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Union Budget 2013-14 Highlights

Union Budget 2013-14 Highlights

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Published by GDPI Expert
Finance Minister P. Chidambaram presented Union Budget 2013-14 in Parliament on Thursday, 28th February 2013.

This document highlights the key points.
Finance Minister P. Chidambaram presented Union Budget 2013-14 in Parliament on Thursday, 28th February 2013.

This document highlights the key points.

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Published by: GDPI Expert on Feb 28, 2013
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04/10/2013

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Union Budget 2013-14 summary in 8 simple headings
 Finance Minister P. Chidambaram presented Union Budget 2013-14 in Parliament on Thursday, 28
th
 February 2013.In simple terms budget gives an overview of:
 
How much are we going to spend?
 
How much are we going to save?Recapitulating the fact that India is ranked 9
th
in the world by GDP value, and our GDP is around 1.8Trillion $ or Rs 100 lakh crore. Keeping this in view the big size o
f economy, budget is present in “crorerupee” terms.
Union Budget 2013 is classified into different heads:
I.
 
Budget
 –
Monetary OverviewII.
 
Tax CollectionsIII.
 
Banking and Financial SectorIV.
 
Infrastructure SectorV.
 
Industrial SectorVI.
 
Agriculture SectorVII.
 
Social DevelopmentVIII.
 
Miscellaneous but Key Allocations
 
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I. Budget
 –
Monetary Overview
1.
 
The total expenditure in the Union Budget 2013-14 is pegged at Rs. 16,65,297 crore. Break-up of this amount is as follows:
 
Plan expenditure to be Rs.5,55,322 crore (33%).
 
The non-Plan expenditure to be Rs 11,09,975 crore (67%).
II. Tax Collections
Direct taxes
1.
 
A relief of Rs. 2000 for the Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs.2.
 
A surcharge of 10 percent on persons (other than companies) whose taxable income exceedsRs.1 crore have been levied.3.
 
Surcharge has been increased from 5 to 10 percent on domestic companies whose taxableincome exceed Rs. 10 crore.4.
 
In case of foreign companies, surcharge will increase from 2 to 5 percent, if the taxable incomeexceeds Rs. 10 crore. Additional surcharges to be in force for only one year.5.
 
Education cess to continue at 3 percent.6.
 
The grant of investment will be allowed at the rate of 15 percent to manufacturing companiesthat invest more than Rs. 100 crore in plant and machinery during the period 1.4.2013 to31.3.2015.7.
 
Concessional rate of tax of 15 per cent on dividend received by the Indian companies from itsforeign subsidiary proposed to continue for one more year.8.
 
It is proposed that TDS at the rate of one percent on the value of the transfer of immovableproperty where the consideration exceeds Rs. 50 lakhs to be levied. Agricultural land to beexempted from TDS.9.
 
Increase the rate of tax on payments by way of royalty and fees for technical services to non-residents from 10 percent to 25 percent.10.
 
The Budget also proposes to introduce Commodities Transaction Tax (CTT) in a limited way.However, agricultural commodities will be exempted.
Indirect Taxes
1.
 
No change in the normal rates of 12 percent for excise duty and service tax.2.
 
No change in the peak rate of custom duty of 10 percent for non-agricultural products.3.
 
Custom duty on free gold limit increased to Rs. 50,000 in case of male passenger and Rs.1,00,000 in case of a female passenger subject to conditions.4.
 
Duty on imported luxury goods such as high end motor vehicles, motor cycles, yachts and similarvessels increased.5.
 
Custom duty on Set Top Boxes increased from 5 to 10 percent while on raw silk increased from 5to 15 percent to boost domestic production.
 
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Custom duty on specified machinery for manufacture of leather and leather goods includingfootwear reduced from 7.5 to 5 percent.7.
 
The period of concession available for specified part of electric and hybrid vehicles extendedupto 31 March 2015.8.
 
Excise duty on SUVs increased from 27 to 30 percent. However, this will not apply to SUVsregistered as taxies.9.
 
Cigarettes will cost more as specific excise duty increased by about 18 percent. Similar increasesare proposed on cigars, cheroots and cigarillos.10.
 
Duty on mobile phones priced above Rs. 2000 has been raised to 6 percent from the current onepercent.11.
 
The Budget proposes 'Voluntary Compliance Encouragement Scheme' where a defaulter mayavail of the scheme on condition that he files a truthful declaration of Service Tax dues since1.10.2007. It is a one-time scheme in which interest, penalty and other consequences will bewaived.
III. Banking and Financial Sector 
1.
 
Rs. 14,000 crore worth of capital infusion to be made into public sector banks. Banks will meetthe Basel III regulations.2.
 
India's first all women's bank is proposed to be set up with Rs. 1,000 crore as initial capital.3.
 
Insurance companies can now to open branches in Tier II cities and below without priorapproval of IRDA,4.
 
LIC and a public general-insurance company to have offices in all towns with the population of 10,000.5.
 
Banks are now permitted to act as insurance broker.6.
 
The Rashtriya Swasthiya Bima Yojana, to cover 34 million families below the poverty line, willnow be also extended to other categories such as rickshaw, auto-rickshaw and taxi-drivers,sanitation workers, rag pickers and mine workers.7.
 
Number of social schemes for life-cum-disability cover, health cover, maternity assistance andpension benefits to be started.8.
 
SEBI now permits simplification of procedure and uniforms norms for foreign portfolio investors,clarity relating to FDI investment, allowing FIIs to participate in new areas, etc.
IV. Infrastructure Sector 
1.
 
The private sector to share 47 percent of Rs 55,00,000 crore investment in infrastructure as per12
th
Plan. Infrastructure Debt Funds (IDF) will be encouraged. India Infrastructure FinanceCorporation (IIFCL) will offer credit enhancement to infrastructure companies that wish toaccess the bond market to tap long term funds.

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