Budget presentation 2012

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Budget presentation 2012

  1. 1.  HARPREET SINGH ANURAG RAJ SHAHI TOPIC – UNION BUDGET 2012-2013
  2. 2.  Budgeting is the technique in which we identifying our income and expenditure and allocate the income for different expenditure. Davit Thomas
  3. 3. With modernization and acquisition projectslike126 fighter aircraft deal lined up the defense ministry allocation was 13.1% . Rs193407 core .The allocation made in the Budget for thefinancial year 2012-13 is about 1.9% of the GDP. Finance minister pranab Mukherjee said the allocation was based on the present need and any further requirement for the security of the nation.
  4. 4.  In the Budget finance minister pranab Mk has proposed an allocation of Rs 10 core for building houses for economically weaker section under Rajiv Awas Yojna . A separate allocation of Rs 242 core has been made for the NCR Planning board which functions under the ministry of urban development . The NCR board is responsible for implementing the projects in the NCR cities.
  5. 5.  The finance minister has proposed to reduce basic custom duty on soya protein concentrate and isolated soya protein to 10 % from the present 30% and basic custom duty on iodine has been reduced from 6 to 2.5% . The basic custom duty has been brought down to 5% from 10% on the import of probitics .
  6. 6.  The service tax rate has been marginally raised from 10 % to 12% presenting the Budget in lok sabha on Friday the finance minister said to maintain a Healthy fiscal situation the government had raised the service tax with consequent changes in the rate from services that have individual tax rates .
  7. 7.  The tax exemption limit for individuals has been hiked to 2 lakh from the current Rs 1.8 lakh while the tax slabs have been re-jigged to provide relief to tax payer. Presenting the union Budget for 2012-13 in lok sabah said the upper limit it for the 20% tax slab would be increased to 10 lakh .from 2 to 5 lakh 10% and 20% for income above 5 to 10 lakh .30% for income above 10 lakh.
  8. 8.  Cement prices are likely to go up after the government proposed hike in excise duty on the building material from 10%to12% . The duty will be on the retail sale price after of 30 %.The proposal to raise excise duty is in sharp contrast with the expectation of the industry which was demanding to slash it down to 6to8 %.
  9. 9.  Luxury cars will become more costly up to 3 lakh as disappointment such as Mercedes Benz and Audi deciding to pass on increased duties imposed in the Budget to consumer . This companies are planning to put an additional burden to the customer between 2 to 3 lakh . This is due to increase in excise and custom duty on large cars.
  10. 10.  There is a big hole in yours pocket as pranab has hiked excise duty on daily use product like soaps shampoos detergent diaper cosmetic and toiletries and other FMCG goods 12%. Company are reeling under cost pressure the increase in excise duty could futher squeeze margins .
  11. 11. Cigarette smoking will now be be even more injurious to tobacco consumer. The Budget has increased excise duty on some cigarette hand made bidis pan masala gutka and chewing zarda . The duty hike will make cigarette above 65mm costlier with an duty will be chargeable on of the retail sale price declared on the pack.
  12. 12.  Pranab mukherjee exempt the industry from service tax on copyrights related to recording of films. Indian industry is the only on industry in the world which pay more than 50% in taxation . This time they get some relief from taxation .
  13. 13.  Presenting the Budget in the lok sabha FM announced a multispectral nutrition program to combat malnutrition . Two hundred high – burden district have been selected for the program . FM announced a hike of 58% in the Budgetary allocation for this scheme compared to last year.Rs10380 core in 2011-2012 To Rs 11931 core in 2012-2013. He also provide 750 core for Rajiv Gandhi scheme for empowerment of adolescent girls.
  14. 14.  1. Economic growth estimated at 6.9% in current fiscal .Growth momentum to pick up to 7.6% in 2012-13 and 8.6% in 2013-14. 2. RBI expected to lower the interest rate . 3.Export grew by 40.5% in the first half of this fiscal and Import by 30.4% . 4.Forien trade performance to remain key driver of growth .
  15. 15.  5. Food grain production likely to cross 250.42 million tones . Largely on back of increase in rice production. 6. Agriculture and service sector expected to perform well. 7. Industry growth pegged at 4-5% and improve further as economic recovery resume .

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