16 March 2012

Union Budget Highlights 2012-13

Union Budget Highlights
  • No advance income tax for Senior citizen
  • Luxury items, eating out, air travel AC, Fridge, phone bill to cost more
  • Service Excise tax hike
  • Wider service tax net
  • Tax collection up 15 per cent.
  • Defence budget increased.
  • Tax exemption limit raised to Rs 2 lakh
  • Financial Assistance for Universities across States.
  • Credit gurantee Scheme for Skill development.
  • Dedicated cells to track black money
  • White paper on black money in Parl
  • PDS to be computerised
  • 27% hike in water n sanitation funding
  • Allocation for NRHM to be 20822 crore.
  • 6000 schools to be set up in 12th five year plan
  • Agri investment raised by 18%
  • Pricing and investment policy to achieve self sufficiency of Urea production in the next 5 years.
  • National Mission on Food Processing has been introduced.
  • India's Opportunities Venture fund introduced.
  • Agri credit increased by nearly 1 lakh cr
  • ECB cap raised for Airlines
  • Direct import of avaition fuel allowed.
  • Additional 3% subsidy for farmers
  • Kisan credit cards can now be used for ATM
  • 49% FDI to airlines under active considerations
  • Tax free bonds limit enhanced to 60,000 crores in 2012-13.
  • ECB in transport and Airline sector
  • Direct import of ATF allowed
  • Direct cash subsidy for LPG, kerosene
  • DTC implementation deferred
  • GST operational by August 2012
  • Swabhiman banking facilities scheme successful; to be extended
  • NABARD amendment among bills to be introduced in current session
  • Rajiv Gandhi Equity savings scheme for investment of Rs 50,000 with tax benefit
  • Import export diversification helped weather global recession
  • 7.6% GDP growth expected in FY13
  • FM identifies 5 major objectives for Economy
  • Indian economy continues to grow

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