Budget Highlights - Live updates on Union Budget 2012
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- 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
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