Friday, March 16, 2012

Union Budget 2012-2013 - detailed highlights

1. ECBs proposed for aviation sector with a cap of $1 billion
2. Direct, indirect tax reforms to miss deadline
3. Infrastructure sector to get Rs 50,00,000 lakh crore investment
4. Rural housing scheme to be upgraded: FM
5. Excise duty raised to 12% from 10%
6. Branded silver jewellery fully exempt from excise duty
7. 10 year benchmark at 8.40%
8. Increased customs duty on gold and platinum to 4% from 2%
9. Duty on handrolled beedis increased
10. Diamonds emerald and ruby prices will increase
11. Advalorem duty on some cigarettes
12. Agriculture credit target raised to Rs 5.75 lakh crore
13. Customs duty on refined gold doubled
14. Import of aircraft parts exempt from basic customs duty
15. Basic customs duty on cigarettes reduced
16. Customs duty on some gold and platinum products increased
17. Cuts customs duty on rail equipment to 7.5% from 10%
18. To allow external commercial borrowing to part finance rupee debt in power projects
19. Proposes to remove sector-specific restriction on venture capital fund investments
20. Mobile phone parts exempted from basic customs duty
21. Automated shuttle looms exempted from customs duty
22. School education exempt from service tax
23. 12% excise duty imposed on branded retail garments
24. LCD and LED panels exempted from custom duty
25. Government hikes defence spending to Rs 1,93,007 crore
26. Customs duty reduced from 7.5% to 2.5% for iron ore equipment
27. Thermal power companies exempted from customs duty for 2 years
28. 5% customs duty exempted on equipment for fertilizer plants
29. India achieved success in external trade: Pranab Mukherjee
30. Govt sees expenditure rising 29% in 2012/13
31. LNG out of customs duty
32. Full exemption on customs duty on coal
33. 10 year yield at 8.40%
34. Fiscal deficit target set at 5.1% of GDP in Budget 2012-13
35. No change in peak customs duty
36. To raise duty on large cars to 27%
37. Some infra construction services exempt from service tax
38. FY 13 net market borrowing at Rs 4.8 lakh crores
39. Common tax code for service tax and excise
40. Standard excise duty hiked to 12%
41. Rs 18660 crores will result from service tax rise
42. Service Tax Net Increases as Expected
43. Service tax up from 10% to 12%  
44. Direct Tax Code implementation deferred: Pranab

45. Income Tax Slabs:
      Up to 2 lakh rupees -  NIL;
      Rs 2 to  5 lakh  - 10%;
      Rs 5 to 10 lakh  -  20%;
      Above Rs 10 lakh - 30%  

46. No change in corporate tax rates
47. FM announces intention of tabling white paper on black money
48. Raises exemption limit to Rs 2 lakhs from Rs 1.8 lakhs
49. Non plan expenditure at Rs 9.7 lakh crore
50. Fiscal deficit at 5.9% in FY 12
51. Tables a white paper on black money issue
52. Gross tax receipts at 10.77 lakh crore
53. Gross tax at 10.6% of GDP
54. Coal India advised to sign FSA with power plants
55. Bottom of Form
56. Agri credit target for FY13 at Rs 5.75 lakh cr, up Rs 1 lakh cr
57. To introduce new law for micro finance institutions
58. Defence outlay at Rs 1.95 lakh crore
59. Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
60. Govt aims to trim subsidy burden
61. Efforts on for consensus on 51% FDI in multi-brand retail
62. Rural development fund of 20000 crores
63. HM allocation hiked to 20820 crores
64. India's growth disappointing, but recovering: Pranab
65. Economy to grow at 7.6% in 2012-13: FM
66. Rs 14000 crore for rural drinking and sanitation in FY 13
67. FM announces new equity savings scheme
68. Govt targets Rs 30,000 crore from asset sales
69. Govt doubles allocation for tax-free bonds to Rs 60,000 crore for financing infrastructure projects in 2012/13
70. To allow qualified foreign investors in Indian corporate debt markets
71. New state owned irrigation company to be set up
72. To allocate Rs 14232 cr to UID project, up 13% in FY 13
73. Propose National mission for food processing
74. 10000 crores allocated to NABARD to fund RRBs
75. Interest subvention for short term crop loan continues
76. Agri credit target for FY 13 seen at Rs 5.75 lakh crore, up 1 lakh crore
77. Plan outlay for agriculture raised by 18% to Rs 20208 crore in FY 13
78. Rs 300 crore for intensified irrigation program
79. Retail stocks rally as Budget commits to multi-brand FDI
80. Irrigation, dams to be eligible for special funding
81. Telecom towers made eligible for viability gap funding
82. Fuel supply constraints have hit power supplies nationally
83. Will allow external commercial borrowing for power, housing road construction companies
84. To make 8,800 km of highways in FY13; outlay raised
85. Plan outlay raised 18% to Rs 20,208 cr for agriculture
86. Change in IPO guidleines to promote small town participation
87. To allow ECB funding to finance working capital needs of airlines for 1 year
88. FDI in aviation is under active consideration
89. Rs 10000 crore of tax fee bonds for power sector
90. To allow ECB funding to finance working capital needs of airlines
91. To become self sufficient in urea production in next 5 years
92. Share of manufacturing in GDP will be increased
93. To allow ECB to fund part finance power rupee debt
94. Oil and gas pipelines to be eligible for viable gap funding
95. Double infra debt amount to Rs 60,000 crore
96. DTC to be implemented at the earliest
97. To allow qualified FII into domestic corporate bonds
98. Rs 15890 crores for recapitalization of PSU banks
99. Extend RRB capitalisation for 2 years
100. Propose Central KYC depository
101. 12th plan infra investment at Rs 50 lakh crore
102. Inflation & current account deficit to come down next year
103. Focus on removing infrastructure bottlenecks
104. Changes in IPO norms to increase participation in small towns
105. To introduce new Rajiv Gandhi equity scheme
106. Government to include advance pricing in Finance Bill 2012
107. Find ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption
108. Remove bottlenecks in agriculture, energy, transport, coal, power and national highways
109. Ensure rapid rise in private investment
110. Frame policies that trigger domestic demand recovery
111. To implement Direct Tax Code at the earliest
112. Signs of economy turning around in March quarter
113. Efforts continue to arrive at consensus for 51% in retail FDI
114. To continue to hold 51% stake in state owned companies
115. Rs 30,000 cr divestment target in FY 13
116. Direct transfer of subsidy for kerosene initiated
117. To implement DTC at the earliest
118. GST to be operational by August 2012
119. To bring down subsidy to 1.7 % of GDP in the next 3 years
120. To roll out computerized scheme for fertilizer subsidy transfer
121. Economy to grow at 7.6% in 2012/13
122. Central subsidies to be under 2% of GDP

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