Union Budget 2012-13; proposals by FM

Published: Friday, March 16, 2012, 16:50 [IST]

Live coverage on Union Budget 2012-13 being presented by Finance Minister, Pranab Mukherjee.

FM concludes speech
1:01 PM

Gold and Jewellery to cost more
LCD and bicycles to cost less
Luxury items and eating out more expensive
Medicines for treating cancer, HIV to become cheaper
Solar power lamps, LED bulbs to become cheaper
Excise duty on handmade and semi-mechanised matches reduced from 10 to 6 per cent
Iodised salt, match-boxes, soya products to become cheaper
Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted.
1:01 PM

Customs Duty on refined Gold doubled
Hike in excise duty on ciggaretes and beedis
Import on aircraft parts exempt from basic customs duty
12:52 PM

Over Rs 11,000 cr for school mid-day meal scheme.
Tracking of tax evasion through PAN.
6000 schools to be set up in 12th five year plan.
12:48 PM

No change in peak customs duty
Duty on large cars raised to 24%
Customs duty exempted for equipment for fertilizer plans
12:39 PM

Service tax raised to 12% from 10%
Standard excise duty raised to 12%
Markets in the red for the first time today
12:33 PM

STT cut to 0.1%
STT now stands reduced by 20% for delivery based transactions
to open tax asessments of over 15 years for overseas assets
12:26 PM

Tax breaks for individuals dissapoints
FM hikes no tax income to Rs 200,000 from 1,80,000
Tax slabs remain as follows: Upto Rs 2,00,000 - Tax Nil
Rs 2 lakhs - Rs 5 lakhs - 10%
Rs 5 lakhs- Rs 10 lakhs - 20%
Above Rs 10 lakhs - 30%

12:22 PM

FY 13 fiscal deficit estimates remain high at 5.1%
12:15 PM

Fiscal deficit at 5.9% of GDP for 2011-12
Gross Tax estimates at 10.6% of GDP.
12:15 PM

To allow qualified foreign investors in Indian corporate debt markets.
Defence outlay at Rs 1.95 lakh crores
To submit white paper in parlianment on black money
12:09 PM

Rs 242 crore project with World Bank assistance to improve dairy production.
UID allocation at Rs 14,322 crores
Rs 20,000 crore to be spent on rural infrastructure development
12:06 PM

PDS to be computerised for monitoring.
NRHM allocation hiked to Rs 20,820 crores.
Rupee remains steady at Rs 50.32 against the Dollar.
12:01 PM

Markets remain steady: not enthused by Budget so far
Rs 14,000 crore for rural drinking water allocated.
Tax free bonds for NHAI pegged at Rs 10,000 crores.
11:55 AM

Target for agriculture credit increased to Rs 5,75,000 crore.
Direct import of aviation fuel allowed.
FDI in aviation being actively considered.
11:52 AM

Foreign loans for low cost housing projects proposed
Interest subsidy for farmers to continue
Rajiv Gandhi equity scheme for retail investors introduced
11:48 AM

10% of IPO above Rs 10 cr via electronic platform.
Rs 50,000 tax exemption for retail investors.
New equity savings scheme for small investors.
11:42 AM

ECB borrowings to finance power projects allowed
8,800 KMS of highway projects for FY 13
ECBs for working capital in aviation allowed
11:39 AM

Tax free Infrastruture bonds investment doubled from present limits
New tax exemptions for retail investments
DTC implementation deferred
11:36 AM

Efforts on for consensus on FDI in multi-brand retail.
To introduce new tax laws for micro finance companies.
Propose Rs 15,588 crores for capitalisation of PSUs
11:31 AM IST

FY 13 divestment target set at Rs 30,000 crore.
11:27 AM

Need to strike a balance between fiscal consolidation and growth.

GDP in 2012-13 estimated at 7.6% and current account deficit at 3.6% for 2012.

11:17 AM

India GDP estimated to grow at 6.9% in FY 12. Slowdown in GDP due to slowdown in private investment and manufacturing. Headline inflation remains high. It moderated only in 2011. I expect headline inflation to moderate and remain stable: FM
11:11 AM

Agriculture and services continue to do well. Indian manfacturing on path of revival. Need to take hard decisions, to sustain high growth: Pranab
11:07 AM

Cacophony in Parlianment as Pranab speaks.
11:03 AM

Pranab Mukherjee begins Budget speech
11:01 AM

Sensex and Nifty exhibit steady trend ahead of the Budget. Up 81 and 30 points respectively
11:00 AM

CII expects strong budget from Mukherjee
10:57 AM

Fluid political situation may not permit diesel deregulation
10:52 AM

RBI keenly watching budget for means to reduce fiscal deficit, before it acts on rate cuts
10: 45 AM

Stock Markets keen on fiscal consolidation measures
10:41 AM

Expect excise duty hike on diesel cars
10:37 AM

Huge subsidy bill remains an area of concern
10:30 AM

DMK Ministers to skip budget
10:27 AM

Dinesh Trivedi attends Cabinet meeting
10:23 AM

Cabinet meet underway
10:21 AM