Budget 2012 Highlights LIVE: I-T exemption limit hiked to Rs 2 lakh


March 16, 2012

Budget 2012 Timeline

13:01 Baggage allowance for people of Indian origin increased from Rs 25,000 to Rs 35,000 and for children from Rs 12,000 to Rs 15,000.
Parliament adjourned, to resume on Monday.
Pranab Mukherjee introduces Finance Bill in Parliament.


12:59 At 1300 hrs, the 30-share BSE Sensex is up 33 points at 17,709.10, a gain of 0.19%.
The NSE Nifty is up 8 points at 5,388.30, a gain of 0.14%.

12:56 Raise customs duty on some vehicle imports to 75% from 50%.
Excise duty on all processed food brought down to merit rate of 6 per cent.

12:54

  • Customs duty on refined gold doubled; will cost more.
  • Gold to be more expensive.

12:53

  • Cigarettes, gold, diamonds, imported cycles to cost more.
  • Customs duty on bicycles and parts increased.
12:51

  • Most luxury items, eating out, air travel, leisure activities to cost more.
  • Exemption of customs duty of 5% on equipment for fertiliser plants.
  • Service tax rates hiked from 10 per cent to 12 per cent.
  • Introduction of compulsory reporting of assets held abroad.

12:51

  • Standard excise duty rate raised from 10 per cent to 12 per cent.
  • Import of aircraft parts exempt from basic customs duty.
  • Service tax to yield additional revenue of Rs 18,650 crore.
  • Excise duty on large cars raised from 22 per cent to 24 per cent.
12:51

  • Solar power lamps, LED bulbs to become cheaper.
  • Duty on CFLs reduced.
  • Excise duty on handmade and semi-mechanised matches reduced from 10 to 6 per cent.

12:50

  • Bicycles to get expensive, duty raised to 30% from 10%.
  • Iodised salt, match-boxes, soya products to become cheaper.
  • Customs duty on standard gold raised from 2% to 4%.

12:49 At 1250 hrs, the 30-share BSE Sensex is up 16 points at 17,691.85, a gain of 0.09%.
The NSE Nifty is down 22 points at 5,358.35, a loss of 0.41%.

12:47

  • Service tax to yield additional revenue of Rs 18,650 crore.
  • Excise duty on large cars raised from 22 per cent to 24 per cent.
  • Most luxury items, eating out, air travel, leisure activities to cost more.
  • Exemption of customs duty of 5% on equipment for fertiliser plants.
12:47

  • Import of equipment for fertilizer plants fully exempted from customs duty for three years.
  • Standard excise duty rate raised from 10 per cent to 12 per cent.
  • Import of aircraft parts exempt from basic customs duty.
12:46

  • Full exemption from basic customs duty on natural gas, LNG, uranium for generation of electricity for two years.
  • Automated shuttle looms exempted from customs duty.
  • Full exemption on imported equipments for road construction projects.

12:46

  • Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted.
  • Full exemption from basic customs duty for equipment for road and highway construction.
  • AC, fridge and most urban services to cost more.
  • Titanium dioxide customs duty cut to 7.5% from 10%.
12:43 Govt may table white paper on black money

12:42

  • Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup.
  • No change in peak custom duty.
  • Rs 1000 cr for National Skill Development Fund in FY13.
  • Gross taxes estimated at 10.6 per cent of GDP.
  • Pranab proposes to bring white paper on black money in the current Parliament session.
  • Gross taxes estimated at 10.6% of GDP.

12:41

  • Exemption of customs duty of 5% on equipment for fertiliser plants.
  • Service tax rates hiked from 10 per cent to 12 per cent.
  • Introduction of compulsory reporting of assets held abroad.
  • Securities Transaction Tax (STT) reduced from 0.125 per cent to 0.1 per cent.
12:38 At 1240 hrs, the 30-share BSE Sensex is down 106 points at 17,569.38, a loss of 0.60%.
The NSE Nifty is down 25 points at 5,355.85, a loss of 0.46%.

12:37 Withholding tax on external commercial borrowings reduced from 20 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser sectors.

12:36

  • Government services, public transport exempted from service tax.
  • Common 1-page return for excise and service tax.
  • Propose common tax code for service tax and excise
  • Govt services, public transport exempt from service tax.
12:33

  • Service tax net widened; to include most sectors
  • Negative list to include pre-school and high school education, entertainment services.
  • Sale of residential property exempted from capital gains if invested in equity or equipment of an SME.
  • All services to be taxed except those in negative list.
12:30

  • No advance tax for senior citizens.
  • Health insurance deduction upto Rs 5000 for preventive health checkup.
  • FY13 market borrowing at Rs 4.79 lakh cr.

12:29 At 1230 hrs, the 30-share BSE Sensex is up 53 points at 17,729.09, a gain of 0.30%.
The NSE Nifty is up 20 points at 5,400.25, a gain of 0.37%.

12:25 The new tax rates:

  • From Rs 2 lakh to Rs 5 lakh at 10%,
  • Rs 5 lakh to Rs 10 lakh at 20%,
  • And beyond Rs 10 lakh at 30%.
12:21 No change in corporate tax rates.

12:19 At 1220 hrs, the 30-share BSE Sensex is up 18 points at 17,693.52, a gain of 0.10%.
The NSE Nifty is up 12 points at 5,392.30, a gain of 0.22%.

12:19

  • Information on black money stashed abroad has started flowing in, prosecution to be executed in some cases, says Pranab.
  • 40 crore Aadhar enrollment in year beginning April 2012.
  • Net tax receipts of the Centre in 2011-12 stands at Rs 7,71,071 crore.
  • Exemption up to Rs 2 lakh for individuals
12:17 Rs 193,407 crore provision made for defence services in 2012-13.
Pranab Mukherjee allots Rs 24,000 crore for rural road plan in FY13.
Rs 3,915 crore to be spent on National Rural Livelihood Mission.
Maternal and child nutrition scheme to be launched in 200 districts.

12:14

  • Agri credit target for FY13 at Rs 5.75 lakh cr, up Rs 1 lakh cr
  • To introduce new law for micro finance institutions
  • Defence outlay at Rs 1.95 lakh crore
  • Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
  • Govt aims to trim subsidy burden
  • Efforts on for consensus on 51% FDI in multi-brand retail
12:14

  • 7 medical colleges to be upgraded to All India Institutes.
  • Rs 200 crore for Research Rewards for agricultural researchers for breakthroughs.
12:10

  • Mahatma Gandhi rural employment scheme has been positive.
  • ECB for Rupee-debt of power co positive for all power cos
  • Interest subvention of 7 per cent to women self groups for loans up to Rs 3 lakh, additional 3 per cent for those making timely repayment.
12:10 At 1210 hrs, the 30-share BSE Sensex is up 53 points at 17,728.35, a gain of 0.30%.
The NSE Nifty is up 17 points at 5,397.55, a gain of 0.32%.

12:10

  • Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
  • Govt aims to trim subsidy burden
  • FY13 National Social Assistance Scheme outlay at Rs 8447 crore
  • Rs 1,000 crore to be provided for National Skill Development Corporation in 2012-13
12:07

  • Integrated Child Development Scheme to be strengthened and restructured with allocation of Rs.15,850 crore.
  • Allocation of Rs.200 crore for research on climate change.
  • Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year.
  • Rs 20,000 crore to be spent on rural infrastructure development, including Rs 5,000 crore for creating warehousing facilities.
  • National Backward Region Grant scheme outlay raised by 22 per cent to Rs 12,040 crore.
12:07

  • Rural development fund of 20000 crores
  • NRHM allocation hiked to 20820 crores
  • India’s growth disappointing, but recovering: Pranab
  • Rs 14000 crore for rural drinking and sanitation in FY 13
  • FM announces new equity savings scheme
12:03

  • Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 crore this fiscal.
  • Propose credit guarantee fund for education loans.
12:03

  • NRHM allocation increased to Rs 20,820 cr.
  • Maternal and child nutrition scheme to be launched in 200 districts ICDS to get 58%.
  • Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 crore in FY 12 to Rs 14,000 crore in 2012-13.
12:01

  • 6,000 schools have been proposed to be set up in 12th Year Plan
  • Propose to set up 6,000 schools in 12th five year plan
  • UID allocation at Rs 14,232 crore in FY13.
12:01

  • To allow qualified foreign investors in Indian corporate debt markets
  • New state owned irrigation company to be set up
  • To allocate Rs 14232 cr to UID project, up 13% in FY 13
  • Propose National mission for food processing
12:00

  • Rs 14000 crore for rural drinking and sanitation in FY 13
  • FM announces new equity savings scheme
  • Govt targets Rs 30,000 crore from asset sales
  • Govt doubles allocation for tax-free bonds to Rs 60,000 crore for financing infrastructure projects in 2012/13
11:58

  • Rs 242 crore project with World Bank assistance to improve dairy production.
  • India to become self sufficient in manufacturing sector by next year. Enhanced production will take place.
  • India to become self sufficient in urea production in five years.
  • External commercial borrowings to the extent of $ 1 billion to be allowed for aviation sector for next year.
  • Encourage small and medium artisans. Powerloom mega clusters to be set up.
11:57

  • Plan outlay for agriculture raised by 18% to Rs 20208 crore in FY 13
  • Rs 300 crore for intensified irrigation program
  • Retail stocks rally as Budget commits to multi-brand FDI
  • Irrigation, dams to be eligible for special funding
  • Telecom towers made eligible for viability gap funding
11:56

  • Agriculture credit target raised to Rs 5.75 lakh crore in FY13
  • Agriculture allocation increased to Rs 5,75,000 crore.
11:56

  • Propose to allocate Rs 10,000 cr for NABARD to refinance RRBs.
  • Pranab proposes to allocate Rs 10,000 crore for NABARD for refinancing RRBs
  • Government to set up Rs 5,000 crore venture fund for MSME sector
11:56

  • To allow ECB borrowing to part-finance power projects.
  • Agriculture credit target to be raised by Rs 1,00,000 crore to Rs 5,75,000 crore.
  • Kisan credit cards can now be used for ATM machines.
11:50

  • Change in IPO guidleines to promote small town participation
  • To allow ECB funding to finance working capital needs of airlines for 1 year
11:50

  • Will allow external commercial borrowing for power, housing road construction companies
  • To make 8,800 km of highways in FY13; outlay raised
  • Plan outlay raised 18% to Rs 20,208 cr for agriculture
11:50

  • Irrigation, dams to be eligible for special funding
  • Telecom towers made eligible for viability gap funding
  • Fuel supply constraints have hit power supplies nationally
11:48

  • Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.
  • Current account deficit 3.6 percent in 2011-12; this put pressure on exchange rate.
  • Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan: Pranab.
  • Advance Pricing Agreements in DTC to be in Finance Bill: FM
11:48 At 1150 hrs, the 30-share BSE Sensex is up 86 points at 17,761.45, a gain of 0.48%.
The NSE Nifty is up 41 points at 5,421.90, a gain of .77%.

11:47

  • Airlines allowed to tap foreign loans on working capital now.
  • Corporate market reforms to be initiated.
  • Allocation for national highways up 14 per cent. 8,800 km of highways to be developed under National Highway Development Project in 2012-13.
11:47

  • External commercial borrowings to the extent of $ 1 billion to be allowed for aviation sector for next year.
  • Encourage small and medium artisans. Powerloom mega clusters to be set up.
11:46 Foreign loans for low-cost housing projects.

11:46 Foreign loan cap raised for airlines.

11:46

  • Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks.
  • Addressing malnutrition, black money and corruption in public life among five priorities in the year ahead.
11:45

  • Govt to create Financial Holding company to meet financial needs of PSU banks.
  • 3-year lock-in period exemption under Rajiv Gandhi scheme.
  • Increase in investments in infrastructure through PPP.
11:45

  • Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks.
  • Government examining new ways of providing subsidies for LPG, kerosene.
  • Coal India advised to sign FSA with power plants
  • Tax exemption on individual share investment below Rs 10 lakh.
11:44

  • Tax exemption on individual share investment below Rs 10 lakh.
  • Govt to create Financial Holding company to meet financial needs of PSU banks.
  • 3-year lock-in period exemption under Rajiv Gandhi scheme.
  • Increase in investments in infrastructure through PPP.
11:43 Coal India advised to sign FSA with power plants
Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector.

11:40

  • To allow qualified FII into domestic corporate bonds
  • Rs 15890 crore for recapitalisation of PSU banks
  • Extend RRB capitalisation for 2 years
  • Propose Central KYC depository
11:40 At 1140 hrs, the 30-share BSE Sensex is up 140 points at 17,815.78, a gain of 0.79%.
The NSE Nifty is up 50 points at 5,436.75, a gain of 1.05%.

11:38 FM promises tax incentive for new investors.
These make sense when you consider that the share of household savings delpoyed in capital markets has come down sharply.
But will Indians switch to capital markets without pension and insurance funds being allowed to freely invest in equities, and without sorting out issues like commissions for mutual fund agents, says ET.

11:36 The FM said food subsidy will be fully provided for in the Budget, but this will be a tough promise to keep, says ET

11:34 Inflation & current account deficit to come down next year
Focus on removing infrastructure bottlenecks
Changes in IPO norms to increase participation in small towns

11:34 Direct Tax Code (DTC) Bill to be enacted at the earliest
To introduce Rajiv Gandhi Equity Scheme for retail investors

11:34 Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan
Advance Pricing Agreements in DTC to be in Finance Bill

11:32

  • Find ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption: FM
  • Remove bottlenecks in agriculture, energy, transport, coal, power and national highways
  • Ensure rapid rise in private investment
  • Frame policies that trigger domestic demand recovery
11:31 Direct cash subsity to LPG, Kerosene
Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent, says FM.

11:31 Direct transfer of subsidy for kerosene initiated
To implement DTC at the earliest
GST to be operational by August 2012

11:27 Aadhar-enabled payment of select government schemes in 50 districts
Rs 30,000 cr divestment target in FY 13

11:25 To bring down subsidy to 1.7 % of GDP in the next 3 years
To roll out computerized scheme for fertilizer subsidy transfer

11:23 The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted: FM
FY13 subsidy to be under 2% of GDP

11:22 Fiscal deficit rose due to subsidy
Decided to fully provide for food subsidy in the budget
Fiscal balance has deteriorated
FRBM implementation back on track

11:21 Food and fertiliser subsidy largest expenditure.

11:20 International crude oil prices may cross $ 115 per barrel. This will impact the Fuel Subsidy Bill
Global crude oil prices have crossed $115 per barrel

11:18 At 1120 hrs, the 30-share BSE Sensex is up 138 points at 17,813.40, a gain of 0.78%.
The NSE Nifty is up 50 points at 5,430.40, a gain of 0.93%.

11:15 Exports grew 23% in the first quarter.
Need to address the issue of blackmoney.

11:15 2.5% agriculture growth this year
Expect smaller current account deficit
India’s share of trade has gone up

11:12 FM: Need to improve supply side in economy
Tight monetary policy hit consumption and growth

11:10 The Finance Minister said:

  • Performance this year was disappointing but as compared to peers India was better
  • Middle East crisis, debt worries in EU have intensified
  • Global crisis hit Indian growth
  • Tight monetary policy hit consumption and growth
11:09 At 1110 hrs, the 30-share BSE Sensex is up 82 points at 17,758.28, a gain of 0.47%.
The NSE Nifty is up 31 points at 5,401.55, a gain of 0.39%.

11:08 The Budget for 2012-13 has been formulated against the background of railways’ responsibilities in meeting the demands of the 12th Plan: PMO tweets

11:07 Weak industrial growth has held us back: FM

11:07 It has been an year of interrupted recovery: FM

11:06 India is still a front runner for economic growth: FM

11:06 India expected to grow at 6.9%: FM

11:06 Global crisis has affected us: FM

11:05

Cabinet approves Union Budget for 2012-13.

 

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