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Highlights of Union Budget 2012-13
-
Headline
inflation
to
moderate
further
in
next
few
months
and
remain
stable
thereafter.
[Read:
Budget:
Tax
benefits,
costlier
services]
-
GDP
to
grow
by
6.9
per
cent
in
2011-12,
says
FM.
[Read:
Union
Budget
2012-13:
Who
said
what
]
- GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent.
-
Full
exemption
from
basic
customs
duty
for
road
and
highway
construction.[Read:
List
of
prices
gone
up
&
down
after
Budget
2012]
-
Gold
jewellery
not
bearing
brand
name
to
be
included
in
the
one
per
cent
levy
on
precious
metal
jewellery.
[Read:
Sops
and
imposts
in
Budget
2012-13]
-
Customs
duty
on
import
of
parts
of
aircraft,
tyres
and
testing
equipment
fully
exempted.[Read:
UPA,
Cong
ditch
India
with
Budget
2012
to
win
election
2014]
- Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
- Oil cess on domestic crude raised to Rs 4,500 per ton from Rs 2,500 per ton.
- Excise duty on all processed food brought down to merit rate of 6 per cent.
- Customs and central excise proposals to net a revenue of Rs 27,280 crore.
- Baggage allowance for people of Indian origin increased from Rs 25,000 to Rs 35,000 and for children from Rs 12,000 to Rs 15,000.
- Customs duty on standard gold bar and coins exceeding 99.5 per cent purity, platinum and non-standard gold raised.
- Branded silver jewellery fully exempted from excise duty.
- Installation of solar plants exempted from CVD.
- Customs duty on bicycles and parts increased.
- Import duty on large cars, MUVs, SUVs enhanced.
- Introduction of compulsory reporting of assets held abroad. [Read: Defence Budget hiked by more than 17 pc]
- Standard excise duty rate raised from 10 per cent to 12 per cent.
- Interest income of up to 10 per cent to be exempted from tax.
- Copyright relating to cinematography in film industry exempted from service tax.
- Service tax to yield additional revenue of Rs 18,650 crore.
- Securities Transaction Tax (STT) reduced from 0.125 per cent to 0.1 per cent.
- Cars to attract ad valorem rate of 27 per cent.
- Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup.
- Capital gains tax on residential property exempted if sale proceeds used for SMEs.
- No change in the peak rate customs duty.
- No IT for income up to Rs 2,00,000; 10 pc on income between Rs 2-5 lakh; 20 pc on income between Rs 5-10 lakh and 30 pc on income above Rs 10 lakh.
- No change in corporate tax rate.
- Import of equipment for fertilizer plants fully exempt from customs duty for three years.
- Direct taxes proposals to result in net revenue loss of Rs 4,500 crore.
- Fiscal deficit at 5.9 per cent of GDP in revised estimates for 2011-12.
- White Paper on black money to be tabled in current session of Parliament.
- Direct tax collection fell short by Rs 32,000 crore in current fiscal.
- Determined to bring down fiscal deficit to 5.1 per cent of GDP next fiscal.
- Non-plan expenditure Rs 9,69,900 crore in 2012-13; 8.7 per cent higher than current year.
- Total debt of the Centre will be 45 per cent of GDP.
- 40 crore Aadhar enrollment in year beginning April 2012.
PTI
Comments
Story first published: Friday, March 16, 2012, 19:32 [IST]