The BIG EVENT is now over. Indian market lost all its intraday gains after Budget. At a time, Nifty traded around 5477, the day high and trimmed its gain during trading hours and finally closed at 5333.25, just 29.70 points up. The Key takeaways of FM are:-
- No excise duty on equipment for UMPPs
- Ship-owners allowed duty-free spare parts import
- Export duty on iron ore pellets withdrawn
- To replace excise with ad valorem duties for cement
- 20% ad valorem export duty on iron ore
- Cut customs duty on yarn to 5% from 7.5%
- Stainless steel scrap exempt from basic customs duty
- Propose to raise service tax on air travel
- Peak rate for customs duty unchanged
- 10% excise duty on branded garments
- Basic customs duty on Pet Coke and Gypsum to be reduced to 2.5%
- Base rate on excise duty raised to 5%
- Export duty at 20% for iron ore
- Peak rate for customs duty unchanged
- Base rate on excise duty raised to 5%
- Basic food, fuel exempted from central excise duty
- 1% excise duty on 130 new items
- Reduce customs duty on micro irrigation equipment
- FY12 fiscal deficit at Rs 4.12 lakh cr
- FY12 net market borrow target at Rs 3.43 lakh crore
FROM ASR:
- Revenue loss from direct taxes at Rs 11,500 crore, Revenue gain from indirect taxes at Rs 11,300 crore
- Service tax to boost revenue by Rs 4,000 crore
- Net tax to Centre will be Rs 6,64,457 crore. Non-tax receipts pegged at Rs 1,25,435 crore
- Revenue deficit is estimated at 3.4%
- Plan expenditure at Rs 4.14 lakh crore
- Gross Tax Receipts at Rs 9.32 lakh crore, up 25%
- Age reduced for BPL pension eligibility
- Non-tax revenue Rs 1,25,000 crore
- Overall Defence allocation pegged at Rs 1.64 lakh crore
- Rs 3,000 crore to states to modernize their stamp and registration procedures
- Amend the Indian Stamp Act
- Allocation to Justice Dept up three times to Rs 3,000 crore
- Info exchange treaties signed with 13 tax havens
- Pay of anganwadi workers up from Rs 1,500 to Rs 3,000/month
- Allocation of Rs 21,000 crore for the literacy mission
- For backward regions, allocation increased by 35% about Rs 9,000 crore
- Anganwadi teachers’ salaries hiked 100%
- Assistance to N-E states will be doubled
- Pension amount of 80 yrs and above upped from Rs 200 to Rs 500
- Rs 52,057 crore for education sector
- Rs 5,000 crore to be provided to National Skill Dev Council
- Rs 200 crore for Maulana Azad Education Foundation
- Rs 200 crore as one-time grant to IIT-KGP
- To allocate Rs 58,000 crore to Bharat Nirman projects
- SC/ST scholarship scheme will benefit about 40 lakh students
- Scholarships to SC/ST students in Class IX and X
- Social projects spending outlay up 17% to Rs 1.6 lakh crore
- Vocational schemes to be introduced for the employment of the youth
- 24% increase in educational provisions
- Allocation under Rashtriya Krishi Yojana raised
- Hunger and malnutrition: Food security bill will be introduced this year
- Comprehensive national policy to control the trafficking of narcotic drugs
- Money laundering cases to be dealt effectively
- Task force will be formed to deal with black money
- To propose National Mission for Hybrid Electric Vehicles
- Black money: Govt. will start campaign against illicit funds
- To create infra debt funds
- To allow Rs 30K crore tax free bonds for railways, NHAI
- Process of service tax refunds will be simplified soon
- Self-assessment in customs to be introduced
- Metro projects in key cities will get financial assistance
- Allocation for farm development increased to Rs 7,860 crore
- Short term interest to farmers will continue to be at 7%
- Agricultural credit limit raised to Rs 4,75,000 crore
- Domestic production of edible oil only meets 50% demand
- Interest subvention of 1% extended from Rs 5 lakh crore to Rs 20 lakh crore
- 1% interest subvention on home loans upto Rs 15 lakh
- To prevent fraud in loan cases: Govt. has set up Central Electronic Registry
- Self-help group fund to empower women
- Liberalization of FDI policy
- FDI regulations consolidated into one comprehensive document
- States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014
- Cash subsidy for urea, kerosene
- LPG, kerosene and fertilizers will be transferred directly to BPL beneficiaries
- The economy has shown remarkable resilience
- To introduce Public Debt Management Bill in 2012
- Direct transfer of subsidy to BPL families
- GST bill in current session
- Preparations for GST rollout in final stages
- Laying down fiscal consolidation map for next five years
- Pilot portal to be set up before the roll out of GST in the Country
- High-gap between wholesale and retail prices unacceptable
- DTC comes in force in April 2012
- Introduction of DTC, GST remain a watershed
- Exports up 9.4% in 2010-11
- 13th Finance Commission has worked out fiscal consolidation roadmap
- Expect the average inflation to be down next year
- Economy expected to grow at 9%
- Development of external sector has been encouraging
- Cutting bureaucratic delays, improving response times
- Taxes, tariff procedures will be simplified
- To reconcile environment concerns, growth needs
- Budget will set the tone for a vibrant Indian economy
- Need to ensure balanced demand and supply
- Next Budget will be more transparent
- Need to improve agricultural demand
- Food inflation at 20.2% in Feb
- Corruption is a problem and we have to fight collectively
- FY11 Fiscal consolidation impressive
- Stronger fiscal consolidation needed
- Resources are not a constrain
- Much needs to be done for the rural India
- FY11 fiscal consolidation impressive
- Services sector continues to grow in double digits
- Inflation remains a concern
- Revenue loss from direct taxes at Rs 11,500 crore, Revenue gain from indirect taxes
- at Rs 11,300 crore
- Service tax to boost revenue by Rs 4,000 crore
- Net tax to Centre will be Rs 6,64,457 crore. Non-tax receipts pegged at Rs 1,25,435 crore
- Revenue deficit is estimated at 3.4%
- Plan expenditure at Rs 4.14 lakh crore
- Gross Tax Receipts at Rs 9.32 lakh crore, up 25%
- Age reduced for BPL pension eligibility
- Non-tax revenue Rs 1,25,000 crore
- Overall Defence allocation pegged at Rs 1.64 lakh crore
- Rs 3,000 crore to states to modernize their stamp and registration procedures
- Amend the Indian Stamp Act
- Allocation to Justice Dept up three times to Rs 3,000 crore
- Info exchange treaties signed with 13 tax havens
- Pay of anganwadi workers up from Rs 1,500 to Rs 3,000/month
- Allocation of Rs 21,000 crore for the literacy mission
- For backward regions, allocation increased by 35% about Rs 9,000 crore
- Anganwadi teachers’ salaries hiked 100%
- Assistance to N-E states will be doubled
- Pension amount of 80 yrs and above upped from Rs 200 to Rs 500
- Rs 52,057 crore for education sector
- Rs 5,000 crore to be provided to National Skill Dev Council
- Rs 200 crore for Maulana Azad Education Foundation
- Rs 200 crore as one-time grant to IIT-KGP
- To allocate Rs 58,000 crore to Bharat Nirman projects
- SC/ST scholarship scheme will benefit about 40 lakh students
- Scholarships to SC/ST students in Class IX and X
- Social projects spending outlay up 17% to Rs 1.6 lakh crore
- Vocational schemes to be introduced for the employment of the youth
- 24% increase in educational provisions
- Allocation under Rashtriya Krishi Yojana raised
- Hunger and malnutrition: Food security bill will be introduced this year
- Comprehensive national policy to control the trafficking of narcotic drugs
- Money laundering cases to be dealt effectively
- Task force will be formed to deal with black money
- To propose National Mission for Hybrid Electric Vehicles
- Black money: Govt. will start campaign against illicit funds
- To create infra debt funds
- To allow Rs 30K crore tax free bonds for railways, NHAI
- Process of service tax refunds will be simplified soon
- Self-assessment in customs to be introduced
- Metro projects in key cities will get financial assistance
- Allocation for farm development increased to Rs 7,860 crore
- Short term interest to farmers will continue to be at 7%
- Agricultural credit limit raised to Rs 4,75,000 crore
- Domestic production of edible oil only meets 50% demand
- Interest subvention of 1% extended from Rs 5 lakh crore to Rs 20 lakh crore
- 1% interest subvention on home loans upto Rs 15 lakh
- To prevent fraud in loan cases: Govt. has set up Central Electronic Registry
- Self-help group fund to empower women
- Liberalization of FDI policy
- FDI regulations consolidated into one comprehensive document
- States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014
- Cash subsidy for urea, kerosene
- LPG, kerosene and fertilizers will be transferred directly to BPL beneficiaries
- The economy has shown remarkable resilience
- To introduce Public Debt Management Bill in 2012
- Direct transfer of subsidy to BPL families
- GST bill in current session
- Preparations for GST rollout in final stages
- Laying down fiscal consolidation map for next five years
- Pilot portal to be set up before the roll out of GST in the country
- High gap between wholesale and retail prices unacceptable
- DTC comes in force in April 2012
- Introduction of DTC, GST remain a watershed
- Exports up 9.4% in 2010-11
- 13th Finance Commission has worked out fiscal consolidation roadmap
- Expect the average inflation to be down next year
- Economy expected to grow at 9%
- Development of external sector has been encouraging
- Cutting bureaucratic delays, improving response times
- Taxes, tariff procedures will be simplified
- To reconcile environment concerns, growth needs
- Budget will set the tone for a vibrant Indian economy
- Need to ensure balanced demand and supply
- Next Budget will be more transparent
- Need to improve agricultural demand
- Food inflation at 20.2% in Feb
- Corruption is a problem and we have to fight collectively
- FY11 Fiscal consolidation impressive
- Stronger fiscal consolidation needed
- Resources are not a constrain
- Much needs to be done for the rural India
- FY11 fiscal consolidation impressive
- Services sector continues to grow in double digits
- Inflation remains a concern
