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TMI BlogUnion Budget 2012-13.X X X X Extracts X X X X X X X X Extracts X X X X ..... Union Budget 2012-13. - News and Press Release Dated:- 16-3-2012 - News - Amendments to be Moved to Banking Laws and Insurance Laws. Government Takes Steps to Finalize Pricing and Investment Policies for Urea. Delhi-Mumbai Industrial Corridor Receives Us $ 4.5 Billion from Japan. Manufacturing Sector Provided Relief in Customs Duty Customs Duties on Imported Plant and Machinery for Iron Ore Plants Reduced to 2.5 Per Cent. Rs. 5000 crore India opportunities venture fund with SIDBI Announced Two SME Exchanges Launched in Mumbai Ministries and CPSES to Make Minimum of 20% Purchase From MSEs. Health and Nutrition Gets Major Boost in the Budget 2012-13; Six Life Saving Drugs Exempted from Excise Duty. Conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essions and Exemptions Extended to Energy Saving Devices, Plants and Equipments Required for Solar Thermal Projects. ECBS to Part Finance Power Project DEBT Inter-Ministerial Group for Periodical Group of Allocated Coal Mines. Financial Package of Rs. 3884 Crore for Waiver of Handloom Loans Two Mega Handloom Clusters to be Set up in Andhra Pradesh and Jharkhand Rs. 500 Crore Geo-Textile Pilot Scheme and Weavers Service Centre for North-East. Excise Duty on Demerit Goods Hiked as a Measure for Additional Resource Mobilisation. Union Budget Focuses on Rationalisation Measures in Indirect Taxes. ECB Allowed for Low Cost Housing Rs. 4,000 Crore Allocated for Rural Housing Fund Indirect Finance Under Priority Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor Doubled. Budget Aims at Creating Enabling Atmosphere for All Sections Baggage Allowance Increased in the Budget. ECB for Working Capital Allowed in Civil Aviation Direct Import of ATF by Indian Carrierspermitted 49% Participation in Equity by Foreign Airlines Under Consideration. Rajiv Gandhi Equity Savings Scheme Launched. 14% Hike in Allocation for Road Transport Highways ECB to be Allowed for Capital Expenditure on O M of Toll Roads 8,800 Km Target Set For NHDP. Several Steps Proposed to Deepen the Reforms in Capital Market. Government Undertakes Financial Sector Legislative Reforms. Harmonized Master List of Infrastructure Approved Infrastructure Debt Fund of Rs. 8000 Crore Launched Defenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Psus Can Form JVs FOR PPPs. Rs. 15,888 Crore Provided for Capitalization of Public Sector Banks/RRBS and Other Financial Institutions. Rs. 50 Lakh Crore Allocated to Infrastructure in Twelfth Plan; 50% Expected from Private Sector Tax Free Bonds for Financing Infrastructure Doubled to Rs. 60,000 Crore More Sectors Eligible for Viability Gap Funding. Financial Inclusion Scheme Swabhimaan to be Extended to Habitations with Population of More Than 1000 in North Eastern and Hilly States and More Than 2000 in Other Habitations as Per Census 2011. Scheme for Capitalisation of Financially Weak Rrbs Extended by Another Two Years. Efforts to Arrive at a Broad Based Consensus on Allowing FDI in Multi-Brand Reta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il Trade Up to 51%. Advance Pricing Agreement Introduced. Service Tax Exempted on Copyrights Relating to Recording of Cinematographic Films. Aadhaarenrolments to Rise by 40 Crores in the Next Year, Adequate Funds Assured. Curbing the Black Money A Priority Concern for the Government; Number of Proactive Steps To Tackle the Malaise Announced; White Paper to be Laid in Current Session Itself: FM. Service Tax Exempted for Items on Negative List Health Care, Services Provided by Charities, Religious Persons, Independent Journalists, Sportspersons Among Others also Exempted from Service Tax. Farmers Have Reasons to Smile: Agriculture Credit Increased to Rs. 5,75,000 Crore, Farmers to Get a Smart Card to Ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Easy Money From ATMs. One Page Common Return for Central Excise and Service Tax Proposed. Service Tax Rate Raised from 10 Per Cent to 12 Per Cent. New Missions Proposed in the 12th Five Year Plan Amalgamating Host of Activities inthe Agriculture Field. Duty on Large Cars Enhanced from 22 Per Cent to 24 Per Cent. Plan Outlay for Agriculture Cooperation Increased by 18%. Basic Customs Duty Reduced in Agriculture Relataed Sectors. Fiscal Deficit to be Brought Down to 5.1% of GDPIN 2012-13 From 5.9% In 2011-12. Full Exemption from Basic Customs Duty Given to Certain Infrastructure Sectors. Gross Tax Receipts Estimated at Rs. 10,77,612 Crore-19.5% Increase Over 2011-12 Re Indirect T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Revenue Growth Estimated at 26.7% Direct Tax Revenue Growth at 13.9% Over 2011-12. Total Expenditure Estimatedrs. 14,90,925 Crore. Computerised PDSTO Become Operational by December 2012. Panchayats to be Strengthened Through Rajiv Gandhi Panchayat Sashaktikaran Abhiyan. Multisectoral Plan to Fight Malnutrition in 200 High Burden Districts. Measures Proposed for Skill Development and Augmenting Funds for SMEs Turnover Limit for Compulsory Tax Audit Raised to Rs. One Crore. Government to Achieve Vaccine Security. Swarnajayanti Gram Swarojgar Yojana Restructured into National Rural Livelihood Mission. Lumpsum Grant Under National Family Benefit Scheme Doubled. STT Proposed to be Reduced b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 20 Per Cent GAAR PANEL Mooted to Counter Aggressive Tax Avoidance Schemes Levy of Alternate Minimum Tax Proposed to be Extended. To Promote Investment, Weighted Deduction for Expenditure in R D and AGRI-Extension Services Proposed Sunset Date for Tax Exemption in Power Sector Extended. Slew of Measures Proposed to Deter Generation and Use of Unaccounted Money Tax Collection at Source on Cash Purchase of Bullion/Jewellery Above Rs. 2 Lakh Tax Collection at Source on Trading in Coal, Lignite and Iron Ore Unexplained Money to be Taxed at 30 Per Cent. Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors Rate of Withholding Tax on Interest Payments on E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent Restriction on Venture Capital Funds to Invest in Specified Sectors Removed Rate of Investment Linked Deduction of Capital Expenditure Proposed to be Enhanced to 150 Per Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax , Buy Backs, Stock Exchange Listings Allowed to PSUs in Divestmentmode Rupees 30,000 Crores to Raised Through Disinvestment. Government Keen on Early Enactment of DTC Bill Model Legislation for GST on the Anvil National Info ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation Utility to be Operational by August. GENERAL BUDGET 2012-13 Unviable, Ineffective Subsidies may be Revisited; Central Subsidies to be Brought Down to 1.75 Per Cent of GDP in three Years Fertilizer Management System to Roll Out this Year Aadhaar- Enabled Payments in Over 50 Districts in Six Months. Dip in Tax Revenue Increased Subsidies hit Fiscal Balance Amendments Introduced to FRBM ACT . Union Budget 2012-13 Summary. Union Budget 2012-13 Highlights - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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