So here we have the key points of this year’s budget presented by Finance minister of India Mr. Pranab Mukherjee. It was indeed a common people’s budget for India.
SO here we go. These are the key highlights brought to you by Government portal of India to you. have a look what we have this year for common people, poor people, business people,, corporate guys and others.
Budget allocation – Budget allocation for Defence sector at more than 1.64 trln rupees, Allocation of Rs.52057cr for education sector, increase of 24% and
Health sector outlay at Rs.26760cr, increase of 20%.
A new revised income tax return form ‘Sugam’ to be introduced for small tax papers
Net revenue loss on account of taxes and duties will be Rs.200 crore
Service tax to result in a revenue gain of Rs.4,000 crore
No excise duty on equipment for UMPPs
Export duty on iron ore pellets withdrawn
20% ad valorem export duty on iron ore
To replace excise with ad valorem duties for cement
Ship-owners allowed duty-free spare parts import
Government intends to spend Rs.2.14 lakh crore as budgetary support for the infrastructure sector in 2011-12
Propose to raise service tax on air travel
Excise and customs duty proposals to result in the net gain of Rs.7,300 crore
Export duty rates on iron ore unified and kept at 20 per cent ad valorem
Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent
Basic customs duty on raw silk reduced from 30 to 5 per cent.
Nominal one per cent central excise duty on 130 items entering the tax net; Basic food and fuel and precious stones, gold and silver jewellery will be exempted: FM
Import duty on gypsum and coal from 5% to 2.5%
Solar lanterns customs duty reduced
Mobiles, homeopathic medicines, steel, LED, Diapers — cheaper
LED lights to get cheaper
Hybrid, electrical vehicles to get cheaper
No new tax exemption limit for women
Direct tax sops to result in Rs.11,500 cr net revenue loss
Investment-linked deductions for fertilisers and developers of affordable housing
Low withholding tax of 5% for notified infra funds
No new tax exemption limit for women
Direct tax sops to result in Rs.11,500 cr net revenue loss
Investment-linked deductions for fertilisers and developers of affordable housing
Low withholding tax of 5% for notified infra funds
Foreign dividend tax rate cut to 15% for Indian companies
Total plan expenditure will go up 100% in nominal terms in the next year
Service tax unchanged at 10%
Extension of investment on long-term infrastructure bonds by one more year
Minimum alternate tax raised from 18% to 18.5% of book profits
Rs.20,000 exemption for investment in infra debt funds for another year
Maintain standard rate of excise duty at 10 pct
Threshold income tax limit raised from Rs.1.6 lakh to 1.8 lakh
Financial Sector Legislative Reforms Commission, to be headed by former Supreme Court judge B Srikrishna, to complete its work in 24 months.
Propose to levy MAT on developers of SEZs
New category for 80 yrs and above, limit is Rs.5 lakh
MAT increased to 18.5 %
In FY12 gross tax receipts at Rs.9.32 lakh crore: FM
Relaxation in exit age for National Pension scheme
Anganwadi workers’ salary up from Rs.1500 to Rs.3,000/mnth; helpers to get Rs.1500
State innovations council to be set up
Scholarship for needy SC/ST students in class 9 and class 10
Rs.54 cr each to AMU Centres
Expect 10 lakh numbers to be generated per day from 1st Oct 2011 under UID
Propose 300 crore to modernise stamp and registration in states
Rs.9 lakh compensation to be given to men of Defence and Central paramilitary forces for permanent disability and discharged from service
Budget allocation of Rs.150 cr for Jammu for implementation of projects identified by taskforce
Rs.8000 cr assigned for J&K for development projects
Funds of Rs.25 cr and 30 cr for Naxal affected areas
Some 20 lakh Adhaar numbers given
To speed up justice, propose a fund of RS 1000 crore to build judicial infrastructure and develop project ethos
Rs.58000 cr allocation for Bharat Nirman schemes
Increased outlay on social sector outlay
10 existing double taxation avoidance treaties revised
5-fold strategy on black money
15 mega food parks to be set up
Jodhpur to be included for handicraft sector development
Delhi metro phase 3 to be taken up
Mortgage risk guarantee fund to be created for economically weaker sections
Financial assistance to ongoing metro projects
Rs.3000 cr to NABARD for more credit flow
Increase in target credit flow to farmers
States must review APMC Act
Banks have been asked to increase lending to farmers
40 lakh tonne storage capacity by FY12
Infrastructure status to cold storage chains
24 new cold storage projects sanctioned
Private investment in agro processing to be increased
Discussions on to further liberalise FDI policy
1% interest subvention for home loans up to Rs.15 lakh
100 cr equity funds for micro finance companies
Housing loan limit raised to 25 lakh for priority sector lending
Bill to allow RBI to grant more banking licenses
FII investment in corporate bonds hiked to 40 bn USD
RBI guidelines for banking licenses by year-end
Propose to form Women self help group development fund
Economic growth rate expected at 8.75% to 9.25% in FY12
Government to introduce GST bill amendments in this session
Union Finance Minister aims for fiscal deficit of 3% by Financial Year 2014
Will move to direct tax subsidy for fertiliser and kerosene
Considering new fertilizer policy for urea
Industrial growth seen at 8.1 percent, agriculture at 5.4 percent
Financial Year 2012 disinvestment target is Rs.40,000 crore
Direct transfer of kerosene, LPG subsidy to BPL people
Showing the road to a simpler future
Food inflation down, but still a matter of concern
Rollout of DTC to be effective from April 1, 2002
Finance Minister expects current account deficit to come down next year
Shri Pranab Mukherjee expects RBI measures to moderate inflation
Union Finance Minister Shri Pranab Mukherjee begins Budget speech in Parliament
Source – http://india.gov.in/events/budget2011.php
