Budget Highlights - 2013-2014

ü  Iodised salt, match-boxes, soya products to become cheaper

ü  Increase customs duty on imported cars to 75%

ü  Raises custom duty on import on large SUVS

ü  Increase excise duty on some Cigarettes

ü  Customs duty on gold bar coins raised to 4%

ü  Customs duty on platinum raised

ü  Customs duty on gold raised

ü  Some infra services exempted from service tax

ü  Tax exemption of up to Rs 5,000 for health insurance towards annual preventive check up

ü  Basic customs duty on bicycles raised to 30%

ü  Exempts LCD LED panels from customs duty

ü  Iron ore machinery part duty cut to 2.5%

ü  Airline parts exempted from basic custom duty

ü  Rs 15,890 crore for recapitalisation of PSU banks

ü  Coal LNG exempt from customs duty

ü  Exemption of customs duty of 5% on equipment for fertilizer plants

ü  To keep peak custom rate unchanged

ü  To raise duty on large cars 27 pc duty

ü  Excise duty hiked to 12 pc from 10 pc

ü  Service tax raised to 12 pc from 10 pc

ü  FY13 market borrowing at Rs 4.79 lakh cr.

ü  Introduction of compulsory reporting requirement of assets held abroad

ü  To exempt some movie services from service tax

ü  Govt services, education, entertainment, public transport exempted from service tax

ü  School education exempted from service tax

ü  FM says information on black money stashed abroad has started flowing in and prosecution to be executed in some cases

ü  Removes restriction on venture capital investment

ü  No change in corporate tax

ü  Income above 10 lakh will have 30% income tax

ü  Income from 5 to 10 lakh will have 20% income tax

ü  Income Tax at 10 percent for Rs 2-5 lakh

ü  Tax exemption limit up to 2 lakh

ü  Introduce new law for micro finance institutions

ü  FY12 fiscal deficit at 5.9% and FY13 fiscal deficit at 5.1%

ü  7 medical colleges to be upgraded to All India Institutes

ü  FY13 non plan expenditure at 9.7 lakh crores

ü  Non-tax revenue receipts estimated at Rs 1.64 lakh crores

ü  Additional 3 per cent interest subvention to farmers for promptly repaying their due

ü  Rs 25,555 cr for Right to Education in FY13

ü  Rs 193107cr in FY13 for defense

ü  Rs 1000 crores for National Skill Development Fund in FY13

ü  Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13

ü  Pranab says the Nandan Nilekani panel recommendation on direct transfer of subsidy accepted

ü  NRHM allocation increased to Rs 20,820 cr.

ü  FM announces new equity savings scheme

ü  Rs 14000 crore for rural drinking and sanitation in FY 13

ü  Rs 242 crore project with World Bank assistance to improve dairy production.

ü  Credit guarantee fund for education loans

ü  National mission for food processing

ü  6,000 schools proposed to be set up in 12th year plan

ü  1 percent loan subsidy on home loans up to Rs 15 lakh

ü  New PDS for food security

ü  Allocate Rs 14232 cr to UID project

ü  Set up state-run irrigation facility

ü  Remove infrastructure bottleneck: FM

ü  Budget commits to multi-brand FDI

ü  Tax free-infra bond for Rs 60,000

ü  Allow ECB funding to finance working capital needs of airlines for 1 year

ü  Rs 30,000 crore to be raised through disinvestment

ü  To make 8,800 km of highways in FY13; outlay raised

ü  Irrigation, dams eligible for a special fund

ü  Tax exemption on individual share investment below Rs 10 lakhs

ü  Become self sufficient in urea production in next 5 years

ü  Some subsidies inevitable, says Pranab

ü  FM promises tax incentive for new investors

ü  Considering FDI in airlines

ü  Infrastructure debt fund launched

ü  Sensex trading 180 points higher

ü  Food subsidy will be fully provided for in the Budget

ü  Consortium for direct lending approved

ü  Implement direct tax code the earliest

ü  Focus on removing infrastructure bottlenecks

ü  Direct cash subsity to LPG, Kerosene

ü  Signs of turnaround in economy in March

ü  Address malnutrition decisively

ü  Bring down subsidy to 1.7 percent of GDP in the next 3 years

ü  Economy to grow at 7.6 percent in 2012/13

ü  Direct subsidy to retailers, farmers

ü  Address the problem of black money; FM expects inflation will come down; Have to accelerate pace of reforms

ü  Need to improve supply side in economy says FM

ü  Performance this year was disappointing but as compared to peers India was better says FM

ü  Weak industrial growth has held us back says Pranab

ü  Pranab Starts the budget presentation. He syas for Indian economy it has been a year of recovery interrupted.

ü  DMK MPs not attending Parliament for the Budget

ü  Can Pranab Mukherjee take the initiative to halt the deteriorating economic growth? Can he make this a significant budget?

ü  Rupee strengthens before budget

ü  Oil & Gas: expect status quo to be maintained on customs and excise duties in the oil & gas sector in the light of the sustained high losses on sales of subsidized petroleum products at current retail selling price.

ü  Nominal GDP growth of 14 to 14.5 percent is likely to be used for the budget arithmetic

ü  In the fertilizer and chemical sector, there is an expectation that the customs duty on various inputs like LNG, Naphtha, Alcohol, Propylene etc will be removed from current rate of 5 percent.

ü  In the automobile sector, the expectation is that there will be an increase in excise duty across segments and also there is possibility of additional tax on diesel vehicles.

Read More