Union Budget Highlights: Union Budget 2012-2013

12% excise duty imposed on branded retail garments

Baggage allowance for people of Indian origin increased from Rs25,000 to Rs35,000 and for children to Rs15,000.

5% customs duty exempted on equipment for fertilizer plants

Customs duty on bicycles and parts increased.

Advalorem duty on some cigarettes

Automated shuttle looms exempted from customs duty

Basic customs duty on cigarettes reduced; duty on hand-rolled beedis increased

Branded silver jewellery fully exempt from excise duty

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

Customs duty on refined gold doubled

Customs duty on some gold and platinum products increased

Customs duty on standard gold bar and coins exceeding 99.5% purity, platinum and non-standard gold raised

Customs duty reduced from 7.5% to 2.5% for iron ore equipment

Cuts customs duty on rail equipment to 7.5% from 10%

Excise duty on handmade and semi-mechanised matches reduced from 10% to 6%

Excise duty raised to 12% from 10%

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

Full exemption on customs duty on coal

Import of aircraft parts exempt from basic customs duty

Increased customs duty on gold and platinum to 4% from 2%

LCD and LED panels exempted from custom duty

LNG out of customs duty

Mobile phone parts exempted from basic customs duty

No change in peak customs duty

Standard excise duty hiked to 12%

Thermal power companies exempted from customs duty for 2 years

To raise duty on large cars to 27%

Gold jewellery not bearing brand name to be included in the one percent levy on precious metal jewellery.

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

Securities Transaction Tax (STT) reduced from 0.125 percent to 0.1 percent.

Tax exemption of up to Rs5,000 for health insurance for annual preventive health checkup.

Exemption from interest for saving bank accounts up to Rs10,000

All services to be taxed except 17 items listed in the negative list.

Income Tax deduction of 50% on investments of up to Rs50,000 in savings scheme named after Rajiv Gandhi.

10000 crores allocated to NABARD to fund RRBs

Agri credit target for FY12-13 at Rs5.75 lakh crore, up Rs1 lakh crore

Agriculture credit target raised to Rs5.75 lakh crore

Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups

Allocation to National Rural Livelihood Mission for women increased by 34%

Allocation under National Rural Health Mission raised to Rs20,822 crore from Rs18,115 crore

Allow ECB for low cost housing projects

Amendments to FRBM Act part of the budget

Central subsidies to be under 2% of GDP

Coal India advised to sign FSA with power plants

Credit guarantee fund for loans to students

Current account deficit to be at 3.6%; Expect current account defict to decrease next year

Defence Budget hiked by more than 17%

Direct Tax Code implementation deferred

Economy to grow at 7.6% in 2012/13

Efforts to arrive at broad-based consensus with state governments on allowing FDI in multi-brand retail up to 51%

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

FM announces new equity savings scheme

Focus on removing infrastructure bottlenecks

Food Security Act will be fully provided for and subsidy to be 2% per cent of GDP for next two years

FY12-13 net market borrowing at Rs4.8 lakh crore

GDP expected to grow at 6.9%

GDP to grow by 7.6% in 2012-13; plus, minus 0.25%

Government to raise Rs30,000 crore in 2012-13 from disinvestment of stake in PSUs

Govt doubles allocation for tax-free bonds to Rs60,000 crore for financing infrastructure projects in 2012-13

Govt to fully provide for food subsidy and food security act in 2012-13

Gross tax receipts at 10.77 lakh crore

Headline inflation to moderate further in next few months and remain stable thereafter

High crude oil prices hit growth, averaged $115/bbl in 2011-12

Installation of solar plants exempted from CVD

Interest subsidy for women SHGs up to Rs3 lakh at 7%; 3% more for SHGs that repay promptly

New Income Tax Slab:

upto Rs.2 Lakh NIL,

Rs.2Lakh to 5Lakh 10%,
Rs.5Lakh to Rs.10Lakh 20%,
Above Rs.10Lakh 30%

New Rajiv Gandhi Equity scheme to allow for 50% deduction to small investors

No change in corporate tax rates

Oil cess on domestic crude raised to Rs4,500 per ton from Rs2,500 per tonne

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

Propose central KYC depository

Raises Income Tax exemption limit to Rs 2 lakhs from Rs 1.8 lakhs

Rs 15890 crores for recapitalization of PSU banks

Rs 18660 crores will result from service tax rise

Rs 30,000 cr divestment target in FY 13

Rs 50,000 tax exemption for retail investors

Rs14,000 crore for rural drinking and sanitation in FY12-13

School education exempt from service tax

Securities Transaction Tax (STT) may be abolished

Service tax up from 10% to 12%

Service tax up from 10% to 12%; Rs18,660 crore will result from service tax rise

Tables a white paper on black money issue

Tax exemption on individual share investment below Rs10 lakh

Tax free bonds of Rs10,000 cr for IRFC

To address black money, corruption in public life

To allocate Rs 14232 cr to UID project, up 13% in FY 13

To allocate Rs14,232 crore for UID project, up 13% in FY12-13

To allow qualified foreign investors in Indian corporate debt markets

To enhance supply side; cut infra bottlenecks

To introduce new law for micro finance institutions

To introduce new Rajiv Gandhi equity scheme

To move national housing amendment bill

To roll out computerized scheme for fertilizer subsidy transfer