Mar 10
- The finance minister Shri Pranab Mukherjee lays emphasis on consolidated growth, improving investment environment, inclusive development and strengthening transparency and public accountability in budget 2010-11.
- The total expenditure proposed in the budget estimates is rs.11, 08,749 crore, an increase of 8.6 per cent over last year.
- The plan and non-plan expenditure estimated at rs.3, 73,092 crore and rs.7, 35,657 crore respectively, an increase of 15 percent in plan expenditure and 6 per cent in non-plan expenditure over the be of previous year.
- Fiscal deficit at 5.5 per cent of GDP works out to be Rs. 3,81,408 crore.
- Rolling targets for fiscal deficit pegged at 4.8 per cent and 4.1 per cent for 2011-12 and 2012-13.
- Net Market Borrowing would be of the order of rs. 3,45,010 crore leaving enough space to meet credit needs of private sector.
- Against a fiscal deficit of 7.8 per cent in 2008-09, inclusive of oil and fertilizer bonds, the comparable fiscal deficit is 6.9 per cent as per re 2009-10.
- Gross Tax Receipts estimated at Rs.7,46,651 crore and non-tax receipt estimated at Rs. 1,48,118 crore.
- Status paper giving road map for curtailing the overall public debt to be brought out within 6 months.
- About Rs. 25,000 crores to be raised through disinvestmet programme
- To simplify the FDI regime, for the first time both ownership & control recognised as central to the FDI policy.
- Rs. 16,500 crore to be provided to public sector banks to achieve a minimum 8 per cent
- Tier-I Growth of 127 per cent recorded in exports from SEZs till December, 2009.
- A four-pronged strategy to spur the growth in agriculture sector envisaged. Which includes agricultural production, reduction in wastage of produce, credit support to farmers and thrust to the food processing sector.
- Agriculture credit flow target raised to Rs. 3,75,000 crore from Rs.3,25,000 crore
- Subvention for timely repayment of crop loan increased from 1 per cent to 2 per cent.
- Infrastructure development gets an allocation of Rs. 1,73,552 crore, 46 per cent of total plan allocation , an increase of 13 per cent in road transport sector.
- India Infrastructure finance company limited’s disbursements to reach rs. 20,000 crore by march 2011.
- Allocation for power sector increased by more than doubled to Rs. 5,130 crore.
- New tax incentives announced for infrastructure sector.
- National clear energy fund for funding research and innovative projects in clean energy technologies to be set up.
- Spending on social sector to account for 37 per cent of total plan outlay at Rs.1,37,674 crore
- Allocation for rural development enhanced to Rs.66,100 crores. Allocation for nrega stepped up to 40,100 crore.
- Rs. 48,000 crore allocated for bharat nirman programme
- Backward region grant fund allocation enhanced to Rs. 7,300 crore.
- Rajiv Awas Yojna for slum dwellers and urban poor to get Rs. 1,270 crore , an increase of over 700 per cent
- National Social Security Fund for unorganised sector workers to be set up with an initial amount of Rs. 1,000 crore.
- Mahila Kisan Sashaktikaran Pariyojna with a provision of Rs.100 crore launched
- 80 per cent increase in the allocation for ministry of social justice & empowerment at rs 4,500 crore.
- Minority affairs to get Rs.2,600 crore, an increase of 50 per Cent.
- To rewrite and clean up the financial sector laws, financial sector legislative reforms commission to be set up.
- Unique identification authority of india to get an allocation of Rs. 1,900 crore. A technology advisory group for unique proect to be set up.
- Allocation for defence increased to Rs.1,47,344 crore
- National mission for delivery of justice and legal regorms to be set up to provide timely justice to all.
- Income tax slabs broadened - 10 per cent on income above rs 1.6 lakh to 5.00 lakh, 20 per cent on income above 5.oo lakh to 8.00 lakh , 30 per cent on above Rs. 8.00 lakh
- Additional deduction of Rs. 20,000 for investment in infrastructure bonds
- Surcharge of 10 per cent on domestic companies reduced to 7.5 per cent
- MAT increased from 15 per cent to 18 per cent
- Wighted Deduction non expenditure incurred on in-house r&d from 150 per cent to 200 per cent
- Liimit of turnover for presumptive taxation of small business enhanced to Rs. 60 lakh.
- Limits of turnover needing audit enhanced to 60 lakh for businesses and Rs. 15 lakh for professions.
- Proposal of direct tax to result in revenue loss of Rs. 26,000 crore where as indirect taxes to result in a revenue gain of Rs. 46,500 crore.
- Service tax proposals to result in net revenue gain of Rs.3,000 crore.
- Accredited news agencies which provides news feed online exempted from service tax
- Saral -II for individual salary taxpayers ready for notification
- Service Tax retained at 10 per cent.
- Certain new services to be brought within service tax purview.
- Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, readymade garments, toy baloons, long pepper, replaceable household water filter to be cheaper.
- Infotainmet sector to benefit from concessional custom duty
- Indian rupee to get a symbol, join the select club of currencies
- Special duty concessions to promote clean environment clean energy cess @ Rs. 50 per tonne on coal
- Rate reduction in central excise duties partially rolled back ad valorem on non petro products & cars increased by 2 per cent
- Uniform basic duty of 5 per cent and cvd of 4 per cent on import of medical equipmnet.
- Scientified inputs for orthopaedic implants exempted from import duty
- Central excise on petrol & diesel raised by Rs. One per litre.
- Major tax relief to agriculture & related sectors
- Project import status for the setting up of cold storages
- Full exemption from excise duty to trailers & semi -trailers.
Source: http://www.assocham.org/policies/budget/unionbud20010-11.php
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