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Budget 2012-2013
« on: March 16, 2012, 08:55:02 PM »
Budget in Detail

Union Budget 2012-13
Budget 2012-13:
Income up to 2 lakhs - Nil
-- Rs. 2-5 lakhs - - 10 per cent
-- Rs. 5 lakhs -10 lakhs - 20 per cent
-- Rs. 10 lakhs and above - 30 per cent
GST will be operational by August 2012
Excise duty hiked from 10 per cent to 12 per cent
Service Tax hiked from 10 per cent to 12 per cent
Basis Exemption Limit 2 Lakhs
STT cut to 0.1%.
No change in corporate tax,DTC Deferred Further
Global crude oil prices have crossed $115 per barrel
Food and fertiliser subsidy largest expenditure.
Fiscal deficit rose due to subsidy.
Decided to fully provide for food subsidy in the budget
FRBM implementation back on track
Aadhar-enabled payment of select government schemes in 50 districts
Rs 30,000 cr divestment target in FY 13
To bring down subsidy to 1.7 % of GDP in the next 3 years
To roll out computerized scheme for fertilizer subsidy transfer
The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted
FY13 subsidy to be under 2% of GDP

Find ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption
Remove bottlenecks in agriculture, energy, transport, coal, power and national highways
Ensure rapid rise in private investment
Frame policies that trigger domestic demand recovery
Direct cash subsity to LPG, Kerosene
Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent
Direct transfer of subsidy for kerosene initiated
Direct Tax Code (DTC) Bill to be enacted at the earliest
To introduce Rajiv Gandhi [ Images ] Equity Scheme for retail investors
Tax incentive for new investors, These make sense when you consider that the share of household savings delpoyed in capital markets has come down sharply.
Changes in IPO norms to increase participation in small towns
Plan outlay for agriculture raised by 18% to Rs 20208 crore in FY 13
Rs 300 crore for intensified irrigation program
Retail stocks rally as Budget commits to multi-brand FDI
Telecom towers made eligible for viability gap funding
Agriculture credit target raised to Rs 5.75 lakh crore in FY13
Agriculture allocation increased to Rs 5,75,000 crore.
To allocate Rs 10,000 cr for NABARD to refinance RRBs.
To allocate Rs 10,000 crore for NABARD for refinancing RRBs
Government to set up Rs 5,000 crore venture fund for MSME sector
To allow ECB borrowing to part-finance power projects.
Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore.
Kisan credit cards can now be used for ATM machines.
Change in IPO guidleines to promote small town participation
Will allow external commercial borrowing for power, housing road construction companies
To make 8,800 km of highways in FY13; outlay raised
Plan outlay raised 18% to Rs 20,208 cr for agriculture
Irrigation, dams to be eligible for special funding
Telecom towers made eligible for viability gap funding
Fuel supply constraints have hit power supplies nationally
Current account deficit 3.6 percent in 2011-12; this put pressure on exchange rate.
Advance Pricing Agreements in DTC to be in Finance Bill
Corporate market reforms to be initiated.
Allocation for national highways up 14 per cent. 8,800 km of highways to be developed under National Highway Development Project in 2012-13.
Encourage small and medium artisans. Powerloom mega clusters to be set up.
Foreign loans for low-cost housing projects.
Foreign loan cap raised for airlines.
To allow ECB funding to finance working capital needs of airlines for 1 year
External commercial borrowings to the extent of $ 1 billion to be allowed for aviation sector for next year.
Addressing malnutrition, black money and corruption in public life among five priorities in the year ahead.
Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks.
Government examining new ways of providing subsidies for LPG, kerosene.
Tax exemption on individual share investment below Rs 10 lakh.
Govt to create Financial Holding company to meet financial needs of PSU banks.
Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.
3-year lock-in period exemption under Rajiv Gandhi scheme.
Increase in investments in infrastructure through PPP.
Coal India advised to sign FSA with power plants
Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector.
To allow qualified FII into domestic corporate bonds
Rs 15890 crore for recapitalisation of PSU banks
Extend RRB capitalisation for 2 years
Propose Central KYC depository
Full exemption from basic customs duty for equipment for road and highway construction
Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted
Excise duty on handmade and semi-mechanised matches reduced from 10 to 6 per cent
Increase excise duty on some cigarettes
Solar energy plants exempted from Customs Duty
Excise duty on all processed food brought down to merit rate of 6 per cent..
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Budget 2012-2013
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