Revenue loss from direct taxes at Rs 11,500 cr, Revenue gain from indirect taxes at Rs 11,300 cr
Service tax to boost revenue by Rs 4,000 cr
AC restaurants serving liquor to pay service tax
Legal representation for businesses under service tax
Service tax on hotel accomodation above Rs 1,500 a day
AC hospitals with more than 25 beds under service tax
Special incentives for hybrid vehicles made in India
Domestic travel to pay Rs 50 service tax, Rs 250 on international travel
Life insurance services in area of investment now in service tax
No excise duty on equipment for Ultra Mega Power projects
Health check-up services now attract service tax
Ship owners allowed duty free imports of spare parts
Excise tax on diapers and sanitary napkins reduced trom 10% to 1%
Excise duty concession on imported films
Cut customs duty on petcoke, Gypsum by 2.5%
Excise on LED cut to 5%
No change in Central Value-added Tax rates
Sensex up 210 points to 17,910
Nifty claws back to 5,367, up 63 points
No new tax exemption limits for women
Stainless steel exempted from excise customs duty
Customs duty on yarn cut to 5%
Customs duty on raw steel cut
Excise duty on cement industry cut
Export duty on all iron ore raised to 20%
Cut in import duties of raw material for mobile phones
Net tax to Centre will be Rs 6,64,457 cr. Non-tax receipts pegged at Rs 1,25,435 cr
10% excise duty on branded garments
Basic food, fuel exempted from central excise duty
Tax sops of Rs 20,000 on infra bonds extended by a year
1% excise duty on 130 new items
Standard rate of Central Excise retained at 10%
Service tax retained at 10%
Foreign unit dividend tax rate cut to 15% for Indian firms
Rs 5 lakh tax exemption limit for individuals above 80 years of age
Surcharge on domestic firms cut to 5% from 7.5%
SEZ to come under MAT
Minimum alternative tax raised 18.5% vs 18%
For senior citizens, tax exemption limit increased to Rs2.5 lakh
Eligibility age for senior citizens is now 60 years against 65 years earlier
Individual tax payers will get exemption increased to Rs1.8 lakh
FY13 fiscal deficit at 4.3%
FY11 Fiscal Deficit at 5.1%, FY12 deficit seen at 4.6%
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
Services sector growth pegged at 9.3%
Non-tax revenue Rs 1,25,000 crore
Tax procedures for small businesses to be simplified
Nifty loses momentum, up only 11 points
Overall defence allocation pegged at Rs 1.64 lakh cr
Rs 3,000 crore to states to modernise their stamp and registraion procedures
Amend the Indian Stamp Act
Allocation to Justice Dept up three times to Rs 3,000 cr
FY12 defence capex at Rs 69,199 crore
Info exchange treaties signed with 13 tax havens
Nifty up 42 points at 5,345, Sensex up 125 points at 17,830
Banks to cover 20,000 villages for opening accounts in FY12
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%
Rs 8,000 cr for developement of J&K
Assistance to N-E states will be doubled
To provide Rs 200 cr for clean up of lakes
Rs 200 core for launching environmental programmes
Pension amount of 80 yrs and above upped from Rs 200 to Rs 500
Rs 52,057 cr for education sector
Workers in hazardous industries, such as mining and slate, will get health benefits
Rs 5,000 crore to be provided to National Skill Dev Council
Rs 10-crore grant for Delhi School of Economics
Rs 200 cr for Maulana Azad Education Foundation
Rs 200 cr as one-time grant to IIT-KGP
To allocate Rs 58,000 cr 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
Propose to Increase the Budget group for Primitive tribal group
To promote organic farming to help farmers boost output from their land
Food security bill to be introduced this year
Rural broadband connectivity to be provided in 3 years
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
Nifty up 72 points at 5375, Sensex up 228 points at 17934
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
Farm credit flow raised to Rs 4.75 lakh crore
GoM will consider issues related to environmental conflicts
To give infra status to cold storage chains
Priority home loan limit raised to Rs 25 lakh from Rs 20 lakh
Tax-free bonds worth Rs 30,000 cr proposed to boost infrastructure
To attract foreign funds: Special vehicle to be created
Allocation for farm development raised to Rs 7,860 cr
Storage capacity has been fastracked
15 Mega Food parks to be set up
Subvention of 3% to farmers paying loans before time
Allocation for farm development increased to Rs 7,860 cr
Short term interest to farmers will continue to be at 7%
Agricultural credit limit raised to Rs 4,75,000 crore
Chambal Fert up 3%, Nagarjuna Fert us 1%, Coromandel gains 4.57%
Allocation for farm development increased to Rs 7,860 cr
Rs 300 crore for allocation of fodder
New companies bill to be introduced
Rs 100 cr equity fund for MFIs
Sensex up 257 points to 17,954
To provide Rs 300 cr to improve production of pulses
Nifty up 86 points to 5,389
Domestic production of edible oil only meets 50% demand
Interest subvention of 1% extended from Rs 5 lakh cr to Rs 20 lakh cr
1% interest subvention on home loans upto Rs 15 lakh
Removal of bottlenecks in the transporation of essential food items
New companies bill to be inroduced in this session
Earmarks Rs 2,000 cr each for warehousing and manufacturing
More banking licenses to be given
To allocate Rs 6,000 cr for some PSU banks to help them maintain Tier-I capital at 8%
To prevent fraud in loan cases: govt has set up Central Electronic Registry
Rural housing fund increased by Rs 1,000 cr to Rs 3,000 cr
Rs 3,000 crore earmarked to NABARD for handloom weavers
Nifty up 81 points at 5385
Cap infusion of Rs 20,157 crore in PSU Banks
Self-help group fund to empower women
Task force working on oil subsidy plans
Rs 600 cr to public sector banks to maintain mandatory CRR
Liberalisation of FDI policy
Govt commited to retain 51% holding in PSUs
FII allowed to invest in MF schemes
FII limit in corporate bonds has been raised by $20 billion
FY12 Divestment target at Rs 40,000 crore
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
Mulling nutrient based subsidy policy for urea
LPG, kerosene and fertilisers 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
Availablity of fertilisers have improved
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
Significant progess on the GST network has been made
Work is underway for states’ GST
Highgap 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
DTC will moderate rates and ensure better compliance
Current account deficit poses a concern
13th Finance Commission has worked out fiscal consolidation roapmap
Agriculture growth at 5.4%, industry at 8.1% in 2010-11
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 procudures will be simplified
To reconcile environment concerns, growth needs
Nifty up 47 points at 5350
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 contrain
Much needs to be done for the rural India
FY11 fiscal consolidation impressive
Services sector continues to grow in double digits
Reaching the end of a remarkable financial year
Inflation remains a concern
Budget speech begins
Finance Minister Pranab Mukherjee to present Budget at 11am
Budget 2011 Live

Source: Business Standard

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