Budget 2013: Highlights
Friday, 01/03/2013
http://www.punjabnewsline.com/news/Chidambaram-begins-presenting-India_s-82nd-budget.html
NEW DELHI: Finance Minister P. Chidambarm is presenting Union Budget 2013-14 in the Parliament.
Here are the highlights:
No changes in Income Tax rates or slabs.
Surcharge of 10 per cent for taxable incomes above Rs. 1 crore
Additional surcharges will be only for one year. There are 42,800 persons in the country who admitted to a taxable income exceeding Rs.1 cr per year.
Tax credit of Rs 2000 to those whose income is up to 5 lakhs
Donations to National Children's Fund will be eligible for 100% tax deduction.
No change in basic rates in customs and excise duty.
Increase import duty to increase from 5% to 10% to encourage production of set top boxes in the country.
Increase in import duty on high end motor vehicles from 75% to 100%; and on motorcylces from 60% to 75%.
Excise duty rate on SUVs to be increased from 27% to 30%. FM says SUVs occupy more road and parking space and ought to bear higher tax: The increased duty rate for SUVs do not apply for those that run as taxis.
18% rise in excise duty on Cigarattes, cigars and cheerots.
Service tax to be applicable to all air-conditioned restaurants.
5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore.
Education cess to continue at 3 per cent.
Securities Transaction Tax (STT) reduced on equity future, mutual fund.
Investor Protection Fund set up by depositories will be exempt from tax.
Direct taxes code is work in progress.
Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14.
Need support through a crisis that has enveloped the world.
Between 2004 and 2008 and again in 2009-10 and 2010-11 the growth rate was over 8%.
Economic space right now constrained by high fiscal deficit, tight monetary policy to contain inflation.
Current account deficit is my worry.
Plan expenditure will be 29.4% more than revised estimates in the current year.
11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme.
Total Budget Estimate For FY14 At Rs 16.55 Lakh Cr
My budget for 2013-14 has one overarching goal-to create opportunities for youth to get skills to get jobs,and adequate incomes.
Generation based incentives to wind energy projects reintroduced, Rs 800 crore provided for the purpose to Ministry of New & Renewable Energy.
Single women and widows must be able to live with dignity; WCD has been asked to design schemes.
Rs.110 cr to be allocated to department of disability.
Allocation for HRD 17% over the RE of the current year.
Thousand of scholarships for students belongs to SC, STs, and disadavantaged classes.
Rs. 33,000 cr to be allocated to MNREGA.
169 crore given for development of Ayurveda, Siddha, Unani (Natural medicine) and homeopathy.
Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure.
We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying.
JNNURM is being continued in the 12th Plan; Rs.14, 873 cr to be provided to the Mission.
FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.
Rs 110 crore to be allocated to the department of disability affairs, Rs 37,330 crore allocated for Ministry of Health & Family Welfare.
Medical colleges in AIIMS-like institutions from this year.
Rs. 65,867 crore allocated to Ministry of HRD in 2013-14.
Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the purpose.
Rs 13,215 crore to be provided for mid-day meal scheme.
Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS).
Rs. 25,000 cr to be raised through tax free bonds.
States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue with PMGSY-I.
Foodgrain production in 2012-13 will be over 250 million tons.
Average annual growth rate of agriculture and allied services estimated at 3.6 per cent in 2012-13 when 250 MT foodgrains was produced.
Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14.
150,000 individual weavers will benefit in this year, propose to allocate an addl sum of Rs. 96 cr for Ministry of Textiles.
In 2013-14, I propose to provide Rs. 14000 cr for capital infusion in publcic sector banks.
A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed 15 per cent investment deduction allowance apart from depreciation.
Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in current Budget.
Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in current Budget.
First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14.
Two new major ports to be set up in West Bengal and Andhra Pradesh.
Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed.
Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM.
5 million tons Dabhol LNG import terminal to be operated at full capacity in 2013—14.
Govt to set up India's first women's bank as a public sector bank by October.
Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17.
SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore.
Propose to set up 'Nirbhaya fund' to empower women and for their safety.
We must redeem our promise by 2016-17 and bring down fiscal deficit to 3% and revenue deficit to 1.5%.
All Regional Rural Banks and cooperative banks to be e-linked by this year-end.
KYC in banks sufficient for acquiring insurance policy.
Low interest rate funds to be provided from Clean Energy Fund for green projects for a period of five years.
Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14.
