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Friday, March 16, 2012

Union Budget 2013 in a nut shell


Union Budget 2013 Highlights
(1)    Indian economy to grow at 7.6% in FY 13
(2)    Service tax rate raised to 12 % from 10% earlier
(3)    FY13 disinvestment target  Rs. 30,000 crore
(4)    Infrastructure investment for 12th 5-year plan shall be 50,00,000 crore
(5)    Fiscal deficit target 5.1 % of the GDP
(6)    Standard excise rate hiked to 12% from 10 %
(7)    Coal & LNG to be exempt from basic custom duty
(8)    FY 13 Custom tax collection
(9)    Fiscal deficit target for FY 14 and FY15 are
(10)No custom duty on items up to Rs. 35,000 (earlier Rs. 25,000)

Budget Fine Prints
(1)    GST by August 2012
(2)    ECB for aviation sector
(3)    FY1 3 fertilizer subsidy  Rs. 60,974 crore
(4)    FY13 total subsidy Rs. 77,784 crore
(5)    Fy13 Fuel subsidy Rs. 43,580 crore
(6)    Fy13 spectrum auction revenue Rs. 40,000 crore
(7)    FY 13 Food subsidy Rs. 75,000 crore
(8)     Fy13 gross market borrowing Rs. 5.69 lakh crore
(9)    Direct subsidy to fertilizer and LPG users
(10)Infusion of  Rs. 16,000 crore in PSU banks
(11)Duty on refined gold hiked to 3 % from 1.5 %
(12) Amendment for retrospective assessment for cases like Vodafone
(13)FY 13 IT mop up 1.96 lakh crore
(14)Infrastructure bonds worth Rs. 60,000 crore to be issued
(15)No change in corporate tax
(16)Barring 17 all services shall attract service tax



How it shall affect you
(1)    Basic IT exemption limit for individual raised to 2,00,000 from present 1,80,000- saving of  Rs. 2,000 for individual falling in 10 % slab
(2)    Fuel prices to increase

       Dearer
(1)    Branded garments- excise duty of 10 %
(2)    Bigger cars (SUVs &MUVs)- duty hiked to 24 % from 22 %
(3)    Cigarettes and beedis- ad valorem duty for cigarette above 65 mm
(4)    Gold jewellery & gold coins
(5)    Cars-due to excise duty hike
(6)    Imported bicycles- to help domestic cycle industry
(7)    Hoteling , Air travel shall cost more
(8)    Fridge, AC

        Cheaper
(1)    Mobiles
(2)    LCDs & LEDs
(3)    Branded silver items cheaper
(4)    Processed food, iodized salt
(5)    Home loan up to Rs. 25 lakh cheaper

Stock market
(1)    On delivery transactions STT down by 20 %
Taxation
0-Rs. 2,00,000 Nil
Rs. 2,00,000-5,00,000 10%
Rs. 5,00,000-10,00,000 20%
Above 10,00,0000 30 %


Income up to Rs.10,000 from saving account shall be tax exempt.



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