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Union Budget 2013-14 Highlights

Union Budget 2013-14 Highlights

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Published by Bala Meenakshi
Union Budget of India 2013-14
Union Budget of India 2013-14

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Published by: Bala Meenakshi on Mar 23, 2013
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07/10/2014

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Key Points of Union Budget 2013-14 : • Tax slabs and rates remain unchanged from last year • Government

will look to introduce Direct Tax Code (DTC) bill in current session • Tax credit of Rs. 2000 to be provided to those having income upto Rs. 5 lakh, entailing a revenue loss of Rs.3600 crore • Surcharge of 10% for individuals with taxable income of over Rs.1 crore • Commodities transaction tax (CTT) to be levied on non-agriculture commodities futures contracts at 0.01 per cent. • Customs duty and service tax rate remain unchanged at 10 and 12%, respectively • Modified General Anti Avoidance Rules (GAAR) norms to kick in from April 1, 2016 • Import duty in set-top boxes raised from 5% to 10% to aid domestic players • Import duty on luxury vehicles to be raised from 75% to 100% • Duty limit on Gold raised to Rs.50,000 for male and Rs.100,000 for female • Vocational courses offered by State-affiliated institute to be exempt from tax • Direct tax target at Rs.13,300 crore and indirect tax target at Rs.4,700 crore • Education cess to continue at 3%

• Securities Transaction Tax reduced on equity futures and mutual funds • Fiscal Deficit to be 5.2% in current fiscal and 4.8% in FY14 • In FY12, tax-GDP ratio was 5.5% for direct taxes and 4.6% for indirect taxes • Plan Expenditure pegged at Rs.555,322 crore and Non-Plan expenditure at Rs.11,09,975 crore for FY14

2013 to March 31.700 crore • Average annual growth rate of agriculture and allied services estimated at 3. says the Finance Minister • Two new major ports to be set up in West Bengal and Andhra Pradesh • Oil and Gas exploration policy to be reviewed and moved from revenue sharing to profit sharing mechanism • Government to set up India’s first women’s bank as a public sector bank by October of 2013 • Coal imports during April-Dec 2012 crossed 100 million tons and will reach 185 million tons by 2016-17 • SIDBI’s refinancing facilities to MSMEs to be doubled to Rs. 2015 will be allowed 15 per cent investment deduction allowance apart from depreciation • Rajiv Gandhi Equity Savings Scheme (RGESS) to be liberalized to allow first time equity investors to invest in Mutual Funds and equity markets • First Housing Loan upto Rs.NREGA.Rs.10.000 crore.1 lakh in 2013-14 • India does not have choice between welcoming and spurning foreign investment.6 per cent in 2012-13 when 250 MT foodgrains was produced • Indian Institute of Biotechnology to be set up at Ranchi • Government to constitute a regulatory authority for the road sector • A company investing Rs 100 crore or more in plant and machinery in April 1.14873 crore.33.• Rs.25 lakh to get additional deduction of interest upto Rs.Rs.532 crore to make post offices a part of the core banking system • SMEs to be allowed to list on MSME exchange without making a public offer • Allocation to flagship schemes :. ICDS.00 crore . JNNURMRs.17.it’s an imperative.

03 trillion in 2013-14 • Allocation to agricultural sector pegged at Rs.• Rs. 2014 • All Regional Rural Banks and Cooperative Banks to be e-linked by year end • Rs.49 billion in 2013-14 .6.000 crore to be infused into various public sector banks in FY14 • All Public Sector Banks to have ATMs at all their branches by March 31.000 crore to be allocated for rural housing fund in FY14 • Investors with stake of 10% or less will be treated as FII.14.2.270. anything more will be treated as FDI • Inflation-indexed bonds to be issued • FIIs can hedge forex exposure through exchange-traded derivatives • Allocation to defence sector pegged at Rs.

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