Key Highlights of the Budget :
* GDP Growth in 2012 - 13 Pegged at 7.6 %
* Disinvestment Target at Rs 30000 Crore for Fy 2012 - 13
* Fiscal Deficit at 5.1% of GDP in FY 2012 - 13
* Income Tax Slab Proposed for FY 2012-13
Upto 2 Lacs - No Tax
2 - 5 Lacs - 10%
5 - 10 Lacs - 20%
> 10 lacs - 30%
Important Changes
* The exemption limit has been enhanced from Rs. 1,80,000 to Rs. 2, 00,000.
* The upper limit of the 20 per cent tax slab has been escalated from Rs. 8
lakh to Rs. 10 lakh.
* Securities transaction tax (STT) reduced 20% to 0.1% for delivery
transactions in cash market.
* The government is striving to come at a consensus on bringing FDI in multi-
brand retail up to 51 per cent.
* Rs. 15,888 crore to be infused to capitalize public sector banks and financial
institutions. A financial holding company will be created to raise resources
to raise capital requirements of PSU banks.
* A central KYC depository will be created to avoid duplication of registration
* External commercial borrowing (ECB) will be allowed to part finance rupee
debt of existing power projects.
* A proposal will be placed for a white paper on black money in the current
session of parliament.
* Net market borrowing to finance deficit is set at Rs. 4.79 lakh crore in FY
2012-13.
* Proposal to allow deduction of up to Rs. 5,000 for preventive health check
up.
* Senior citizens not having income from business will be exempted from
paying advance tax.
* Proposal to raise service tax from 10% to 12%, with exemption of service
tax to some sectors.
* Corporate tax remains unchanged.
* Excise duty of 1% on branded precious jewellery to be extended to include
unbranded jewellery.
* Branded Silver jewellery exempted from excise duty.
* Proposal to increase basic customs duty on imports of gold and other
precious metals.
* The finance minister slashed securities transaction tax (STT) by 20% to from
0.125% to 0.1% which will help bring down transaction cost.
No comments:
Post a Comment