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Highlights of Uniion Budget 2012-13

Some of the Highlights of the Union Budget 2012-13 presented by Finance Minister Pranab Mukhrjhee

·       Branded silver jewellery exempted from excise duty

·       Doubled custom duty on refined gold

·       Customs duty on standard gold raised from 2% to 4%

·       Excise duty on cigarettes raised

·       Duty on bicycles and bicycle parts reduced

·       Medicines for treating cancer, HIV to be cheaper

·       AC, fridge, phone bills to cost more

·       20% tax on buying & selling shares

·       Excise tax raised to 12%

·       Service tax raised from 10% to 12%

·       Luxury items, eating out to become more expensive

·       Large cars duty raised from 22% to 24%

·       Propose to set up a common tax code for service tax & excise

·       Govt services, education, ent exempted from service tax  

·       Exempt service tax on copyright on cinematographic films  

·       Service tax net widened  

·       20% reduction on securities transaction tax  

·       Compulsory reporting requirement of assets held abroad  

·       No change in corporate tax rate  

·       No advance tax for senior citizens  

·       30% tax rate for income above Rs 10 lakh  

·       20% tax rate for income between Rs 5-10 lakh  

·       10% tax rate for income between Rs 2-5 lakh rupees  

·       Exemption limit for I-T raised to Rs 2 lakh  

·       Non-tax expenditure revenue receipts estimated at Rs 1.64 lakh cr  

·       Tax collection up 15%  

·       7 medical colleges to be upgraded  

·       Financial assistance for universities across states  

·       Propose additional funds for Aadhar to cross 40 cr enrollment  

·       Dedicated cell to track black money  

·       Rs 1000 cr for National Skill Development Fund in FY13  

·       White paper on black money in current session  

·       Defence budget raised to Rs 1.93 lakh cr  

·       Tracking of tax evasion through PAN  

·       Health schemes in urban areas to have higher allocation  

·       NRHM allocation hiked to Rs 20,820 cr  

·       Credit guarantee fund for education loans  

·       Over Rs 12,000 cr for backward area projects in FY13  

·       6000 schools to be set up in 12th five year plan  

·       Public distribution system to be computerised  

·       Kisan credit cards can be used at ATMs  

·       Tax-free bonds of Rs 10,000 cr for NHAI  

·       Propose to allocate Rs 10,000 cr NABARD for refinancing RRB  

·       27% more funds for rural sanitation and drinking water  

·       Over Rs 11,000 cr for school mid-day meal scheme  

·       Agriculture credit target raised to Rs 5.75 lakh crore in FY13  

·       Direct import of aviation fuel allowed  

·       Interest subsidy for farmers to continue  

·       Govt raises foreign loan limit for aviation  

·       Foreign investment in low cost affordable housing projects  

·       Propose tax free bonds of Rs 10,000 cr for power sector  

·       ECB cap raised for airlines  

·       49% airline FDI under active consideration  

·       Financial Holding company to meet financial needs of PSU banks  

·       To allow QFIs in corporate bond market  

·       10% of IPO above Rs 10 cr via electronic platform  

·       New equity savings scheme for small investors   

·       Rs 50,000 tax exemption for retail investors  

·       New tax exemptions for retail investments  

·       Measures to boost equity market  

·       To examine Parliamentary Panel report on Direct Taxes Code  

·       To introduce Rajiv Gandhi Equity Scheme  

·       Direct Tax Code implementation deferred  

·       Efforts on for retail FDI consensus  

·       Rs 30,000 cr disinvestment target next year  

·       General Sales Tax to be operational by August 2012  

·       Direct cash subsidy for LPG, kerosene  

·       Food security subsidy to be fully provided  

·       Direct transfer of subsidies to retailer, farmer  

·       FY13 subsidy to be under 2% of GDP  

·       Subsidies could be changed depending upon feasibility  

·       7.6% GDP growth in 2012-13  

·       India's share of trade has gone up  

·       Subsidies have hit fiscal balance  

·       Current account deficit to fall  

·       Need to address the problem of black money  

·       Expect smaller current account deficit  

·       Agriculture and services have continued to perform well  

·       Necessary to take hard decisions now  

·       Exports grew by 23% in the first quarter  

·       Indian manufacturing at the cusp of revival  

·       Inflation to moderate further this year  

·       2.5% agriculture growth this year  

·       Economy shows signs of reform  

·       Have to accelerate pace of reforms  

·       Weak industrial growth has held us back  

·       India expected to grow at 6.9%  

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