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Budget Commentary
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Revenue loss from direct taxes at Rs 11,500 cr, Revenue gain from indirect taxes at Rs 11,300 cr |
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Service tax to boost revenue by Rs 4,000 cr |
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AC restaurants serving liquor to pay service tax |
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Legal representation for businesses under service tax |
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Service tax on hotel accomodation above Rs 1,500 a day |
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AC hospitals with more than 25 beds under service tax |
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Special incentives for hybrid vehicles made in India |
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Domestic travel to pay Rs 50 service tax, Rs 250 on international travel |
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Life insurance services in area of investment now in service tax |
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No excise duty on equipment for Ultra Mega Power projects |
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Health check-up services now attract service tax |
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Ship owners allowed duty free imports of spare parts |
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Excise tax on diapers and sanitary napkins reduced trom 10% to 1% |
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Excise duty concession on imported films |
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Cut customs duty on petcoke, Gypsum by 2.5% |
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Excise on LED cut to 5% |
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No change in Central Value-added Tax rates |
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Sensex up 210 points to 17,910 |
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Nifty claws back to 5,367, up 63 points |
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No new tax exemption limits for women |
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Stainless steel exempted from excise customs duty |
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Customs duty on yarn cut to 5% |
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Customs duty on raw steel cut |
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Excise duty on cement industry cut |
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Export duty on all iron ore raised to 20% |
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Cut in import duties of raw material for mobile phones |
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Net tax to Centre will be Rs 6,64,457 cr. Non-tax receipts pegged at Rs 1,25,435 cr |
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10% excise duty on branded garments |
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Basic food, fuel exempted from central excise duty |
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Tax sops of Rs 20,000 on infra bonds extended by a year |
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1% excise duty on 130 new items |
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Standard rate of Central Excise retained at 10% |
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Service tax retained at 10% |
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Foreign unit dividend tax rate cut to 15% for Indian firms |
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Rs 5 lakh tax exemption limit for individuals above 80 years of age |
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Surcharge on domestic firms cut to 5% from 7.5% |
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SEZ to come under MAT |
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Minimum alternative tax raised 18.5% vs 18% |
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For senior citizens, tax exemption limit increased to Rs2.5 lakh |
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Eligibility age for senior citizens is now 60 years against 65 years earlier |
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Individual tax payers will get exemption increased to Rs1.8 lakh |
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FY13 fiscal deficit at 4.3% |
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FY11 Fiscal Deficit at 5.1%, FY12 deficit seen at 4.6% |
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Revenue deficit is estimated at 3.4% |
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Plan expenditure at Rs 4.14 lakh crore |
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Gross Tax Receipts at Rs 9.32 lakh crore, up 25% |
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Age reduced for BPL pension eligibility |
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Services sector growth pegged at 9.3% |
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Non-tax revenue Rs 1,25,000 crore |
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Tax procedures for small businesses to be simplified |
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Nifty loses momentum, up only 11 points |
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Overall defence allocation pegged at Rs 1.64 lakh cr |
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Rs 3,000 crore to states to modernise their stamp and registraion procedures |
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Amend the Indian Stamp Act |
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Allocation to Justice Dept up three times to Rs 3,000 cr |
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FY12 defence capex at Rs 69,199 crore |
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Info exchange treaties signed with 13 tax havens |
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Nifty up 42 points at 5,345, Sensex up 125 points at 17,830 |
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Banks to cover 20,000 villages for opening accounts in FY12 |
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Pay of anganwadi workers up from Rs 1,500 to Rs 3,000/month |
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Allocation of Rs 21,000 crore for the literacy mission |
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For backward regions, allocation increased by 35% about Rs 9,000 crore |
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Anganwadi teachers' salaries hiked 100% |
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Rs 8,000 cr for developement of J&K |
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Assistance to N-E states will be doubled |
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To provide Rs 200 cr for clean up of lakes |
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Rs 200 core for launching environmental programmes |
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Pension amount of 80 yrs and above upped from Rs 200 to Rs 500 |
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Rs 52,057 cr for education sector |
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Workers in hazardous industries, such as mining and slate, will get health benefits |
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Rs 5,000 crore to be provided to National Skill Dev Council |
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Rs 10-crore grant for Delhi School of Economics |
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Rs 200 cr for Maulana Azad Education Foundation |
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Rs 200 cr as one-time grant to IIT-KGP |
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To allocate Rs 58,000 cr to Bharat Nirman projects |
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SC/ST scholarship scheme will benefit about 40 lakh students |
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Scholarships to SC/ST students in Class IX and X |
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Social projects spending outlay up 17% to Rs 1.6 lakh crore |
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Vocational schemes to be introduced for the employment of the youth |
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24% increase in educational provisions |
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Propose to Increase the Budget group for Primitive tribal group |
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To promote organic farming to help farmers boost output from their land |
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Food security bill to be introduced this year |
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Rural broadband connectivity to be provided in 3 years |
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Allocation under Rashtriya Krishi Yojana raised |
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Hunger and malnutrition: Food security bill will be introduced this year |
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Comprehensive national policy to control the trafficking of narcotic drugs |
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Nifty up 72 points at 5375, Sensex up 228 points at 17934 |
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Money laundering cases to be dealt effectively |
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Task force will be formed to deal with black money |
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To propose National Mission for Hybrid Electric Vehicles |
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Black money: govt will start campaign against illicit funds |
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To create infra debt funds |
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To allow Rs 30K crore tax free bonds for railways, NHAI |
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Process of service tax refunds will be simplified soon |
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Self-assessment in customs to be introduced |
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Metro projects in key cities will get financial assistance |
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Farm credit flow raised to Rs 4.75 lakh crore |
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GoM will consider issues related to environmental conflicts |
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To give infra status to cold storage chains |
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Priority home loan limit raised to Rs 25 lakh from Rs 20 lakh |
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Tax-free bonds worth Rs 30,000 cr proposed to boost infrastructure |
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To attract foreign funds: Special vehicle to be created |
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Allocation for farm development raised to Rs 7,860 cr |
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Storage capacity has been fastracked |
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15 Mega Food parks to be set up |
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Subvention of 3% to farmers paying loans before time |
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Allocation for farm development increased to Rs 7,860 cr |
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Short term interest to farmers will continue to be at 7% |
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Agricultural credit limit raised to Rs 4,75,000 crore |
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Chambal Fert up 3%, Nagarjuna Fert us 1%, Coromandel gains 4.57% |
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Allocation for farm development increased to Rs 7,860 cr |
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Rs 300 crore for allocation of fodder |
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New companies bill to be introduced |
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Rs 100 cr equity fund for MFIs |
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Sensex up 257 points to 17,954 |
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To provide Rs 300 cr to improve production of pulses |
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Nifty up 86 points to 5,389 |
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Domestic production of edible oil only meets 50% demand |
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Interest subvention of 1% extended from Rs 5 lakh cr to Rs 20 lakh cr |
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1% interest subvention on home loans upto Rs 15 lakh |
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Removal of bottlenecks in the transporation of essential food items |
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New companies bill to be inroduced in this session |
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Earmarks Rs 2,000 cr each for warehousing and manufacturing |
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More banking licenses to be given |
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To allocate Rs 6,000 cr for some PSU banks to help them maintain Tier-I capital at 8% |
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To prevent fraud in loan cases: govt has set up Central Electronic Registry |
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Rural housing fund increased by Rs 1,000 cr to Rs 3,000 cr |
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Rs 3,000 crore earmarked to NABARD for handloom weavers |
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Nifty up 81 points at 5385 |
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Cap infusion of Rs 20,157 crore in PSU Banks |
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Self-help group fund to empower women |
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Task force working on oil subsidy plans |
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Rs 600 cr to public sector banks to maintain mandatory CRR |
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Liberalisation of FDI policy |
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Govt commited to retain 51% holding in PSUs |
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FII allowed to invest in MF schemes |
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FII limit in corporate bonds has been raised by $20 billion |
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FY12 Divestment target at Rs 40,000 crore |
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FDI regulations consolidated into one comprehensive document |
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States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014 |
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Cash subsidy for urea, kerosene |
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Mulling nutrient based subsidy policy for urea |
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LPG, kerosene and fertilisers will be transferred directly to BPL beneficiaries |
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The economy has shown remarkable resilience |
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To introduce Public Debt Management Bill in 2012 |
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Direct transfer of subsidy to BPL families |
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GST bill in current session |
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Availablity of fertilisers have improved |
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Preparations for GST rollout in final stages |
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Laying down fiscal consolidation map for next five years |
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Pilot portal to be set up before the roll out of GST in the country |
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Significant progess on the GST network has been made |
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Work is underway for states' GST |
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Highgap between wholesale and retail prices unacceptable |
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DTC comes in force in April 2012 |
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Introduction of DTC, GST remain a watershed |
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Exports up 9.4% in 2010-11 |
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DTC will moderate rates and ensure better compliance |
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Current account deficit poses a concern |
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13th Finance Commission has worked out fiscal consolidation roapmap |
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Agriculture growth at 5.4%, industry at 8.1% in 2010-11 |
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Expect the average inflation to be down next year |
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Economy expected to grow at 9% |
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Development of external sector has been encouraging |
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Cutting bureaucratic delays, improving response times |
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Taxes, tariff procudures will be simplified |
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To reconcile environment concerns, growth needs |
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Nifty up 47 points at 5350 |
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Budget will set the tone for a vibrant Indian economy |
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Need to ensure balanced demand and supply |
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Next Budget will be more transparent |
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Need to improve agricultural demand |
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Food inflation at 20.2% in Feb |
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Corruption is a problem and we have to fight collectively |
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FY11 Fiscal consolidation impressive |
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Stronger fiscal consolidation needed |
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Resources are not a contrain |
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Much needs to be done for the rural India |
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FY11 fiscal consolidation impressive |
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Services sector continues to grow in double digits |
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Reaching the end of a remarkable financial year |
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Inflation remains a concern |
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Budget speech begins |
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Finance Minister Pranab Mukherjee to present Budget at 11am |
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Budget 2011 Live |
Budget Glossary
- Appropriation Bill: It is presented to Parliament for its approval, so that the government can withdraw from the Consolidated Fund the amounts required for meeting the expenditure charged on the Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is voted is enacted.
Budget Trivia
- Pranab Mukherjee's first Budget in 1982 included one provision that set the stage for India Inc's most celebrated takeover battle.