Union Budget 2012-13

Budget 2012-13:

• Exemption up to Rs 2 lakh for individuals

Income up to 2 lakhs - Nil
Rs. 2-5 lakhs - 10 per cent
Rs. 5 lakhs -10 lakhs 20 per cent
Rs. 10 lakhs and above 30 per cent

• GST will be operational by August 2012
• Excise duty hiked from 10 per cent to 12 per cent
• Service Tax hiked from 10 per cent to 12 per cent
• Basis Exemption Limit 2 Lakhs
• No change in corporate taxes, DTC Deferred Further
• Global crude oil prices have crossed $115 per barrel
• Food and fertiliser subsidy largest expenditure.
• Fiscal deficit rose due to subsidy.
• Decided to fully provide for food subsidy in the budget
• FRBM implementation back on track
• Aadhar-enabled payment of select government schemes in 50 districts
• Rs 30,000 cr divestment target in FY 13
• To bring down subsidy to 1.7 % of GDP in the next 3 years
• To roll out computerized scheme for fertilizer subsidy transfer
• The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted
• FY13 subsidy to be under 2% of GDP
• Find ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption
• Remove bottlenecks in agriculture, energy, transport, coal, power and national highways
• Ensure rapid rise in private investment
• Frame policies that trigger domestic demand recovery
• Direct cash subsity to LPG, Kerosene
• Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent
• Direct transfer of subsidy for kerosene initiated
• Direct Tax Code (DTC) Bill to be enacted at the earliest
• To introduce Rajiv Gandhi [ Images ] Equity Scheme for retail investors
• Tax incentive for new investors, These make sense when you consider that the share of household savings delpoyed in capital markets has come down sharply.
• Changes in IPO norms to increase participation in small towns
• Plan outlay for agriculture raised by 18% to Rs 20208 crore in FY 13
• Rs 300 crore for intensified irrigation program
• Retail stocks rally as Budget commits to multi-brand FDI
• Telecom towers made eligible for viability gap funding
• Agriculture credit target raised to Rs 5.75 lakh crore in FY13
• Agriculture allocation increased to Rs 5,75,000 crore.
• To allocate Rs 10,000 cr for NABARD to refinance RRBs.
• To allocate Rs 10,000 crore for NABARD for refinancing RRBs
• Government to set up Rs 5,000 crore venture fund for MSME sector
• To allow ECB borrowing to part-finance power projects.
• Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore.
• Kisan credit cards can now be used for ATM machines.
• Change in IPO guidleines to promote small town participation
• Will allow external commercial borrowing for power, housing road construction companies
• To make 8,800 km of highways in FY13; outlay raised
• Plan outlay raised 18% to Rs 20,208 cr for agriculture
• Irrigation, dams to be eligible for special funding
• Telecom towers made eligible for viability gap funding
• Fuel supply constraints have hit power supplies nationally
• Current account deficit 3.6 percent in 2011-12; this put pressure on exchange rate.
• Advance Pricing Agreements in DTC to be in Finance Bill
• Corporate market reforms to be initiated.
• Allocation for national highways up 14 per cent. 8,800 km of highways to be developed under National Highway Development Project in 2012-13.
• Encourage small and medium artisans. Powerloom mega clusters to be set up.
• Foreign loans for low-cost housing projects.
• Foreign loan cap raised for airlines.
• To allow ECB funding to finance working capital needs of airlines for 1 year
• External commercial borrowings to the extent of $ 1 billion to be allowed for aviation sector for next year.
• Addressing malnutrition, black money and corruption in public life among five priorities in the year ahead.
• Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks.
• Government examining new ways of providing subsidies for LPG, kerosene.
• Tax exemption on individual share investment below Rs 10 lakh.
• Govt to create Financial Holding company to meet financial needs of PSU banks.
• Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.
• 3-year lock-in period exemption under Rajiv Gandhi scheme.
• Increase in investments in infrastructure through PPP.
• Coal India advised to sign FSA with power plants
• Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector.
• To allow qualified FII into domestic corporate bonds
• Rs 15890 crore for recapitalisation of PSU banks
• Extend RRB capitalisation for 2 years
• Propose Central KYC depository
• Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
• Automated shuttle looms exempted from customs duty.
• Full exemption on imported equipments for road construction projects.
• Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted.
• Full exemption from basic customs duty for equipment for road and highway construction.
• AC, fridge and most urban services to cost more.
• Titanium dioxide customs duty cut to 7.5% from 10%.
• Govt may table white paper on black money
• Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup.
• No change in peak custom duty.
• Rs 1000 cr for National Skill Development Fund in FY13.
• Gross taxes estimated at 10.6 per cent of GDP.
• Pranab proposes to bring white paper on black money in the current Parliament session.
• Gross taxes estimated at 10.6% of GDP.
• Exemption of customs duty of 5% on equipment for fertiliser plants.
• Introduction of compulsory reporting of assets held abroad.
• Withholding tax on external commercial borrowings reduced from 20 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser sectors.
• Government services, public transport exempted from service tax.
• Common 1-page return for excise and service tax.
• Propose common tax code for service tax and excise
• Govt services, public transport exempt from service tax.
• Service tax net widened; to include most sectors
• Negative list to include pre-school and high school education, entertainment services.
• Sale of residential property exempted from capital gains if invested in equity or equipment of an SME.
• All services to be taxed except those in negative list.
• No advance tax for senior citizens.
• Health insurance deduction upto Rs 5000 for preventive health checkup.
• FY13 market borrowing at Rs 4.79 lakh cr.
• Information on black money stashed abroad has started flowing in, prosecution to be executed in some cases, says Pranab.
• 40 crore Aadhar enrollment in year beginning April 2012.
• Net tax receipts of the Centre in 2011-12 stands at Rs 7,71,071 crore.
• Rs 193,407 crore provision made for defence services in 2012-13.
• To allot Rs 24,000 crore for rural road plan in FY13.
• Rs 3,915 crore to be spent on National Rural Livelihood Mission.
• Maternal and child nutrition scheme to be launched in 200 districts.
• Agri credit target for FY13 at Rs 5.75 lakh cr, up Rs 1 lakh cr
• To introduce new law for micro finance institutions
• Defence outlay at Rs 1.95 lakh crore
• Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
• Govt aims to trim subsidy burden
• Efforts on for consensus on 51% FDI in multi-brand retail
• 7 medical colleges to be upgraded to All India Institutes.
• Rs 200 crore for Research Rewards for agricultural researchers for breakthroughs.
• Mahatma Gandhi rural employment scheme has been positive.
• ECB for Rupee-debt of power co positive for all power cos
• Interest subvention of 7 per cent to women self groups for loans up to Rs 3 lakh, additional 3 per cent for those making timely repayment.
• Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
• FY13 National Social Assistance Scheme outlay at Rs 8447 crore
• Rs 1,000 crore to be provided for National Skill Development Corporation in 2012-13
• Integrated Child Development Scheme to be strengthened and restructured with allocation of Rs.15,850 crore.
• Allocation of Rs.200 crore for research on climate change.
• Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year.
• Rs 20,000 crore to be spent on rural infrastructure development, including Rs 5,000 crore for creating warehousing facilities.
• National Backward Region Grant scheme outlay raised by 22 per cent to Rs 12,040 crore.
• Rural development fund of 20000 crores
• NRHM allocation hiked to 20820 crores