3. What is Union Budget?
The Union Budget is the financial annual
report of India as a country.
It contains the government of India's revenue
and expenditure for the end of a particular
fiscal year, which runs from April 1 to March
31
It comprises the revenue budget and the
capital budget.
It also contains estimates for the next fiscal
year.
4. What is economic survey?
The FM presents the economy survey in
the parliament every year just before the
union budget
5. Sector Impact-Textiles
Excise Duty on readymade garments
exempted +ve for textile sector
Bombay Rayon 240.45 0.95
Mandhana Ind 249.60 3.2
6. Auto - Negative
Excise Duty on SUV's raised negative
Higher allocation to defence +ve
Mah and Mah 878.00 -19.55
Maruti Suzuki 1424.45 -6.3
7. Banks
4% farm loan scheme extended to private sector banks
HDFC Bank 630.50 -2.45
ICICI Bank 1108.35 14.75
Axis Bank 1402.15 -1.05
8. Cigarettes
Excise Duty on cigarettes up 18%
negative for ITC
ITC 287.05 -5.55
9. Construction & Contracting -
Real Estate
Excise Duty on marble slabs increased
negative for real estate
10. Budget Interpretations
Branded apparels will be cheaper it has
been removed from excise duty regime
18% rise in excise duty on cigarettes,
cigars and cheroot's.
More duty free gold items can be
purchased by the NRIs now. However,
they must have been outside India for
more than a year.
11. Import duty on luxury cars, motorcycles
and yachts is increased from 75% to 100%.
FinMin has provided a tax credit of Rs
2,000 to individual tax payers with taxable
income of up to Rs 5 lakh.
India's first women's bank as a PSU has
been proposed with Rs. 1,000 crore
working capital. P. Chidambaram has also
proposed to provide Rs. 1,000 crore for
Nirbhaya fund for women.
12. Smartphones will become dearer as the
excise duty on mobile instruments
priced above Rs 2,000 has been raised
to six per cent.
'Super-rich' tax was levied as a 10 per
cent surcharge on "relatively
prosperous" persons with an income
over Rs 1 crore
13. P. Chidambaram re-introduced the
generation based incentives to wind
energy. Rs 800 crore has been provided
for this purpose to Ministry of New &
Renewable Energy
The excise duty on Sports Utility
Vehicles (SUV) will be raised to 30 per
cent from 27 per cent
14.
15. FISCAL DEFICIT
* Fiscal deficit seen at 5.2 point of GDP in
2012/13
* Fiscal deficit seen at 4.8 point of GDP in
2013/14
16. SUBSIDIES
* 2013/14 major subsidies bill estimated at 2.48 trillion
rupees from 1.82 trillion rupees
* Petroleum subsidy seen at 650 billion rupees in 2013/14
* Revised petroleum subsidy for 2012/13 at 968.8 billion
rupees
* Estimated 900 billion rupees spending on food subsidies
in 2013/14
* Revised food subsidies at 850 billion rupees in 2012/13
* Revised 2012/13 fertiliser subsidy at 659.7 billion rupees