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted
  •     Customs duty on refined gold doubled
  •     Customs duty on some gold and platinum products increased
  •     Customs duty on standard gold bar and coins exceeding 99.5% purity, platinum and non-standard gold raised
  •     Customs duty reduced from 7.5% to 2.5% for iron ore equipment
  •     Cuts customs duty on rail equipment to 7.5% from 10%
  •     Excise duty on handmade and semi-mechanised matches reduced from 10% to 6%
  •     Excise duty raised to 12% from 10%
  •     Full exemption from basic customs duty for equipment for road and highway construction
  •     Full exemption on customs duty on coal
  •     Import of aircraft parts exempt from basic customs duty
  •     Increased customs duty on gold and platinum to 4% from 2%
  •     LCD and LED panels exempted from custom duty
  •     LNG out of customs duty
  •     Mobile phone parts exempted from basic customs duty
  •     No change in peak customs duty
  •     Standard excise duty hiked to 12%
  •     Thermal power companies exempted from customs duty for 2 years
  •     To raise duty on large cars to 27%
  •     Gold jewellery not bearing brand name to be included in the one percent levy on precious metal jewellery.
  •     Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
  •     Securities Transaction Tax (STT) reduced from 0.125 percent to 0.1 percent.
  •     Tax exemption of up to Rs5,000 for health insurance for annual preventive health checkup.
  •     Exemption from interest for saving bank accounts up to Rs10,000
  •     All services to be taxed except 17 items listed in the negative list.
  •     Income Tax deduction of 50% on investments of up to Rs50,000 in savings scheme named after Rajiv Gandhi.
  •     10000 crores allocated to NABARD to fund RRBs
  •     Agri credit target for FY12-13 at Rs5.75 lakh crore, up Rs1 lakh crore
  •     Agriculture credit target raised to Rs5.75 lakh crore
  •     Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
  •     Allocation to National Rural Livelihood Mission for women increased by 34%
  •     Allocation under National Rural Health Mission raised to Rs20,822 crore from Rs18,115 crore
  •     Allow ECB for low cost housing projects
  •     Amendments to FRBM Act part of the budget
  •     Central subsidies to be under 2% of GDP
  •     Coal India advised to sign FSA with power plants
  •     Credit guarantee fund for loans to students
  •     Current account deficit to be at 3.6%; Expect current account defict to decrease next year
  •     Defence Budget hiked by more than 17%
  •     Direct Tax Code implementation deferred
  •     Economy to grow at 7.6% in 2012/13
  •     Efforts to arrive at broad-based consensus with state governments on allowing FDI in multi-brand retail up to 51%
  •     Expect average inflation to be lower next year; expect current account deficit to be lower next year
  •     FM announces new equity savings scheme
  •     Focus on removing infrastructure bottlenecks
  •     Food Security Act will be fully provided for and subsidy to be 2% per cent of GDP for next two years
  •     FY12-13 net market borrowing at Rs4.8 lakh crore
  •     GDP expected to grow at 6.9%
  •     GDP to grow by 7.6% in 2012-13; plus, minus 0.25%
  •     Government to raise Rs30,000 crore in 2012-13 from disinvestment of stake in PSUs
  •     Govt doubles allocation for tax-free bonds to Rs60,000 crore for financing infrastructure projects in 2012-13
  •     Govt to fully provide for food subsidy and food security act in 2012-13
  •     Gross tax receipts at 10.77 lakh crore
  •     Headline inflation to moderate further in next few months and remain stable thereafter
  •     High crude oil prices hit growth, averaged $115/bbl in 2011-12
  •     Installation of solar plants exempted from CVD
  •     Interest subsidy for women SHGs up to Rs3 lakh at 7%; 3% more for SHGs that repay promptly
  •     New Income Tax Slab:

       upto Rs.2 Lakh – NIL,

       Rs.2Lakh to 5Lakh – 10%,

       Rs.5Lakh to Rs.10Lakh – 20%,

       Above Rs.10Lakh – 30%

  •     New Rajiv Gandhi Equity scheme to allow for 50% deduction to small investors
  •     No change in corporate tax rates
  •     Oil cess on domestic crude raised to Rs4,500 per ton from Rs2,500 per tonne
  •     Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan
  •     Propose central KYC depository
  •     Raises Income Tax exemption limit to Rs 2 lakhs from Rs 1.8 lakhs
  •     Rs 15890 crores for recapitalization of PSU banks
  •     Rs 18660 crores will result from service tax rise
  •     Rs 30,000 cr divestment target in FY 13
  •     Rs 50,000 tax exemption for retail investors
  •     Rs14,000 crore for rural drinking and sanitation in FY12-13
  •     School education exempt from service tax
  •     Securities Transaction Tax (STT) may be abolished
  •     Service tax up from 10% to 12%
  •     Service tax up from 10% to 12%; Rs18,660 crore will result from service tax rise
  •     Tables a white paper on black money issue
  •     Tax exemption on individual share investment below Rs10 lakh
  •     Tax free bonds of Rs10,000 cr for IRFC
  •     To address black money, corruption in public life
  •     To allocate Rs 14232 cr to UID project, up 13% in FY 13
  •     To allocate Rs14,232 crore for UID project, up 13% in FY12-13
  •     To allow qualified foreign investors in Indian corporate debt markets
  •     To enhance supply side; cut infra bottlenecks
  •     To introduce new law for micro finance institutions
  •     To introduce new Rajiv Gandhi equity scheme
  •     To move national housing amendment bill
  •     To roll out computerized scheme for fertilizer subsidy transfer

 


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