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Following are highlights of Union finance budget 2012-13, Inflation would increase further with price of virtually everything rising. Pranab Mukherjee raised tax exemption slab by just 20000 per annum costing 4500 crore to govt but increasing service tax in order to get 45000 crores additional revenue...so does he think we are headless as govt??
So readers Do you like the budget 2012-13?? is it pass or fail from your side?? leave a comment for healthy discussion..
-Tax burden for individuals to come down: Income tax exemption limit raised from Rs 1,80,000 to Rs 2,00,000; 10% tax for 2-5 lakh income; 20% for 5-10 lakh and 30% beyond Rs 10 lakh; Savings bank account interest up to Rs 10,000 exempted from tax. -Many services and goods to cost more: No change in corporate tax rate, but standard rate of excise duty, as also service tax rates, raised from 10% to 12%; No change in peak customs duty of 10% on non-agri goods.
-Large cars, imported bicycles, cigarettes, bidis and some imported jewellery to cost more; branded silver jewellery may get cheaper.
-Boost for capital markets: Securities Transaction Tax on cash delivery reduced by 25% to 0.1%; A new Rajiv Gandhi Equity Saving Scheme to allow income tax deduction to retail investors in stocks.
-Economy expected to gain ground: GDP growth rate pegged at 7.6% in 2012-13; Subsidy Expenditure to be checked and higher tax revenues targetted; Rs 30,000 crore to be raised from disinvestment.
-Capital boost to financial and infrastructure sectors: Rs 15,888 crore to be provided for capitalisation of public sector banks and financial institutions; Infrastructure investment of Rs 50 lakh crore in 12th period, with half from private sector; Tax free bonds of Rs 60,000 crore to be allowed for financial infrastructure projects.
HOW IT AFFECTS..HERE IS ANOTHER PERSPECTIVE:
Costlier:
* Two-wheelers, cars, commercial vehicles
* Refrigerators, air-conditioners, washing machines, watches
* Soaps, cosmetics, homecare items
* Cigarettes and bidis
* Packaged food items
* Pan masala and chewing tobacco
* Unbranded precious metal jewellery
* Imported luxury vehicles
* Imported bicycles and bicycle parts
* Imported digital still cameras
* Imported gold bars and coins of certain categories, platinum
* Imported cut and polished coloured gem stones
* Air travel, eating out at restaurants and hotel stays
Cheaper:
* Mobile phone parts
* Branded silver jewellery
* Branded garments
* Imported LCD and LED TV panels of over 20 inch
* Matches
* Footwear below Rs 500
* Adult diapers
* Soya protein food products
* Probiotics
* Writing instruments
* Imported medical equipment
So readers Do you like the budget 2012-13?? is it pass or fail from your side?? leave a comment for healthy discussion..
-Tax burden for individuals to come down: Income tax exemption limit raised from Rs 1,80,000 to Rs 2,00,000; 10% tax for 2-5 lakh income; 20% for 5-10 lakh and 30% beyond Rs 10 lakh; Savings bank account interest up to Rs 10,000 exempted from tax. -Many services and goods to cost more: No change in corporate tax rate, but standard rate of excise duty, as also service tax rates, raised from 10% to 12%; No change in peak customs duty of 10% on non-agri goods.
-Large cars, imported bicycles, cigarettes, bidis and some imported jewellery to cost more; branded silver jewellery may get cheaper.
-Boost for capital markets: Securities Transaction Tax on cash delivery reduced by 25% to 0.1%; A new Rajiv Gandhi Equity Saving Scheme to allow income tax deduction to retail investors in stocks.
-Economy expected to gain ground: GDP growth rate pegged at 7.6% in 2012-13; Subsidy Expenditure to be checked and higher tax revenues targetted; Rs 30,000 crore to be raised from disinvestment.
-Capital boost to financial and infrastructure sectors: Rs 15,888 crore to be provided for capitalisation of public sector banks and financial institutions; Infrastructure investment of Rs 50 lakh crore in 12th period, with half from private sector; Tax free bonds of Rs 60,000 crore to be allowed for financial infrastructure projects.
HOW IT AFFECTS..HERE IS ANOTHER PERSPECTIVE:
Costlier:
* Two-wheelers, cars, commercial vehicles
* Refrigerators, air-conditioners, washing machines, watches
* Soaps, cosmetics, homecare items
* Cigarettes and bidis
* Packaged food items
* Pan masala and chewing tobacco
* Unbranded precious metal jewellery
* Imported luxury vehicles
* Imported bicycles and bicycle parts
* Imported digital still cameras
* Imported gold bars and coins of certain categories, platinum
* Imported cut and polished coloured gem stones
* Air travel, eating out at restaurants and hotel stays
Cheaper:
* Mobile phone parts
* Branded silver jewellery
* Branded garments
* Imported LCD and LED TV panels of over 20 inch
* Matches
* Footwear below Rs 500
* Adult diapers
* Soya protein food products
* Probiotics
* Writing instruments
* Imported medical equipment
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