Key highlights !!

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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

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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

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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 MSMEs
100 No progress on FDI in aviation
101 ECB for working cap of up to USD 1 bn allowed for airline cos
102 Allow ECB for low cost affordable housing projects
103 FDI of 49% in aviation under active consideration
104 Permit ECBs for working capital needs for aviation
105 Tax free infra bonds doubled to Rs 60000cr
106 FY13 tax free bonds of Rs 10000 cr for NHAI
107 FY13 tax free bonds of Rs 10,000 cr for IRFC
108 Coal India advised to sign FSA with power plants
109 Tax exemption on individual share invst below Rs 10 lk
110 New tax exemption for retail investment with lock-in
111 To create Financial Holding company to meet financial needs of PSU banks
112 To introduce new law for microfinance cos
113 GST likely to be operational by August 2012
114 3-yr lock-in period exemption under Rajiv Gandhi scheme
115 To allow QFIs in corporate bond market
116 Rs 50000 tax exemption for retail investors
117 To introduce Rajiv Gandhi Eq Scheme for retail investor
118 10% of IPO above Rs 10cr via electronic platform
119 Advance Pricing Agreements in DTC to be in Finance Bill
120 To introduce Rajiv Gandhi Equity Scheme
121 Effort on for consensus on FDI in multi-brand retail
122 FY13 divestment target at Rs 30,000 crore
123 Structure of GST network approved by state FMs
124 Working to direct cash transfer of LPG, Kero subsidy
125 GST will become operational by August 2012
126 To examine Parliamentary Panel report on DTC

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127 To bring subsidy to 1.7% of GDP in next 3 years
128 To keep FY13 subsidy under 2% of GDP
129 Direct transfer of subsidy to retailer & farmer
130 FRBM implementation back on track
131 To make some amendments to FRBM Act
132 Subsidy for Food Security to be fully provided
133 Need to raise tax-GDP ratio for fiscal consolidation
134 Average crude price likely to exceed USD 115 per barrel in 2012
135 Expect India FY13 GDP at 7.6% plus minus 0.25%
136 Sovereign debt crisis in Europe intensified
137 India's slowdown attributed to weak industrial growth
138 Agriculture & services have continued to perform well
139 Signs that economy is now turning around
140 Necessary to take hard decisions now
141 Need to accelerate reforms, strengthen supply side
142 Focus on domestic demand driven growth recovery
143 To address supply bottlenecks in agri, power, transport
144 Have indentified 5 objectives that must be addressed
145 Need to address the problem of black money
146 Headline inflation to moderate in next few months
147 Agriculture & services have continued to perform well
148 Signs that economy is now turning around
149 Indian manufacturing appears to be at the cusp of a revival
150 Necessary to take hard decisions now
151 Have to accelerate the pace of reforms
152 Need to accelerate reforms, strengthen supply side
153 Focus on domestic demand driven growth recovery
154 No room for complacency or excuses for poor growth
155 Agriculture & services have continued to perform well
156 Had to battle double-digit inflation for most FY12
157 No room for complacency or excuses for poor growth
158 Political turmoil injected widespread uncertainty
159 FY12 GDP seen at 6.9%
160 Sovereign debt crisis in Europe intensified
161 For Indian Economy it has been a year of recovery interrupted.
Ack:- www.moneycontrol.com
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