Finance Minister Pranab Mukherjee presented the Union Budget to parliament on Friday.

Here are the highlights:

* FY12 was a recovery for India: Pranab

* Cabinet approves Union Budget for 2012-13

* Uproar in Parliament as Pranab presents Budget

* Widespread uncertainty after global economic turmoil: FM

* India has a global responsibility. Need credible roadmap

* Have to accelerate the pace of reforms, says Pranab

* Weak economic growth attributed to low industrial growth

* Exports grew by 23% in the First Quarter

* Economy is now turning around, manufacturing appears to be on revival: FM

* Pranab: Expect headline inflation to moderate in the next few months

* Industrial output growth seen at 3.5 per cent in 2011/12: FM

* International crude oil prices may cross $115 per barrel. This will impact the Fuel Subsidy Bill: FM

* Current account deficit in 2011/12 seen at 3.6 pct of GDP

* Economy is turning around now: Pranab

* GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent.

* To keep 2012/13 subsidies under 2 pct of GDP

* Subsidies related to food will be extended under the Food Security Act and will be 2% of the GDP

* Aim to rein in spending on undesirable subsidies

* 2.5% growth in agriculture this year

* We have to expedite decisions to improve delivery systems to address problems of black money and corruption

* Aadhar-enabled payment of select govt schemes in 50 districts

* Food and fertiliser subsidy largest expenditure: Pranab

* Expect average inflation to be lower next year; expect current account deficit to be lower next year: FM

* Amendments to FRBM Act part of the Budget

* Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan

* Direct Tax Code (DTC) Bill to be enacted at the earliest, says FM

* Government to raise Rs 30,000 crore in 2012-13 from disinvestment of stake in PSUs.

* GST to be operational by Aug 2012: Pranab

* Advance Pricing Agreements in DTC to be in Finance Bill

* Rs 30,000 crore divestment target next year: Pranab

* Efforts to to build broadbased consensus with state govts on allowing FDI in multi-brand retail up to 51%: FM

* Rs 15,800 crore for capitalisation of PSU banks

* Income Tax deduction of 50% on investments of up to Rs 50,000 in Rajiv Gandhi equity saving scheme. Lock in period of 3 years.

* IPO equity offer above Rs 10 crore will have to be made electronically in capital market reforms

* Microfin Institution Regulation Bill, National Housing Bank Regulation Bill, Registered Bank Regulation Bill and Public Debt Management Bill this session

* Addressing malnutrition, black money, corruption in public life among priorities in the year ahead

* Govt examining new ways of providing subsidies for LPG, kerosene

* Increase in investments in infrastructure through PPP

* Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector

* 8,800-km of highways to be developed under National Highway Development Project in 2012-13

* Completion of highway projects 44% higher than in previous fiscal

* Rs 15,888 cr to be provided for capitalisation of public sector and regional rural banks and NABARD

* Govt to double tax free bonds for infrastructure financing to Rs 60,000 crore in next FY: Pranab

* Corporate market reforms to be initiated

* Proposal to allow foreign airlines to participate direct or indirectly in India being considered actively

* External commercial borrowings to the extent of $1 billion to be allowed for aviation sector for next year

* India will become self-sufficient in urea production in five years

* Government to set up Rs 5000 crore venture fund for MSME sector

* Agriculture credit target to be raised by Rs 100,000 cr to Rs 5,75,000 cr

* Government to provide Rs 10,000 crore to NABARD for refinancing regional rural banks

* Additional 3% interest subvention to farmers for promptly repaying their dues

* Government to set up company to finance minor irrigation works

* UID allocation at Rs 14,232cr in FY13

* Propose National Mission for Food Processing

* New warehouses for foodgrain stocks to be built

* Rs 242 crore project with World Bank assistance to improve dairy production

* To allow ECB borrowing to part-finance power projects

* Farmers who repay loans on time to be rewarded

* Govt to create PDS through Adhaar platform by Dec to realise objectives of Food Security Bill

* Rs 15,850 cr to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 cr this fiscal

* Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 cr in FY 12 to Rs 14,000 cr in 2012-13

* National Backward Region Grant scheme outlay raised by 22% to Rs 12,040 crore

* Rs 20,000 cr to be spent on rural infrastructure development, including Rs 5,000 cr for creating warehousing facilities

* Rs 20,822 crore earmarked for National Rural Health Mission (NRHM) against Rs 18,115 crore this year

* Rs 200 crore allocated for research on climate change

* Interest subvention of 7% to women self groups for loans up to Rs 3 lakh, additional 3% for those making timely repayment

* Maternal and child nutrition scheme to be launched in 200 districts

* Rs 1000 crore to be provided for National Skill Development Corporation in 2012-13

* Rs 3,915 crore to be spent on National Rural Livelihood Mission

* Rs 193,407 crore provision made for defence services in 2012-13

* 40 crore Aadhar enrollment in year beginning April 2012

* White Paper on blackmoney to be tabled in current session of Parliament

* FM: Information on blackmoney stashed abroad has started flowing in; prosecution to be executed in some cases

* Oil companies to get cash refunds on subsidy

* Net tax receipts of the Centre in 2011-12 stands at Rs 7,71,071 crore

* Non-plan expenditure Rs 9,69,900 crore in 2012-13; 8.7 per cent higher than current year

* Direct tax collection fell short by Rs 32,000 crore in current fiscal

* Fiscal deficit at 5.9 per cent of GDP in revised estimates for 2011-12

* I must be cruel to be kind, quotes Pranab Mukherjee

* Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.

* Upper limit raised from Rs 8 lakh to Rs 10 lakh for 20 per cent bracket

* New tax slabs: Up to Rs 2 lakh rupees – NIL; Rs 2 lakh- 5 lakhs – 10%; Rs 5 lakh – Rs 10 lakh – 20%; above Rs 10 lakh – 30%

* Senior citizens to be exempt from advance tax payments.

* Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup

* Determined to bring down fiscal deficit to 5.1 per cent of GDP next fiscal

* Total debt of the Centre will be 45 per cent of GDP

* Revenue deficit for 2012-13 projected at Rs 1,85,752 crore

* Interest income of up to Rs. 10,ooo to be exempted from tax

* No change in corporate tax rate

* Withholding tax on power, airlines, road and brides, ports and shipyard, fertilisers, dams and affordable houses lowered to 5% from 20% for 3 years

* Capital gains tax on residential property exempted if sale proceeds used for SMEs

* Securities Transaction Tax (STT) reduced from 0.125% to 0.1%

* Introduction of compulsory reporting of assets held abroad

* Direct taxes proposals to result in net revenue loss of Rs 4,500 crore

* All services except 17 in the negative list to be brought under service tax net

* Copyright relating to cinematography in film industry exempted from service tax

* Team to study common tax code for service tax and central excise to be set up

* Service tax to yield additional revenue of Rs 18,650 crore

* Standard excise duty rate raised from 10 per cent to 12 per cent

* Cars to attract ad valorem rate of 27 per cent

* No change in the peak rate customs duty

* Import of equipment for fertilizer plants fully exempt from customs duty for three years

* Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for 2 years

* Full exemption from basic customs duty for equipment for road and highway construction

* Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted

* Tax Deduction at Source @ 1% on the sale of the property when the value of this exceeds   Rs 50 lakh in specified urban agglomeration and Rs 20 lakh in other areas.

* Individuals with salary income upto 5 lakhs and interest income not exceeding Rs. 10,000/- exempted from filing income tax returns.

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