Quick View : A One-Minute Budget

Revenue loss from direct taxes at Rs 11,500 cr, gain from indirect taxes at Rs 11,300 cr 

Service tax to boost revenue by Rs 4,000 cr

AC hospitals with more than 25 beds under service tax

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

No change in Central Value-added Tax rates

No new tax exemption limits for women

Cut in import duties of raw material for mobile phones

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

Rs 5 lakh tax exemption limit for individuals above 80 years of age

SEZ to come under MAT

Minimum alternative tax raised 185% vs 18%

Tax exemption limit increased to Rs 2.5 lakh for senior citizens

Eligibile age for senior citizens is now 60 years against 65 years earlier

Exemption limit for individual tax payers raised to Rs 1.8 lakh from Rs 1.6 lakh

FY13 fiscal deficit at 43%

FY11 Fiscal Deficit at 51%, FY12 deficit seen at 46%

Revenue deficit pegged at 34%

Plan expenditure at Rs 414 lakh crore

Gross Tax Receipts at Rs 932 lakh crore, up 25%

Non-tax revenue Rs 1,25,000 crore

Tax procedures for small businesses to be simplified

Info exchange treaties signed with 13 tax havens

Banks to cover 20,000 villages for opening accounts in FY12

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 16 lakh crore

Food security bill to be introduced this year

Rural broadband connectivity to be provided in 3 years

Task force will be formed to deal with black money

To allow Rs 30K crore tax-free bonds for railways, NHAI

Metro projects in key cities will get financial aid

Farm credit flow raised to Rs 475 lakh crore

GoM to consider issues related to environmental conflicts

Allocation for farm development raised to Rs 7,860 cr

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

New companies bill to be introduced in this session

Rs 100 cr equity fund for MFIs

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

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% of Gross State GDP by 2014

Preparations for GST rollout in final stages, bill in current session

DTC comes in force in April 2012

Economy expected to grow at 9%

Food inflation at 20.2% in February

By: BStandard, India

Author: Malvaniya Prashant

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