Budget Highlights 2012

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Budget Highlights 2012

  1. 1. Like us at www.fb.com/lpguide BUDGET HIGHLIGHTS 1 Raise customs duty on some vehicle imports to 75% from 50% 2 Branded silver jewellery exempt from excise duty 3 10% advalorem duty on cigarettes 4 Doubled custom duty on refined gold 5 Excise duty on cigarettes raised 6 Customs duty on non std gold raised to 10% from 5% 7 Customs duty on std gold raised from 2% to 4% 8 Duty reduced on energy saving lamps 9 Duty on bicycles and bicycle parts reduced 10 Titanium dioxide customs duty cut to 7.5% from 10% 11 Automated shuttle looms exempted from customs duty 12 Full exemption on imported equipments for road construction projs 13 Thermal power co exempted from customs duty for 2 yrs 14 Import of aircraft parts exempt from basic customs duty 15 Exemption of customs duty of 5% on equipment for fert plants 16 No change in peak rate of customs duty of 10% on non-agri goods, except few exceptions 17 No change in peak customs rate of 10% 18 Large cars duty raised from 22% to 27% 19 Excise duty raised to 12% from 10% 20 Rs 18,660 cr addl revenues expected from svc tax hike 21 Propose to hike service tax rate from 10% to 12% 22 Propose to set up a common tax code for service tax & excise 23 Common 1 page return for excise and service tax 24 Propose to exempt service tax on copyright on cinematographic films 25 Govt services, education, entertainment, public transport exempted from service tax 26 Negative list to include pre school and high school education, entertainment services 27 All services to be taxed except those in negative list 28 Sun set clause on tax incentives for infra projs under 80 IA extended by 1 yr 29 Direct tax proposals to cause net revenue loss of Rs 4,500 cr 30 Introduction of compulsory reporting requirement of assets held abroad 31 STT cut from 0.125% to 0.1% 32 New sectors added to investment-linked deduction: bee-keeping, warehousing for sugar 33 Remove cascading effect of dividend distribution tax 34 Withholding tax on ECBs for some sectors cut to 5% from 20% 35 No change in corporate tax rate 36 Health insurance deduction upto Rs 5000 for preventive health checkup 37 Senior citizens to be exempt from advance tax payments 38 Income above Rs 10 lakh to be taxed at 30% 39 Exemption limit for direct taxes increased to Rs 2lakh from Rs 1.8 lakh in FY13 40 Fiscal deficit pegged at Rs 5.13 lakh cr for FY13
  2. 2. Like us at www.fb.com/lpguide BUDGET HIGHLIGHTS 41 FY13 market borrowing at Rs 4.79 lakh cr 42 FY13 fiscal deficit at 5.1% 43 FY12 fiscal deficit at 5.9% 44 FY13 non plan expenditure at 9.7 lk cr 45 FY13 total expenditure at Rs 14.90 lk cr 46 Managed to meet 99% of total 11th Plan Outlay 47 Non-tax revenue receipts estimated at Rs 1.64 lakh cr 48 Gross taxes estimated at 10.65% of GDP in FY13 49 Propose to lay white paper on black money in parliament 50 Propose addl funds for Aadhar to cross 40 cr enrollment 51 Rs 193107cr in FY13 for defence of which Rs 79579cr for capex 52 FY13 National Social Assistance Scheme outlay at Rs 8447 cr 53 Rs 1000 cr for National Skill Devpt Fund in FY13 54 Women SHG can avails addl 3% subvention for prompt repayment of loans 55 Mahatma Gandhi rural employment scheme has been positive 56 NRHM allocation hiked to Rs 20,820cr 57 Credit guarantee fund for education loans 58 6,000 schools proposed to be set up in 12th year plan 59 Rs 12,040cr in FY13 for backward area projects 60 Introduction of compulsory reporting requirement of assets held abroad 61 STT cut from 0.125% to 0.1% 62 New sectors added to investment-linked deduction: bee-keeping, warehousing for sugar 63 Remove cascading effect of dividend distribution tax 64 Withholding tax on ECBs for some sectors cut to 5% from 20% 65 No change in corporate tax rate 66 Health insurance deduction upto Rs 5000 for preventive health checkup 67 Senior citizens to be exempt from advance tax payments 68 Income above Rs 10 lakh to be taxed at 30% 69 Exemption limit for direct taxes increased to Rs 2lakh from Rs 1.8 lakh in FY13 70 Fiscal deficit pegged at Rs 5.13 lakh cr for FY13 71 FY13 market borrowing at Rs 4.79 lakh cr 72 FY13 fiscal deficit at 5.1% 73 FY12 fiscal deficit at 5.9% 74 FY13 non plan expenditure at 9.7 lk cr 75 FY13 total expenditure at Rs 14.90 lk cr 76 Managed to meet 99% of total 11th Plan Outlay 77 Non-tax revenue receipts estimated at Rs 1.64 lakh cr 78 Gross taxes estimated at 10.65% of GDP in FY13 79 Propose to lay white paper on black money in parliament 80 Propose addl funds for Aadhar to cross 40 cr enrollment 81 Rs 193107cr in FY13 for defence of which Rs 79579cr for capex 82 FY13 National Social Assistance Scheme outlay at Rs 8447 cr 83 Rs 1000 cr for National Skill Devpt Fund in FY13
  3. 3. Like us at www.fb.com/lpguide BUDGET HIGHLIGHTS 84 Women SHG can avails addl 3% subvention for prompt repayment of loans 85 Mahatma Gandhi rural employment scheme has been positive 86 NRHM allocation hiked to Rs 20,820cr 87 Credit guarantee fund for education loans 88 6,000 schools proposed to be set up in 12th year plan 89 Rs 12,040cr in FY13 for backward area projects 90 Rs 14,000cr for rural drinking water and sanitation in FY13 91 FY13 mid-day meal scheme outlay at Rs 11,937 Cr 92 Propose National Mission for food processing 93 UID allocation at Rs 14,232cr in FY13 94 Government to set up company to finance minor irrigation works 95 Propose to allocate Rs 10,000cr NABARD for refinancing RRB 96 Additional 3% subvention to be available top prompt-payment 97 Agriculture credit target raised to Rs 5.75lakh crore in FY13 98 Agriculture will continue to be priority for government 99 Rs 5000cr for venture fund by SIDBI to aid MSMEs100 No progress on FDI in aviation101 ECB for working cap of up to USD 1 bn allowed for airline cos102 Allow ECB for low cost affordable housing projects103 FDI of 49% in aviation under active consideration104 Permit ECBs for working capital needs for aviation105 Tax free infra bonds doubled to Rs 60000cr106 FY13 tax free bonds of Rs 10000 cr for NHAI107 FY13 tax free bonds of Rs 10,000 cr for IRFC108 Coal India advised to sign FSA with power plants109 Tax exemption on individual share invst below Rs 10 lk110 New tax exemption for retail investment with lock-in111 To create Financial Holding company to meet financial needs of PSU banks112 To introduce new law for microfinance cos113 GST likely to be operational by August 2012114 3-yr lock-in period exemption under Rajiv Gandhi scheme115 To allow QFIs in corporate bond market116 Rs 50000 tax exemption for retail investors117 To introduce Rajiv Gandhi Eq Scheme for retail investor118 10% of IPO above Rs 10cr via electronic platform119 Advance Pricing Agreements in DTC to be in Finance Bill120 To introduce Rajiv Gandhi Equity Scheme121 Effort on for consensus on FDI in multi-brand retail122 FY13 divestment target at Rs 30,000 crore123 Structure of GST network approved by state FMs124 Working to direct cash transfer of LPG, Kero subsidy125 GST will become operational by August 2012126 To examine Parliamentary Panel report on DTC
  4. 4. Like us at www.fb.com/lpguide BUDGET HIGHLIGHTS127 To bring subsidy to 1.7% of GDP in next 3 years128 To keep FY13 subsidy under 2% of GDP129 Direct transfer of subsidy to retailer & farmer130 FRBM implementation back on track131 To make some amendments to FRBM Act132 Subsidy for Food Security to be fully provided133 Need to raise tax-GDP ratio for fiscal consolidation134 Average crude price likely to exceed USD 115 per barrel in 2012135 Expect India FY13 GDP at 7.6% plus minus 0.25%136 Sovereign debt crisis in Europe intensified137 Indias slowdown attributed to weak industrial growth138 Agriculture & services have continued to perform well139 Signs that economy is now turning around140 Necessary to take hard decisions now141 Need to accelerate reforms, strengthen supply side142 Focus on domestic demand driven growth recovery143 To address supply bottlenecks in agri, power, transport144 Have indentified 5 objectives that must be addressed145 Need to address the problem of black money146 Headline inflation to moderate in next few months147 Agriculture & services have continued to perform well148 Signs that economy is now turning around149 Indian manufacturing appears to be at the cusp of a revival150 Necessary to take hard decisions now151 Have to accelerate the pace of reforms152 Need to accelerate reforms, strengthen supply side153 Focus on domestic demand driven growth recovery154 No room for complacency or excuses for poor growth155 Agriculture & services have continued to perform well156 Had to battle double-digit inflation for most FY12157 No room for complacency or excuses for poor growth158 Political turmoil injected widespread uncertainty159 FY12 GDP seen at 6.9%160 Sovereign debt crisis in Europe intensified161 For Indian Economy it has been a year of recovery interrupted. Ack:- www.moneycontrol.com Like us at :- www.fb.com/lpguide

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