- AC restaurants serving liquor and AC hospitals with more than 25 beds under service tax.
- Service tax on air travel to be increased.
- Customs duty on raw silk reduced from 30 to 5 per cent.
- Legal services to be expanded to business entities.
- 20% export duty for iron ore.
- Custom duty on Pet Coke and Gypsum to minimized to 2.5%.
- No new tax exemption limit for women.
- Mandatory levy of 10 pct on branded garments.
- Budget estimates for 2011-12 projects- Rs 9,32,440 crore.
- No change in Central excise duty rate. Base rate on excise duty raised from 4% to 5%.
- Surcharge rate reduced from 7.5 percent to 5 percent for domestic companies.
- Hike in exemption IT limit from Rs 1.6 lakh to Rs 1.8 lakh.
- New series of coins with new rupee symbol expected.
- Simplify tax collection procedure.
- 1 million UID cards to be distributed per day shortly.
- Targeting to reduce deficit to 4.6% for the upcoming fiscal year.
- Plan and Non-Plan expenditure to be increased by 23%.
- BPL pension eligibility age limit reduced.
- Group formed to monitor corruption;will start implementing from 62 dept. in first phase.
- Amendment of Indian Stamp Act shortly.
- Simplified form 'Sugam' for small tax payers.
- Rs 1.64 lakh crore for Defence.
- Rs 1000 crore to build judicial infrastructure.
- Group of ministers to sort out Environmental concerns.
- 1000 crore for improvising judiciary system.
- Rs 8,000 cr to Northeast.
- 60 schemes for SC/ST to be implemented.
- Rs 100 crore for Ladakh.
- Rs 150 crore for Jammu.
- Pension amount increased for 80 years and above.
- Indira Gandhi National Old Age Pension Scheme eligibility revised from 65 to 60 years.
- Rs 200 cr grant to IIT Kharagpur.
- Rs 20 crore to IIM Calcutta.
- 50 Crore to muslim universities in different states.
- 58,000 crore for Bharat Nirman Schemes: FM
- State Innovation Council in each state to be set up.
- Remuneration of anganwadi workers increased from Rs 1500 to Rs 3,000 per month.
- Independent debt management office to be established.
- Rs 1.6 lakh crore to be spent on social projects.
- Current a/c gap a concern due to composition of FX flows: FM
- Establishment of national policy on psychotic drugs, narcotics.
- Tax free infra bonds worth Rs 30000 cr for PSBs proposed.
- 15 mega food parks to be set up.
- Infrastructure spending increased by 23%.
- Rs 30K crore tax free bonds to be provided for railways.
- Financial assistance to be provide to Bengaluru, Chennai, Kolkata metro projects.
- Allocation under Rashtriya Krishi Vikas Yojana to be increased to Rs 7860 crore.
- Promote organic farming.
- GDP manufacturing, targeting 16-25 % increase in next 10 years.
- Rs 300 cr to cultivate pulses in rain-fed areas;Rs 300 cr for the promotion of farm product cultivation.
- Provide Rs 6000cr for PSU bank recapitalization.
- FM: Micro finance companies to be provided with Rs 100 crore equity funds.
- Extension of NBS for urea to be analyzed.
- Home loan limit increased.
- Rs 300 cr for improving pulses production.
- Rural infrastructure development fund to be raised to 180 billion Rupees for the coming fiscal year.
- Grant 1% interest on home loans upto 50 lakhs.
- Mortage Risk Guarantee fund for rural housing to be set up.
- Rs 5,000 cr to be provided to SIDBI to meet priority lending targets.
- Rs 2000 crore for warehousing facilities.
- Rs 2,000 cr for manufacturing facilities.
- Allocation of Rs 6000 cr for some PSU banks.
- Only registered FII's to be associated with Indian MF industry.
- Rs 40,000cr to be raised via disinvestment.
- GST bill to be introduced in current session.
- Extension of NBS to cover urea under review: FM
- 500 crore proposed for empowering women.
- Micro finance institutes proposed for 100 crore.
- 300 crore to be provided to NABARD.
- FBI to regularize banking amendments.
- Ensures better delivery of urea, kerosene.
- FII allow to trade amongst themselves.
- FBI policy to be regularized.
- Public Debt Management Bill to be introduced in 2012.
- Pranab sees Budget 2011-12 as transition towards a transparent and result-oriented economic management.
- Public sector undertaking to be increased.
- Direct transfer of cash subsidy to downtrodden.
- Average inflation and current account deficit to be minimized by next year: FM
- Strong proposition to fight against corruption.
- Pranab seeking Lord Indra's blessings to get good monsoon.
- Remarkable record for last fiscal year.
- Improvise the governance.
- Govt. to reconsider ecological concerns.
- Tremendous growth in exports-29.4%.
- Food inflation down from 22.2% to 9.3 %. But still is a major concern, says FM.
- Budget to ensure more transparent economy.
- Focus on supply side issues in agriculture.
- Pranab: Work on food inflation.
- Stabilize the macro economic situation.
- Budget 2011 approved by Cabinet.
The daily information you would love to know happenning around you and be aware off :) Extracted from different sources.
Monday, February 28, 2011
Union finance budget 2011 - 12 highlights
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