India is expected to grow at 6.9% of GDP in this union budget 2012-13.
Zero income tax on income upto to 2 lakh.
Income between 2 to 5 lakh to be taxed 10%
Income between 5 to 10 lakh to be taxed 20%
Income above 10 lakh to be taxed 30%
No change in tax structure for corporates and no advanced tax required for senior citizens now.
Subsidies have hit fiscal balance.
The largest expenditure in fuel and fertilizer subsidies.
Food security subsidy proposed to be fully provided.
Direct cash subsidy for LPG and Kerosene to consumers.
Deficit transfer of subsidies to retailer and farmer.
Excise duty on big cars raised to 24% from 22%.
Inclusive Growth in Rural and Urban areas: Pranab Mukherjee
Challenge for this budget year 2012-13 is to get growth rate back to 8%: Manmohan Singh
Luxury item, eating out, air travel became more expensive.
Service Tax rate hiked to 12% from 10%.
Service tax to generate additional revenue of Rs 18,650 crore in the budget year 2012-13.
Baggage allowance raises from Rs 25,000 to Rs 35,000 for the people of Indian origin and from Rs 12,000 to Rs 15,000 for the children
Iodised salt, match-boxes, soya products to become cheaper
Prices of Solar power lamps, LED bulbs are goes down
Excise duty brought down to 6 % on all processed food.
Customs duty on import of aircraft parts, tyres and testing equipment is fully exempted now.
Exemption from basic customs duty for road and highway construction equipment.
Full exemption from basic customs duty on LNG, natural gas and 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.
Customs duty increases from 50% to 75% on the import of some vehicle
Cigarettes, diamonds and imported cycles become more expensive
AC, fridge and most of the urban services to cost more
Customs duty is increased on bicycles and its parts
Customs duty raised from 2% to 4% on standard gold.
Standard excise duty rate raised 12% from 10%.
Kisan credit cards can now be used in ATMs also.
27% increase in funds for drinking water and sanitation.
FY13 tax receipts seen up 15%, while FY13 gross taxes at 10.6% of GDP.
Estimates FY13 fiscal deficit at 5.1% of GDP while FY13 subsidy to be under 2% of GDP.
FY13 midday meal scheme outlay at Rs 11937 crore.
FY12 fiscal deficit at 5.9% of GDP.
PSU Banks' recap plan for FY13 is Rs. 15,888 crore.
Agriculture growth is 2.5% this year.
New warehouses for food-grain stocks to be built.
50 MN of tons storage capacity will be created in the year of union budget 2012-13.
Global crude prices have crossed $115/bbl.
Government will set up company to finance minor irrigation works.
Efforts on for retail FDI consensus.
Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year.
Rs 242 crore project with World Bank assistance to improve dairy production.
ECB for low cost housing projects and ECB cap raised for airlines.
Govt. raises foreign loan limit for aviation sector.
Rajeev Gandhi equity scheme to boost stock market.
Tax-free bonds limit is increased in budget 2012-13.
Expected current account deficit to be lowered next year.
Securities Transaction Tax (STT) reduced from 0.125% to 0.1%.
Withholding tax on airlines, power, road, brides, ports, shipyard, fertilisers, dams and affordable houses lowered to 5% from 20% for 3 years.
10% of IPO, above Rs 10 crore via electronic platform.
This year budget may see FDI in aviation and retail.
New equity saving schemes for small investors and Measures to boost equity market.
Industrial growth holding us back for two years.
Pranab expect smaller current account deficit to be 3.6%.
30,000 crore de-investment target for next year.
GST expected to be operational by August 2012.
Expect inflation to moderate and then stabilize.
