General Budget 2012-13 Live Highlights, Today 16th March 2012: Union General Budget 2012-13 to be announced Today (16th March 2012) at 11:00 AM onwards by Union Finance Minister Mr Pranab Mukharjee in Parliament. The Union General Budget 2012-13 has lots of expectations for common people and more challenges to Government. Here comes the Live Highlights from Parliament:
* Mobile and Gold will be costlier.
* 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
* Mobile and Gold will be costlier.
* 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
Although the Finance Minister had the daunting task of reigning in Fiscal Deficit, it would have been more prudent to exercise control over wasteful spending instead of raising Service Tax and Excise rates to 12% from 10%. The net increase of 41440 crores in Taxes will obviously hit the general public which is already reeling under inflationery pressures. Increase in government spending by over 29% will also only add to inflation. God save the Mango (AAM) Aadmi. Sushil Sureka, Indore
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