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Union Budget 2012-13

Get detailed coverage of Union Budget 2012-13 with Budget Highlights, News and Budget Live updates. Know more about Union Budget along with the expectations and developments from upcoming Indian Budget 2012-13.

Union Budget 2012-13

Union Budget 2012-13 PDF

Live Budget Updates :

Expectations From Union Budget 2012-13:

India is expected to grow at 6.9% of GDP in this union budget 2012-13.
Inclusive Growth in Rural and Urban areas: Pranab Mukherjee
Service tax to generate additional revenue of Rs 18,650 crore in the budget year 2012-13.
Challenge for this budget year 2012-13 is to get growth rate back to 8%.
Expected current account deficit to be lowered next year.
GST expected to be operational by August 2012.
Expect inflation to moderate and then stabilize.
Expect smaller current account deficit to be 3.6%.
30,000 crore de-investment target for next year.
This year budget may see FDI in aviation and retail.

New Income Tax Slabs for Budget 2012-13:

Zero income tax on income upto to 2 lakh.
Income between 2 to 5 lakh to be taxed 10%
Income between 5 to 10 lakh to be taxed 20%
Income above 10 lakh to be taxed 30%
No change in tax structure for corporates and no advanced tax required for senior citizens now.

Price Down of Commodities in Budget 2012-13:

Cinema and films
LCDs and LEDs
Mobile phones
Imported bicycles
School education
Iodised salt
Soya products
Processed food
Match-boxes
Housing society charges
LPG and HPG
Iron ore equipment
Solar power lamps
LED bulbs
Medicines for treating cancer and HIV
Uranium for generation of electricity.
Natural gas

Price Hikes of Commodities in Budget 2012-13:

Gold items and Jewellery
Diamond and Platinum Jewellery
Luxury Cars
SUVs
Refrigerator
Air travel
Telephone bills
Cigarettes and Handrolled beedis
Branded retail garments
Emerald and Ruby

Subsidies for Budget Year 2012:

Subsidies have hit fiscal balance.
The largest expenditure in fuel and fertilizer subsidies.
Food security subsidy proposed to be fully provided.
Direct cash subsidy for LPG and Kerosene to consumers.
Deficit transfer of subsidies to retailer and farmer.

Service Tax:

Travel by metered taxis, radio taxis and auto rickshaws
Entry to amusement facilities
Admission to entertainment events
Second-class rail travel
Betting, gambling and lottery
Funeral, burial, mutate services
Transport of deceased

Custom and Excise Duty for Indian Budget 2012-13:

Excise duty on big cars raised to 24% from 22%.
Customs duty increases from 50% to 75% on the import of some vehicle
Excise duty brought down to 6 % on all processed food.
Customs duty on import of aircraft parts, tyres and testing equipment is fully exempted now.
Exemption from basic customs duty for road and highway construction equipment.
Full exemption from basic customs duty on LNG, natural gas and uranium for generation of electricity for two years.
Customs duty is increased on bicycles and its parts
Customs duty raised from 2% to 4% on standard gold.
Standard excise duty rate raised 12% from 10%.

2012 Budget Plans and Policies:

Kisan credit cards can now be used in ATMs also.
27% increase in funds for drinking water and sanitation.
The rural sanitation programme has got a whopping increase of 133%, up from Rs 1500 crore to Rs 3500 crore.
New warehouses for food-grain stocks to be built.
50 MN of tons storage capacity will be created in the year of union budget 2012-13.
Government will set up company to finance minor irrigation works.
Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year.
Rs 242 crore project with World Bank assistance to improve dairy production.
ECB for low cost housing projects and ECB cap raised for airlines.
Govt. raises foreign loan limit for aviation sector.
Rajeev Gandhi equity scheme to boost stock market.
Tax-free bonds limit is increased in budget 2012-13.
Securities Transaction Tax (STT) reduced from 0.125% to 0.1%.
New equity saving schemes for small investors and Measures to boost equity market.
Baggage allowance raises from Rs 25,000 to Rs 35,000 for the people of Indian origin and from Rs 12,000 to Rs 15,000 for the children
Oil cess on domestic crude raised to Rs 4,500 per ton from Rs 2,500 per ton.
Withholding tax on airlines, power, road, brides, ports, shipyard, fertilisers, dams and affordable houses lowered to 5% from 20% for 3 years.

FY13 News:

FY13 tax receipts seen up 15%, while FY13 gross taxes at 10.6% of GDP.
Estimates FY13 fiscal deficit at 5.1% of GDP while FY13 subsidy to be under 2% of GDP.
FY13 midday meal scheme outlay at Rs 11937 crore.
PSU Banks' recap plan for FY13 is Rs. 15,888 crore.
FY12 fiscal deficit at 5.9% of GDP.

Union Budget 2012-13
Indian Budget 2012-13	Rail Budget 2012-13	Economic Survey 2011-12
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