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Home News News and Press Release Month 2 2011 2011 (2) This

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Various press release after Budget Speech - 2011-2012

28-2-2011

Contents

Recommendations of Technology advisory Group for Unique Projects (TAGUP) Accepted in Principle

Quality of Governance to be improved through Performance Monitoring and Evaluation System (PMES); 62 Departments already Covered

GOM Constituted to Consider Measures for tackling Corruption; Recommendations to be made in a time Bound Manner

IT Initiatives: New Simplified form ‘Sugam’ to be introduced for small tax Payers

Steps to Roll Back Fiscal Stimulus to Continue

IT Initiatives: Mission mode Projects to help States to align with the Roll out of GST; funds Released for 31 Such Projects

Process of Tax Reforms to be Expedited

IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds - CBDT to Set up Eight more Aaykar Seva Kendras in 2011-12

Excise Duty Concessions to Factory Built Ambulances - Relief for Lactose For Manufacturing of Homoeopathic Medicines - Proposals Relating to Customs and Central Excise Estimated to Result in a Net Revenue Gain of Rs.7300 Crore

UID Mission: 10 Lakh Aadhaar Numbers to be Generated Every DAY

10% Excise Duty Concession to Vehicles Based on Fuel Cell Technology Basic Customs Duty on Solar Lantern Reduced to 5%

Service Tax Imposed on all Services Provided by Centrally Air Conditioned Hospitals with 25 or more BEDS

Service Tax on Air Travel Raised

Five-Fold Strategy to Deal With Black Money

National Food Security bill to be Introduced this Year - Social Sector Receives 36.4 Per Cent of the Total Plan Allocation - Government is Continuing its Focus on Inclusive Development

Customs Modernisation – Self-Assessment to be Introduced Jodhpur to be Included for Development of Handicraft Mega Cluster

National Mission to be Launched for Hybrid And Electric Vehicles - Manufacturing Sector Share in GDP Expected to Reach 25% in Ten Years

Specific Allocations to be Earmarked towards SC Sub-Plan and ST Sub-Plan - Allocation for Primitive Tribal Groups Increased - A New Pre-Matric Scholarship Scheme for SC/ST Students Announced

RS.2,14,000 Crore Allocated for Infrastructure Sector - Rs.30,000 Crore Tax Free Bonds to be Issued - Iifcl to Achieve Disbursement Target of Rs. 25,000 Crore by 2012

Enhanced wage Rates under MGNREGA

All 1,500 institutes of Higher Learning & Research to be Linked with National Knowledge Network by March, 2012

New Initiative on Vegetable Clusters for Farmers

Rs.52,057 Crores Allocated for Education - 40 Per Cent higher allocation in Sarva Shiksha Abhiyan - Revised “Vocationalisation of Secondary Education” to be Implemented

Allocation Under Rashtriya Krishi Vikas Yojana Increased From Rs. 6,755 Crore to 7,860 Crore

Bharat Nirman Allocation increased by Rs.10,000 Crores - Rural Broadband Connectivity to all 2.5 Lakh Panchayats Planned in three Year

Remuneration of Anganwadi Workers and Helpers of I.C.D.S Increased - 22 Lakh Persons to Benefit from the Increase

Credit Flow to Farmers Raised to Rs. 4,75,000 Crore

RS 300 Crore Each Allocated for Two New Initiatives for Farmers

Relief from audit to Service tax Payers

Boost to Housing Sector Finance

Union Budget Provides higher incentives for Micro, Small and Medium Enterprises

RS 300 Crore Allocated for Promoting Higher Production of Multi-Cereals in About 25000 Villages

Corpus of RIDF to be Raised to Rs.18000 Crore

Integrated Development of 60,000 Pulses Villages in Rainfed Areas

130 items Brought under Tax Net with Nominal one Per Cent Excise Duty - Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade Garments

RS. 300 Crore Allocated for Promotion of Palm Oil

Investment Linked Deduction Extended to Fertilizer Sector - SPV Allowed for Foreign Funds in Infrastructure with full Tax Exemption - Tax on Dividends From Foreign Subsidiary Lowered to 15 Per Cent

Bringing Green Revolution to Eastern Region

Special Allocation of Rs. 200 Crore for Cleaning Important Lakes and Rivers

Surcharge on Corporates Lowered to 5 Per Cent - Mat Increased Marginally : SEZ Developers Brought under MAT

Rs.200 Crore Allocated for Launching Environmental Pollution Remediation Programmes

Exemption Limit for Individual Tax Payers Raised to Rs.1,80,000 - Qualifying age for Senior Citizens Lowered to 60 Years - Senior Citizens above 80 Years to Get Exemption upto Rs. 5,00,000

Target of Providing Banking Facilities to 73,000 Habitations of Over 2000 Population to be Met During 2011-12

Exit Norms of the Pension Scheme “Swavalamban” Will be Relaxed

Measures to Provide Level Playing Field for Domestic Industry - Major Relief Announced for Cement Industry - Unified 20 Per Cent AD-Valorem for all Types of IRON ORE

Eligibility for Pension Under Indira Gandhi National Old Age Pension Scheme to be Reduced to 60 Years - Hike in Pension for Those Who are 80 Years Old

Allocation for Health Sector Increased by 20 Per Cent for the Year 2011-12

Scope of Exemptions Enlarged to Improve Storage of Agricultural Produce - Basic Duty on Specified Agri-Machinery Reduced to 2.5 Per Cent

Rashtriya Swasthya Bima Yojana Will be Extended to Workers in Hazardous Mining and Associated Industries

International Award Worth Rs. one Crore Instituted in the Memory of Gurudev Rabindranath Tagore

RS. 500 Crore Allocated to the National Skill Development Fund

Special Grants to Universities and Academic Institutions

Service Tax Provisions to be Rationalised - Rs. 4000 Crore Net Revenue Gain Through Service Tax Envisaged in 2011-12

New Service Tax Structure a Step Closure Towards Proposed GST - Service Tax Regime on Hotel Accommodation, Restaurant Services Restructured

Financial Sector Legislative Reforms Commission Set up Companies Bill to be Introduced in the Ongoing Session

Focus on Regional Rural Banks and Micro Finance Institutions as Means Financial Inclusion - Union Budget Proposes Creation of Women’s Shg’s Development Fund and Indian Microfinance Equity Fund

Slew of Financial Sector Legislative Reforms Proposed New Guidelines for Banking Licenses to be Out in the Current Financial Year

FDI Would be More User Friendly, Fiis Limit For Investment in Corporate Bonds Raised to US $40 Billion Foreign Investment Policy to be Further Liberalized,Says Pranab Mukherjee

Union Budget 2011-12 Summary

Union Budget 2011-12 Highlights

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