Budget Highlights - Live updates on Union Budget 2012|CASANSAAR 2081

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Budget Highlights - Live updates on Union Budget 2012

Posted Date : 16-Mar-2012 , 09:34:47 am | Posted By CASANSAAR

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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