Full Coverage: 2012-13 Union Budget
Cash-strapped Railways had effected passenger fare hike across the board by 21% on Jan 22.
The focus of the Rail Budget this year is on providing more amenities to passengers. ...makes a strong case for his Budget proposal to amend the Income Tax Act. Key raw materials cement and steel to cost more; service tax hiked by 2 per cent. Budget achieve fiscal consolidation without expenditure control but via the taxman’s knock. After Assembly rout, Finance Minister seeks to reach out to the middle class Fiscal deficit touches 5.9% of GDP in 2011-12 on the back of increasing subsidies, oil price volatility and lower than expected revenue Government needs to manage debt well, if investments have to expand FRBM amendments propose flexibility in creating cushion for unforeseen contingencies The step will benefit 12 crore farmer families, while reducing expenditure on subsidies by curtailing misuse of fertilisers. Inflation to moderate and stabilise; help growth rebound Proposals aim to woo private investment in agriculture sector Fiscal consolidation calls for efforts both to raise the tax-GDP ratio and to lower the expenditure. Six life-saving drugs get full exemption from excise duty, big chunk for NHRM The education sector has attracted a near 19 per cent hike in its budgetary allocation, and it is schools and flagship projects that continue to retain top focus Proposal to allow foreign carriers to invest up to 49% in domestic carriers under Cabinet consideration The Budget also announced two more handloom clusters in Andhra Pradesh and Jharkhand, along with a powerloom mega cluster in Maharashtra with an allocation of Rs 70 crore. There is more to cheer for those who earn more. Individuals with an annual income of Rs 10 lakh or more will end up saving a neat
Rs 22,660. Those who earn up to Rs 8 lakh will save just Rs 2,060. No additional sops for senior citizens and women this time around 12% excise duty on small cars, 22-24% on vehicles with bigger engine & length Securities transaction tax reduced by 20 per cent, from 0.125 per cent to 0.1 per cent, on cash delivery transactions