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Budget Highlights - Live updates on Union Budget 2012

Posted Date : 16-Mar-2012 , 09:34:47 am | Posted By CASANSAAR print Print
  • Government services and public transport exempted from services tax
  • Compulsory reporting of assets sold abroad
  • Eating out in restaurants to cost more
  • Excise duty on big cars raised to 24%
  • Luxury items to cost more
  • Air travel to get expensive
  • Big cars to get dearer
  • Cuts securities transaction tax by 20% for stock market orders
  • Higher Service tax to add Rs 186.6 bn to revenue
  • Service Tax rates raised from 10% to 12%
  • Changes in direct taxes to result in revenue loss of Rs 45 bn
  • To bring more businesses under Service Tax net
  • National Rural Livelihood Mission to provide self employment - allocation increased to Rs 3,915 cr
  • Dedicated information cells to track black money
  • 17 tax info sharing agreements has been finalized to tackle blackmoney
  • 82 Double tax avoidance agreements have been finalized
  • Witholding tax on certain overseas borrowings reduced to 5% from 20%
  • Corporate Tax structure left unchanged
  • 30% of Income tax for above Rs 10 lakh
  • Senior Citizens exempted from filing advance tax
  • Interest from saving account up to Rs 10,000 to be exempted
  • Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh
  • Tax collection up 15%
  • National population registry project to be completed in next two years
  • AADHAR is ready for payments under MGNERGA, pension scheme
  • 14 cr AADHAR number generated
  • Indira Gandhi pension scheme beneficiaries to get Rs 300 pm as against current Rs 200
  • Total spending of Rs 14.49 tn for next fiscal
  • Expect Fiscal deficit to be at 5.1% of GDP in next fiscal
  • Fiscal deficit at 5.9% of GDP this year
  • Non-Plan spending of Rs 9.69 tn
  • Expect non-tax revenue at Rs 1.64 tn
  • Expect gross tax receipts of Rs 10.78 tn in next fiscal
  • No new case of polio this year: Pranab
  • Allocated Rs 31.24 bn for secondary education
  • PDS network created via UID platform to start from December
  • Allocated Rs 158.50 bn for child development in FY 13
  • Tax exemption limit for individual payers raised to Rs 2 lakh
  • Allocated Rs 50 bn for warehousing facility in FY 13
  • Allocated Rs 120.4 for growth of backward regions
  • Credit guarantee fund proposed for poor students
  • Allocated Rs 208.22 bn for NRHM in FY 13
  • 7.6% of GDP growth in FY 13: Pranab
  • To submit white paper on blackmoney
  • 1% loan sop plan for home loans up to Rs 2.5 mn
  • Allot Rs 700 mn for Maharashtra power loom cluster
  • Allot Rs 10 bn to up kharif output in NE FY 13
  • Rs 250 mn allocated for rural management institute of Anand
  • Allocated Rs 255.55 bn under Right to Education
  • NABARD to give rural banks Rs 100 bn for short term loans
  • To set up three technical assistance centres for textiles
  • Announces two new handloom mega clusters
  • Allowed direct import of ATF by airlines
  • PMGSY gets Rs 24,000 crore
  • Allocated Rs 11,937 cr for mid-Day meal scheme
  • Allocated Rs 14,000 cr for rural drinking water and sanitation
  • National mission of sustainable irrigation being taken up
  • Okays Rs 50 bn National Housing Bank tax free bonds
  • ECBs allowed to part finance rupee debt of power projects
  • Hike in agri credit by Rs 1 tn to Rs 5.75 tn
  • Targetting 8,800 km projects under NHDP in FY 13
  • Inter ministerial panel to monitor allocated coal mines
  • Irrigation, fertilizer and terminal market under viability gap funding
  • Oil, gas pipelines, storage and telecom towers to get viability gap funding in FY 13
  • To allow Rs 100 bn IRFC tax free bonds in FY 13
  • To allow Rs 50 bn HUDCO tax free bonds in FY 13
  • Coal India told to to sign coal supply pacts with power companies
  • To allow Rs 50 bn SIDBI tax free bonds for FY 13
  • To allow Rs 100 bn NHAI tax free bonds in FY 13
  • Increases outlay for agriculture by 18% to RS 202.08 bn
  • To allow 1 year ECBs of $1 bn for airline companies
  • Interest subvention on low cost homes extended by a year
  • To allow external commercial loans for affordable homes
  • India to be self sufficient in urea manufacturing in 5 years
  • Budget OKs overseas borrowing to part-fund power projects` rupee debts
  • Tax free infra bonds to be raised to Rs 60,000
  • First infra debt fund with a outlay of Rs 8000 cr has been launched
  • Swabhiman campaign to be extended to habitations with population of 1,000 people
  • Advanced pricing agreement in DTC to be in Financial Bill
  • To move bills for Public Debt Management, NABARD Act amendment
  • New tax exemption on individual share invest with lock-in
  • Rs 50,000 tax exemption for share investment in new Rajiv plan
  • Rajiv Gandhi Equity Saving Scheme launched
  • Rs 30,000 disinvestment target for FY 13
  • Propose tax free bonds of Rs 10,000 crore for power sector
  • Central Know Your Customer repository would be set up
  • 8 financial amendments Bills to be introduced this year
  • Process of IPOs is simplified
  • Expect smaller fiscal deficit in the coming years
  • GST under progress, talks on with states for drafting law
  • STT may be abolished
  • To issue revised norms for banks priority sector lending
  • To move Regional Rural Bank Amendment Bill
  • To issue Rs 600 bn tax-free infrastructure bonds next FY
  • To move National Housing Bank Amendment Bill
  • To extend Swabhiman scheme to some NE areas in FY 13
  • To create financial holding company for injecting capital into banks
  • To provide Rs 158.9 bn capital to state-run banks next fiscal
  • Fiscal balance has deteriorated due to increase in direct tax seepages and increased subsidy
  • Recommendation of task force under Nandan Nilekani has been accepted
  • Direct transfer of fertilizer subsidy to retailer and then to farmers to be rolled out
  • Direct subsidy transfer on pilot basis in 50 districts
  • Aim to directly transfer subsidy on LPG to consumers
  • To allow overseas investors to invest in corporate bonds
  • GST network to get operational from August
  • Proposes tax incentives for small investors in stock markets
  • Industry now showing signs of recovery: Pranab
  • Industry pulled down growth in past two years
  • India’s world share of trade set to increase
  • Proposes Mid-term fiscal goals
  • Aim to raise Rs 140 bn through sales of stakes in state companies this fiscal
  • Aim to raise Rs 300 bn through sales of stakes in state run companies next fiscal
  • Global crude likely to cross $115
  • Subsidy for food security law to be provided fully
  • To Keep Subsidies Under 2% of GDP over next 3 years
  • 4.9% of growth expected in services sector
  • Address Blackmoney
  • Focus on power and roads
  • Remove supply side bottlenecks in agri
  • Rapid growth of private investment
  • Focus on domestic demand
  • Five focus areas this year
  • Current account deficit at 3.6%
  • External trade growth encouraging
  • Agri growth at 2.5%
  • Expect headline inflation to moderate in the next few months and the remain stable
  • Need to improve microeconomic environment: Pranab
  • Weak growth due to industrial slowdown
  • This year’s performance disappointing: Pranab
  • GDP to grow by 6.9% in 2011-12
  • Pranab Mukherjee presents his seventh Union Budget

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