| Topic : Budget 2012 : Tolerable or beyond? |
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33 comments
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last activity : 03 23 2013 07:34:28 +0000
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Fiscal deficit
* Fiscal deficit seen at 5.9 percent of GDP in 2011-12
* Fiscal deficit seen at 5.1 percent of GDP in 2012-13 Revenue and Taxes
* Personal income tax exemption limit raised to Rs 200,000. Those in the Rs 2 lakh-Rs 5 lakh bracket will now be under the 10% slab. Those in the Rs 5 lakh-Rs 10 lakh bracket will come under the 20% slab
* Service tax rates raised to 12 per cent from 10 per cent; School education, though, will be exempt from service tax.
* Seventeen services exempt from tax net
* Rs 10000-crore tax fee bonds for power sector
* The Securities Transaction Tax (STT), imposed while buying and selling shares, is brought down by 20%. selling shares, is brought down by 20%.
* Indian film industry exempted from service tax on copyright * Interest earned from bank deposits to stay tax free up to Rs 10,000
* No advance tax requirement for senior citizens
* No change in corporate tax rates * Govt to move towards Direct Tax, Income Tax exemption limit raised to Rs 2 lakh
* Tax exemption on individual share investment below Rs 10 lakh
* The government will exempt investment of Rs 50,000 a year in equities from tax with three year lock-in period
* Excise duty hiked to 12 per cent from 10 per cent. Excise duty for big cars raised to 24 per cent.
* Duty on refined gold hiked to 3 per cent; Duty on gold bars, coins hiked to 4 per cent
* Custom duty slashed on key drugs for treatment of HIV, cancer
* Govt to implement Direct Tax Code at the earliest Sector spending
* Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore. Rs 300 crore for irrigation program
* Investment in agriculture up by 18%
* Defence outlay at Rs 1.95 lakh crore
* Govt to raise investment in education sector: Pranab
* Rs 11,937 crore allocated for mid-day meals at schools
* Rs 3,915 crore to be spent on National Rural Livelihood Mission
* 1 billion working capital for Aviation sector
* Allocation for the national highways programme has been upped by 14 per cent.
* Rs 15,888 crore for PSU banks, regional rural banks and Nabard Infrastructure development
* 6000 more schools will be set up under the 12th year plan; Rs 25,555 crore allocated for Right to Education
* Government to hand out contracts for 8800 km of national highway roads this year.
* Public distribution system created for Food Security Bill: FM
* Farmers to get smart cards which can be used in ATMs * First infrastructure debt fund worth Rs 8000 crore established
* Special cells to be set up to track black money.
* Government doubles allocation for tax-free bonds to 600 billion rupees for financing infrastructure projects in 2012/13 Policy Reforms
* FDI of upto 49% by foreign airlines under consideration
* Qualified foreign investors can participate in bond markets
* Direct transfer of subsidy to farmers approved
* Direct transfer of subsidies as per Aadhar head Nandan Nilekani's recommendation
* Govt to provide for food subsidy and food security act this year.
* GST is likely to be operational by August this year: Pranab
* Govt to make efforts to reach a concensus with states on FDI in multi-brand retail
* National Mission on Food Processing to be started in 2012-13
* White paper on black money in the current Parliament session: Pranab
* Rajiv Gandhi equity scheme to reduce short-term capital gains tax for new investors
* Sale of residential property exempted from capital gains if invested in equity or equipment of an SME Subsidies
*Will bring down subsidy to 1.7 % of GDP in the next 3 years: FM
*Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan
*Subsidies can be changed depending on feasibility: Pranab
*Direct cash subsidy for LPG, Kerosene
*Govt to roll out computerised scheme for fertilizer subsidy transfer to farmers Growth and inflation expectations
*Economy to grow to 7.6 per cent by next year: Pranab
*Agriculture saw 2.5 per cent growth this year
*Exports grew 23 per cent in the first quarter
*Higher crude prices has hit growth, says FM
*India's share of trade has gone up: Pranab
*I expect inflation to be lower next year: Pranab
* GDP is expected to grow at 6.9 per cent Spending
* Total expenditure in 2012-13 seen at 14.9 trillion rupees, up 29 per cent
* Plan expenditure budgeted at 521.25 billion rupees in 2012/13, up 18 per cent Borrowing
* Net market borrowing seen at 4.8 trillion rupees in 2012-13 Disinvestment
* Disinvestment target in 2012-13 of 300 billion rupees Current account
* Current account deficit seen at 3.6 percent of GDP in 2011/12
* Expect smaller current account deficit in 2012/13 Finance Minister comments
* Information on Indians holding black money in foreign bank accounts has been coming in, Pranab said. Prosecution to be executed in some cases.
* No new cases of polio in 2011
* Tax incentives for new investors
* "We have to accelerate the pace of reforms and improve supply side management of the economy."
* "Economic policy, as medical treatment, often requires us to do something which in the short run may be painful but is good for us in the long run."
* "As Hamlet, the Prince of Denmark, said in Shakespeare's immortal words, 'I must be cruel only to be kind'." Here's what is getting costlier
* Basic customs duty on bicycles raised to 30 percent
* Beedis, cigarettes and other tobacco products to cost more too
* Customs duty on gold,platinum also increased
* Customs duty on large, imported SUVs also raised
* Eating out and air travel to cost more too
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Fiscal deficit * Fiscal deficit seen at 5.9 percent of GDP in 2011-12 * Fiscal deficit seen at 5.1 percent of GDP in 2012-13 Revenue and Taxes * Personal income tax exemption limit raised to Rs 200,000. Those in the Rs 2 lakh-Rs 5 lakh bracket... |