Union Budget 2012-13 Lead-1

Budget key words

• 5.9% fiscal deficit of GDP
• To submit white paper on black money
• Boost for Aviation
• Increase in Defence Budget
• Tax Collection up 15%
• Fall in Income Tax and Corporate Tax Collection
• Tax exemption limit raised to Rs.2Lakh from 1.80Lakh
• Direct Tax Code Defferred

Budget Highlights

• Kisan Credit cards can be used in ATM
• Credit Guarantee Loans for skilled persons
• 20% more money to mid-day meal
• Public Distribution System to be computerised
• 6000 school to be set up in 12th fifth year plan
• Dedicate cell to track black money
• Tracking of Tax evision through PAN
• Credit guarantee scheme for skilled persons
• 7 medical college to be upgraded
• Direct transfer of food subsidy to farmers
• Direct transfer of commodity subsidy to consumers
• Tax free inrastrucure bond double to Rs.60,000-cr.
• Tax free bond enhance for govt. employees to Rs.60,000
• New equity saving scheme for small investors
• Foreign loan capped for aviation sector it capped 49% FDIs
• Health Schemes in urban area to be higher allocation
• Proposed tax free bond of 10,000-crfor power sector companies
• 20% reduction in Security transaction Tax (STT)

Budget Worries

No clear roadmap to GST, DTC and subsidiary cut in budget speech