21-08-2012, 10:21 AM
BUDGET 2012-2013
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Introduction:
Union Budget, which is a yearly affair, is a comprehensive display of the Government’s finances. It is the most significant economic and financial event in India. The Finance Minister puts down a report that contains Government of India’s revenue and expenditure for one fiscal year. The fiscal year runs from April 01 to March 31.
The Union budget is preceded by an Economic Survey which outlines the broad direction of the budget and the economic performance of the country .
OVERVIEW OF THE ECONOMY:
Economy expected to grow at 6.9% in FY 2011-12
Agriculture – 2.5%
Industry – 3.9%
Services – 9.4%
Growth in next fiscal expected to be 7.6%
Gross fiscal deficit stands at 5.9% of GDP (5.1% last year)
Revenue deficit to be 1.8% of GDP in FY 2012-13 (3.4%last year)
Direct tax revenue expected to go up by 13.84% and
indirect tax revenue to go up by 26.67%
Rates of tax
No change in tax rates of individuals
Non taxable threshold limit for individuals enhanced to INR 200,000
Non taxable threshold limit has now been aligned for
resident women and individuals (other than senior citizens)
Taxable slab of 20% enhanced to INR1,000,000
SUBSIDIES
Subsidies related to administering the Food Security Act will be fully provided for.
Endeavour to keep central subsidies under 2 per cent of GDP in 2012-13. Over next 3 year, to be further brought down to 1.75 per cent of GDP.
Based on recommendation of task force headed by Shri Nandan Nilekani, a mobile-based Fertilizer Management System has been designed to provide end -to-end information on movement of fertilisers and subsidies. Nation-wide roll out during 2012.
All three public sector Oil Marketing Companies have launched LPG transparency portals to improve customer service and reduce leakage.
Endeavour to scale up and roll out Aadhaar enabled payments for various government schemes in atleast 50 districts within next 6 months
TAX REFORMS
DTC Bill to be enacted at the earliest after expeditious examination of the report of the Parliamentary Standing Committee.
Drafting of model legislation for the Centre and State GST in concert with State is under progress.