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TMI BlogUnion Budget 2012-13 HighlightsX X X X Extracts X X X X X X X X Extracts X X X X ..... Union Budget 2012-13 Highlights X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment schemes in at least 50 districts. * Rs. 30,000 crore to be raised through disinvestment * Efforts to reach broadbased consensus on FDI in multi-brand retail * Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities * Rs. 15,888 crore to be provided for capitalization of public sector banks and financial institutions * A central "Know Your Customer" depository to be developed * Swabhimaan: remaining habitations to be covered; to be extended to more habitations; ultra small branches to be set up in Swabhimaan habitations * Investment in 12th Plan in infrastructure to go uptoRs. 50,00,000 crore; half of this is expected from private sector * Tax Free Bonds of Rs. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000 crore to be allowed for financial infrastructure projects * Allocation of Road Transport and Highways Ministry enhanced by 14 per cent to Rs. 25,360 crore * Financial package of Rs. 3,884 crore for waiver of loans to handloom weavers and their cooperative societies; mega handloom clusters in Andhra, Jharkhand; weaver service centres in Mizoram, Nagaland and Jharkhand ; powerloom mega cluster in Maharashtra; Rs. 500 crore pilot schemes for geo-textiles in North-Eastern region * Rs. 5,000 crore India Opportunities Venture Fund to help small enterprises * Allocation to agriculture enhanced; RKVY gets Rs. 9,217 crore; BGREI gets Rs. 1,000 crore; Rs.2242 crore project to improve dairy productivity; Rs. 500 crore for coastal aquacul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture * Various other agricultural activities merged into 5 missions * Target for agricultural credit raised to Rs. 5,75,000 crore * Interest subvention for short-term crop loans to farmers at 7 per cent interest continues; additional 3 per cent for prompt paying farmers * Rs. 200 crore for awards to incentivise agricultural research * Provisions under rural housing fund increased to Rs. 4,000 crore from Rs. 3,000 crore * Interest subvention of 1 percent on housing loans uptoRs. 15 lakh extended for one more year * AIBP allocation raised by 13 per cent to Rs. 14,242 crore * National Mission on Food Processing to be started in cooperation with State Governments * Scheduled Caste Sub Plan allocation increases by 18 per cent t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o Rs. 37,113 crore; Tribal Sub Plan by 17.6 per cent to Rs. 21,710 crore * Multi-sectoralprogramme to address maternal and child malnutrition in 200 high burden districts * 58 per cent rise in allocation to ICDS, at Rs. 15,850 crore * Rural drinking water and sanitation gets 27 per cent rise in allocation to Rs. 14,000 crore; PMGSY gets 20 per cent rise to Rs. 24,000 crore * Projects covering length of 8800 km to be awarded under NHDP against 7,300 km during 2011-12 * RTE-SSA gets Rs. 25,555 crore allocation, showing an increase of 21 per cent; 6000 schools to be set up at block level as model schools in the 12th Plan; Credit Guarantee Fund to be set up for better flow of credit to students * National Urban Health Mission is bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng launched * 34 per cent increase in allocation to National Rural Livelihood Mission, to Rs. 3915 crore * Rs. 1000 crore allocated for National Skill Development Fund * Bharat Livelihood Foundation to be established to support livelihood interventions particularly in tribal areas * Widow pension and disability pension raised from Rs. 200 to Rs. 300 per month * Grant on death of primary breadwinner of a BPL family in the age group 18-64 years doubled to Rs. 20,000 * Defence services get Rs. 193407 crore; any further requirement to be met * 4000 residential quarters to be constructed for Central Armed Police Forces * UID-Aadhar to get adequate funds for enrolment of 40 crore persons, in addition to the 20 crore persons alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y enrolled * White Paper on Black Money to be laid in the current session of Parliament * Tax proposals mark progress in the direction of movement towards DTC and GST * Income tax exemption limit raised from Rs.1,80,000 to Rs.2,00,000; upper limit of 20 per cent tax slab raised from Rs.8 lakh to Rs.10 lakh * Interest from savings bank accounts deductible upto Rs.10,000; deduction of upto Rs.5,000 for preventive health check-up * Senior citizens without business income exempt from advance tax * Investment linked deduction of capital expenditure enhanced for certain businesses; new sectors eligible for investment linked deduction * Turnover limit for compulsory tax audit for SMEs raised from Rs.60 lakh to Rs.1 crore * STT on c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash delivery reduced by 25 per cent to 0.1% * General Anti Avoidance Rule being introduced to counter aggressive tax avoidance * A number of measures proposed to deter generation and use of unaccounted money * All services to attract service tax except those in the negative list * Central Excise and Service Tax being harmonized * Standard rate of excise duty raised from 10 per cent to 12 per cent; service tax rates raised from 10 per cent to 12 per cent; no change in peak customs duty of 10 per cent on non-agricultural goods * Relief in indirect taxes to sectors under stress; agriculture, infrastructure, mining, railways, roads, civil aviation, manufacturing, health and nutrition, and environment get duty relief * Certain ciga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rettes and bidis attract higher excise duty; large cars attract higher customs duty * Excise imposed on unbranded jewellery also; measures to minimize impact on small artisans and goldsmiths; branded silver jewellery exempted from excise duty * Net gain of Rs.41,440 crore due to taxation proposals * Total expenditure budgeted at Rs. 14,90,925 crore; plan expenditure at Rs. 5,21,025 crore - 18 per cent higher than 2011-12 budget; non plan expenditure at Rs. 9,69,900 crore * Fiscal deficit targeted at 5.1 per cent of GDP, as against 5.9 per cent in revised estimates for 2011-12 * Central Government debt at 45.5 per cent of GDP as compared to Thirteenth Finance Commission target of 50.5 per cent * Medium-term Expenditure Framework ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Statement to be introduced; will set forth 3-year rolling target for expenditure indicators
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