General Budget 2012-13 Live Highlights | General Budget 2012-13

General Budget 2012-13 Live Highlights, Today 16th March 2012: Union General Budget 2012-13 to be announced Today (16th March 2012) at 11:00 AM onwards by Union Finance Minister Mr Pranab Mukharjee in Parliament. The Union General Budget 2012-13 has lots of expectations for common people and more challenges to Government. Here comes the Live Highlights from Parliament:
* Mobile and Gold will be costlier. 
* Big cars to get dearer
* Cuts securities transaction tax by 20% for stock market orders
* Higher Service tax to add Rs 186.6 bn to revenue
* Service Tax rates raised from 10% to 12%
* Changes in direct taxes to result in revenue loss of Rs 45 bn
* To bring more businesses under Service Tax net
* National Rural Livelihood Mission to provide self employment - allocation increased to Rs 3,915 cr
* Dedicated information cells to track black money
* 17 tax info sharing agreements has been finalized to tackle blackmoney
* 82 Double tax avoidance agreements have been finalized
* Witholding tax on certain overseas borrowings reduced to 5% from 20%
* Corporate Tax structure left unchanged
* 30% of Income tax for above Rs 10 lakh
* Senior Citizens exempted from filing advance tax
* Interest from saving account up to Rs 10,000 to be exempted
* Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh
* Tax collection up 15%
* National population registry project to be completed in next two years
* AADHAR is ready for payments under MGNERGA, pension scheme
* 14 cr AADHAR number generated
* Indira Gandhi pension scheme beneficiaries to get Rs 300 pm as against current Rs 200
* Total spending of Rs 14.49 tn for next fiscal
* Expect Fiscal deficit to be at 5.1% of GDP in next fiscal
* Fiscal deficit at 5.9% of GDP this year
* Non-Plan spending of Rs 9.69 tn
* Expect non-tax revenue at Rs 1.64 tn
* Expect gross tax receipts of Rs 10.78 tn in next fiscal
* No new case of polio this year: Pranab
* Allocated Rs 31.24 bn for secondary education
* PDS network created via UID platform to start from December
* Allocated Rs 158.50 bn for child development in FY 13
* Tax exemption limit for individual payers raised to Rs 2 lakh
* Allocated Rs 50 bn for warehousing facility in FY 13
* Allocated Rs 120.4 for growth of backward regions
* Credit guarantee fund proposed for poor students
* Allocated Rs 208.22 bn for NRHM in FY 13
* 7.6% of GDP growth in FY 13: Pranab
* To submit white paper on blackmoney
* 1% loan sop plan for home loans up to Rs 2.5 mn
* Allot Rs 700 mn for Maharashtra power loom cluster
* Allot Rs 10 bn to up kharif output in NE FY 13
* Rs 250 mn allocated for rural management institute of Anand
* Allocated Rs 255.55 bn under Right to Education
* NABARD to give rural banks Rs 100 bn for short term loans
* To set up three technical assistance centres for textiles
* Announces two new handloom mega clusters
* Allowed direct import of ATF by airlines
* PMGSY gets Rs 24,000 crore
* Allocated Rs 11,937 cr for mid-Day meal scheme
* Allocated Rs 14,000 cr for rural drinking water and sanitation
* National mission of sustainable irrigation being taken up
* Okays Rs 50 bn National Housing Bank tax free bonds
* ECBs allowed to part finance rupee debt of power projects
* Hike in agri credit by Rs 1 tn to Rs 5.75 tn
* Targetting 8,800 km projects under NHDP in FY 13
* Inter ministerial panel to monitor allocated coal mines
* Irrigation, fertilizer and terminal market under viability gap funding
* Oil, gas pipelines, storage and telecom towers to get viability gap funding in FY 13
* To allow Rs 100 bn IRFC tax free bonds in FY 13
* To allow Rs 50 bn HUDCO tax free bonds in FY 13
* Coal India told to to sign coal supply pacts with power companies
* To allow Rs 50 bn SIDBI tax free bonds for FY 13
* To allow Rs 100 bn NHAI tax free bonds in FY 13
* Increases outlay for agriculture by 18% to RS 202.08 bn
* To allow 1 year ECBs of $1 bn for airline companies
* Interest subvention on low cost homes extended by a year
* To allow external commercial loans for affordable homes
* India to be self sufficient in urea manufacturing in 5 years
* Budget OKs overseas borrowing to part-fund power projects` rupee debts
* Tax free infra bonds to be raised to Rs 60,000
* First infra debt fund with a outlay of Rs 8000 cr has been launched
* Swabhiman campaign to be extended to habitations with population of 1,000 people
* Advanced pricing agreement in DTC to be in Financial Bill
* To move bills for Public Debt Management, NABARD Act amendment
* New tax exemption on individual share invest with lock-in
* Rs 50,000 tax exemption for share investment in new Rajiv plan
* Rajiv Gandhi Equity Saving Scheme launched
* Rs 30,000 disinvestment target for FY 13
* Propose tax free bonds of Rs 10,000 crore for power sector
* Central Know Your Customer repository would be set up
* 8 financial amendments Bills to be introduced this year
* Process of IPOs is simplified
* Expect smaller fiscal deficit in the coming years
* GST under progress, talks on with states for drafting law
* STT may be abolished
* To issue revised norms for banks priority sector lending
* To move Regional Rural Bank Amendment Bill
* To issue Rs 600 bn tax-free infrastructure bonds next FY
* To move National Housing Bank Amendment Bill
* To extend Swabhiman scheme to some NE areas in FY 13
* To create financial holding company for injecting capital into banks
* To provide Rs 158.9 bn capital to state-run banks next fiscal
* Fiscal balance has deteriorated due to increase in direct tax seepages and increased subsidy
* Recommendation of task force under Nandan Nilekani has been accepted
* Direct transfer of fertilizer subsidy to retailer and then to farmers to be rolled out
* Direct subsidy transfer on pilot basis in 50 districts
* Aim to directly transfer subsidy on LPG to consumers
* To allow overseas investors to invest in corporate bonds
* GST network to get operational from August
* Proposes tax incentives for small investors in stock markets
* Industry now showing signs of recovery: Pranab
* Industry pulled down growth in past two years
* India’s world share of trade set to increase
* Proposes Mid-term fiscal goals
* Aim to raise Rs 140 bn through sales of stakes in state companies this fiscal
* Aim to raise Rs 300 bn through sales of stakes in state run companies next fiscal
* Global crude likely to cross $115
* Subsidy for food security law to be provided fully
* To Keep Subsidies Under 2% of GDP over next 3 years
* 4.9% of growth expected in services sector
* Address Blackmoney
* Focus on power and roads
* Remove supply side bottlenecks in agri
* Rapid growth of private investment
* Focus on domestic demand
* Five focus areas this year
* Current account deficit at 3.6%
* External trade growth encouraging
* Agri growth at 2.5%
* Expect headline inflation to moderate in the next few months and the remain stable
* Need to improve microeconomic environment: Pranab
* Weak growth due to industrial slowdown
* This year’s performance disappointing: Pranab
* GDP to grow by 6.9% in 2011-12
* Pranab Mukherjee presents his seventh Union Budget