Headlines India
Latest Online India News Update Volume-VIII India News
Home » Government Policy News » Finance Minister
Friday, March 01, 2013 (07:41:38)
Tags : 82nd budget,finance Minister,P.Chidambaram

Budget Highlights

 Email Story  Write to the editor  Print Story
New Delhi, Mar 01: Highlights of the budget for 2013-14 presented by Finance Minister P. Chidambaram in the Lok Sabha on Today:

No revision of personal income tax slabs; relief in first bracket through tax credit of Rs.2,000 for earnings up to Rs.500,000 (approx $9,000) Ten percent surcharge on income exceeding Rs.1 crore (Rs.10 million/$180,000) a year; only 42,800 people have declared such income Collective responsibility to ensure dignity and safety of women; recent incidents have cast a dark shadow; stand in solidarity with our girl children and women; will keep them safe and secure Rs.1,000 crore allocated for establishing Nirbhaya Fund Rs.97,000 crore (Rs.970 billion/$18 billion) for women's development Defence allocated Rs.203,672 crore (Rs.2.03 trillion/$37 billion), an increase of five percent Import duty on high-end vehicles raised from 75 percent to 100 percent Excise duty on cigarettes to be increased 18 percent No change in service tax of 12 percent No service tax on vocational courses run by institutes affiliated to state governments Service tax on all air conditioned restaurants regardless of whether or not they serve alcohol No service tax on agricultural testing procedures Rs.9,000 crore allocated for compensating state for differential in central sales tax and GST Concessions for encouraging MRO (maintenance repair overhaul) sector No change in customs duty on non-agricultural products Modified law to prevent tax avoidance to come into effect April 1, 2016 100 percent tax deduction for contributions to National Children's Fund Education cess to continue at 3 percent 11 lakh people have benefited from direct cash transfers; scheme to be rolled out across the country during UPA-2 term (May 2014) Property transactions skewered; TDS of one percent where transaction exceeds Rs.50 lakh Tax on mutual fund redemptions reduced from .25 percent to .001 percent Tax Administrative Reforms Commission to be set up Cities to be encouraged to promote waste to energy projects Low interest funds to be provided for promoting clean energy Rs.800 crore provided to promoting wind energy Two new ports to be set up in West Bengal and Andhra Pradesh to add 100 million tonnes handling capacity Gas handling terminal at Dabhol in Maharashtra to be fully operational during 2013-14 State governments urged to sign restructuring plans with electricity discoms Tax-free infrastructure bonds of Rs.50,000 crore to be issued Textile ministry allocated Rs.50 crore for establishing apparel parks Handloom sector allocated Rs.96 crore to benefit 150,000 weavers Infrastructure debt funds to be encouraged Regulator to be appointed for road projects; 3,000 km of road projects to be awarded in first six months of 2013-14 Incentive allowance of 15 percent over and above permitted depreciation to those investing over Rs.100 crore in infrastructure projects Rajiv Gandhi Equity Scheme to be liberalised Seven new cities identified along Delhi-Mumbai Industrial Corridor Preliminary work begun on Bangalore-Mumbai Industrial corridor Foodgrain production during 2013-13 estimated at 250 million tonnes Rs.500 crore allocated for promoting crop diversification Rs.200 crore allocated for promoting nutrient-rich crops Rs.50 crore allocated for farmer-producer organisations National Livestock Mission to be launched with allocation of Rs.307 crore Hope parliament will pass food security bill; Rs.10,000 crore allocated for initial expenditure on implementation Human resource development ministry to get Rs.65,867 crore Rs.13,250 crore allocated for midday meals scheme Rs.17,700 crore allocated for Integrated Child Development Scheme Drinking water and sanitation ministry allocated Rs.15,260 crore Allocation of rural development ministry allocation raised by 46 percent to Rs.80,294 crore; Rs.33,000 crore for rural jobs scheme Budget expenditure for 2013-14 at Rs.16 lakh 65,297 crore; plan expenditure at Rs.5 lakh 55,224 crore Rs.41,000 crore for Scheduled Caste plan Rs.110 crore for department of disabilities Rs.37,330 crore for health ministry Average growth during UPA-1 was 8 percent; high growth not a novelty Current account deficit a worry because of high oil and gold imports Will need $75 billion to finance current account deficit Need to encourage FDI in consonance with economic priorities WPI inflation down to 7 percent; food inflation worrying.(IANS)