Highlights of Budget
13-14 :
·
Incentive for GST roll-out: Rs 9000 Cr earmarked
for CST compensation to State Govts
·
Tax proposals to earn Rs
13300
Cr from direct taxes + Rs 4700 Cr from indirect taxes
·
Service Tax - Amnesty Scheme announced for
voluntary filing of returns & payment of dues
·
Negative List: Two more services added; Service
tax levied on air-conditioned restaurants
·
Excise duty on SUVs hiked to 30%; Duty on marble
hiked; Mobile phones prices above Rs 2000 to attract 6% duty
·
Ayurvedic and Unani medicines to be brought
under MRP Scheme
·
Customs Baggage Rules: Duty-free allowance hiked
to Rs 50,000 for male pax; Rs 1 lakh female pax
·
Duty hiked on motor cycles above 800 CC
·
Import duty on raw silked hiked to 15%; 2% BCD
and 2% CVD on all sorts of coals imposed
·
More incentive for AMRO Sector announced
·
Import duty on leather goods manufacturing
equipments reduced
·
No change in peak rate of Customs, Central
Excise and Service tax rates
·
New DTC bill to be tabled before end of Budget Session
·
Kolkata LTU to be inaugurated soon
·
Modified GAAR provisions incorporated in
amendments to I-T Act; GAAR to come into force from April, 2016
·
CTT levied on non-agricultural commodities; to
be non-speculative trading
·
Tax rate on royalty and FTS paid to
non-residents hiked to 25%
·
1% TDS on transfer of immovable properties above
Rs 50 lakh; Agri land exempted
·
Sec 80IA benefits allowed to power sector
projects in next fiscal
·
Rs 1 lakh extra deduction allowed u/s 24 on
housing loans
·
Domestic Cos to be subjected to surcharge on
above Rs 10 Cr profits
·
Super-rich to be subjected to 10% surcharge on
income above Rs 1 Crore
·
Tax exemption limit hiked to Rs 2.2 lakh; No
change either in slabs or rates
·
FM announces setting up of Tax Review Commission
·
Fiscal deficit contained at 5.2% for current
year; to be 4.8% for next fiscal; Revenue deficit to be 3.8%
·
Plan expenditure pegged at
533000
Cr; Non-Plan expenditure to be above Rs 11 lakh crore
·
Rs 1000 Cr earmarked for skill development among
youths
·
'Nirbhaya' Fund with Rs 1000 Cr to be set up for
women
·
National Institute of Sports Coaching to be set
up at Patiala with Rs 200 Cr
·
Stock Markets to introduce dedicated debt
exchange
·
FM proposes to follow new principle to
categorise investment - below 10% investment to be treated as FII and more as
FDI
·
SEBI to introduce uniform procedures for
registration of various foreign investors
·
Govt to set up First Women Bank with Rs 1000 Cr;
Bank to be inaugurated in 2013
·
Rs
14000 Cr capital
infusion into public sector banks announced
·
Standing Committee of experts to look into
recommendations of Panel on reforms for financial sector
·
Funds allocated to Apparel Parks; Rs 96 Cr
earmarked for handloom weavers
·
Funds given to approved Technology Incubators to
qualify as CSR activity
·
MSMEs to retain benefits for three years even if
they move to higher catetgory
·
Oil & Gas Exploration - Govt to move from
production sharing to revenue sharing
·
Two new industrial ports to be set up in West
Bengal & TN
·
Inflation-indexed bonds and certificates to be
introduced to protect savings from middle class
·
Rajiv Gandhi Savings Scheme liberalised;
extended to Mutual Funds
·
FM announces investment allowance of 15% on
investments of Rs 100 Cr and above during
2013-14
·
Tax-free bonds: More institutions to be allowed;
Rs
50000 Cr to be raised in
2013-14
·
Rs
10000 Cr earmarked to
implement schemes under Food Security Bill
·
National Livestock Mission to be launched; Funds
allocated
·
22% hike in budget allocation for Agri Ministry
announced
·
Rs 1600 Cr earmarked for medical education at
AIIMS-like Hospitals
·
Rs
37300 Cr allocated to
Ministry of Health - New Health Mission to be launched
·
Total Expenditure for
2012-13
revised - FM gets economic space by lowering it; 29% growth over revised
expenditure proposed for
2013-14
India needs USD 75 bn to overcome CAD: FM
