Union Budget Breaking News

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Finance Minister Pranab Mukherjee has started his Budget presentation speech for 2012-13 in Lok Sabha. Today Finance Minister Pranab Mukherjee will present the union budget at 11 a.m.  It is his seventh experience in presenting the budget in Lok Sabha and he has to face lot of difficulties.  In this budget he wishes to solve the problems in economic growth and fiscal deficit. And the GDP growth reached about 6.1 percentages at the end of December. Tax payers believe that they will get some relief from Finance Minister Pranab Mukherjee. And the income tax exception may limit to Rs 2 lakh in this budget presentation. The current updates about his presentation are

  • Finance Minister Pranab Mukherjee gives importance to the state of the global economy and its impact on India in his speech.
  • Grow GDP by 6.9% in 2011-12
  • Performance of this year is disappointing
  • Now Monetary policy affect inflation
  • industrial slowdown is the reason for weak growth
  • Must improve micro-economic environment
  • Additional 3% subvention to be available top prompt-payment
  • There is a proposal for allocate Rs 10,000cr NABARD for its refinancing RRB
  • In FY13 agriculture credit target increased to Rs 5.75lakh crore
  • To finance minor irrigation works Government take actions.
  • In FY13 the Agriculture credit target is raised to Rs 5.75lakh crore
  • Rural employment scheme of Mahatma Gandhi  has been positive

  • The Securities Transaction Tax (STT) will reduced by 20% on delivery transactions from 0.125% to 0.10%.
  • Give priority  for agriculture
  • To aid MSMEs SIDBI fund Rs 5000cr
  • No changes on FDI in aviation
  • Up to USD 1 bn allowed as ECB for working cap of airline
  • For prompt repayment of loans Women SHG can avails addl 3% subvention.
  • In FY13 UID allocation at Rs 14,232cr
  • Introduce National Mission for food processing
  • Outlay at Rs 11,937 Cr in FY13 mid-day meal scheme
  • In FY13 Rs 14,000cr for rural drinking water and sanitation
  • For backward area projects Rs 12,040cr in FY13
  • The direct tax for the coming year 2013 is increased to Rs 2lakh from Rs 1.8 lakh.
  • The income tax rate for 2 lakh to 5 lakh is increased to 10% and 5 lakh to 10 lakh is increased to 20%. And above 10 lakh is increased to 30%.
  • The Cascading effect of dividend distribution tax will remove.
  • Bee-keeping, warehousing for sugar are added into the investment-linked deduction
  • STT will change to  0.125% from 0.1%
  • Net revenue loss of Rs 4,500 cr is due to the direct tax proposals
  • Tax incentives for infra projects is extended by 1 year
  • Make taxes for all services
  • From service taxes Govt services, education, entertainment, public transport are exempted.
  • For copyright on cinematographic films will exempt service tax
  • For excise and service tax has common 1 page return
  • It will set up a common tax code for service tax & excise
  • From 10% the service tax is increased to 12%
  • From 10% the excise duty is raised to 12%
  • Duty for large cars is increased from 22% to 24%
  • The peak custom rate of 10% has no change.
  • The equipment’s for fert plants has exemption of customs duty of 5%
  • Imported e equipment’s for road construction projects has full exemption
  • aircraft parts import exempt from basic customs duty
  • customs duty for Titanium dioxide cut into 7.5% from 10%/.
  • bicycle parts and for bicycles duty reduced
  • energy saving lamps duty reduced
  • customs duty for std gold is increased from 2% to 4%
  • customs duty for non std gold is increased from 10% from 5%
  • cigarettes excise duty is raised
  • For refined gold the custom duty is double
  • Cigarettes have 10% advalorem duty
  • The Branded silver jewellery will exempt from duty of excise
  • From 50% the customs duty for some vehicle is raised to 75%
  • The corporate tax rate has no change
  • Private investment will encouraged
  • Will not allow more than 2% subsidy for GDP
  • Fiscal deficit at 5.1% of the gross domestic product (GDP)
  • The Securities Transaction Tax (STT) will reduced by 20% on delivery transactions from 0.125% to 0.10%.
  • We can use kissan credit cards in ATM’s
  • There in increment in the cost of luxury items, eating out, air travel, leisure activities
  • Direct taxes proposals to result in net revenue loss of Rs 4,500 crore.
  • Must report all the assets in and out the country.
  • Up to 10,000 saving bank interest there is no tax
  • Personal income tax has DTC rates.
  • 45 per cent of GDP will be the total debt of the Centre.

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