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MEANING……. Budget is the annual financial statement of the government i.e the statement of all estimated revenues and expenditures in a fiscal year. In india,fiscal year followed is from 1 st of april to 31 st march of following year.

Budget highlights…..:

Budget highlights….. Subsidies……. 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 . Subsidies related to administering the Food Security Act will be fully provided for. Disinvestment policy… Government has further evolved its approach to divestment of Central Public Sector Enterprises by allowing them a level playing field vis-à-vis the private sector in respect of practices like buy backs and listing at stock exchanges . For 2012-13, `30,000 crore to be raised through disinvestment. At least 51 percent ownership and management control to remain with Government.

PowerPoint Presentation:

Investment environment…. Efforts to arrive at a broad based consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent . To allow Qualified Foreign Investors to invest in Indian debt markets. Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 percent to new retail investors, who invest upto `50,000 directly in equities and whose annual income is below `10 lakh to be introduced. The scheme will have a lock-in period of 3 years. To protect the financial health of Public Sector Banks and Financial Institution,`15,888 crore proposed to be provided for capitalisation . Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination.

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Reduction of STT on delivery based sale and purchase of share from 0.125% to 0.1%. IPO of Rs 10 cr above will only be in electronic form. INFRASTRUCTURE AND INDUSTRY…… Infrastructure….. During Twelfth Plan period, investment in infrastructure to go up to `50 lakh crore with half of this, expected from private sector. Government has approved guidelines for establishing joint venture companies by defense PSUs in PPP mode. Tax free bonds of `60,000 crore to be allowed for financing infrastructure projects in 2012-13. National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 10 crore jobs.

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Coal India Limited advised to sign fuel supply agreements with power plants, having long-term PPAs with DISCOMs and getting commissioned on or before March 31, 2015. External Commercial Borrowings (ECB) to be allowed to part finance Rupee debt of existing power projects. Indian airlines will be allowed to raise up to $ 1 billion via External Commercial Borrowings for 1 year. Proposal to allow foreign airlines to participate upto 49 per cent in the equity of an air transport undertaking under active consideration of the government. Target of covering a length of 8,800 kilometre under NHDP next year. SMALL AND MEDIUM INDUSTRIES…. `5,000 crore India Opportunities Venture Fund to be set up with SIDBI.

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To enable greater access to finance by Small and Medium Enterprises (SME),two SME exchanges launched in Mumbai recently. AGRICULTURE… Expects country to become self sufficient in urea production in five years. Proposes to raise agricultural credit target to 5.75 trillion rupees in 2012-13. Plan Outlay for Department of Agriculture and Co-operation increased by 18 percent. Kisan Credit Card (KCC) Scheme to be modified to make KCC a smart card which could be used at ATMs.

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Tax reforms…… DIRECT TAX REFORMS… Exemption limit for the general category of individual taxpayers proposed to be enhanced from `1,80,000 to `2,00,000 giving tax relief of `2,000. Proposal to allow individual tax payers, a deduction of upto `10,000 for interest from savings bank accounts. Senior citizens not having income from business proposed to be exempted from payment of advance tax. Restriction on Venture Capital Funds to invest only in 9 specified sectors proposed to be removed. Reduction in securities transaction tax by 20 per cent on cash delivery transactions. Proposal to introduce General Anti Avoidance Rule to counter aggressive tax avoidance scheme.

PowerPoint Presentation:

INDERECT TAX REFORMS… Proposal to tax all services except those in the negative list comprising of 17 heads. To maintain a healthy fiscal situation proposal to raise service tax rate from 10 per cent to 12 per cent, with corresponding changes in rates for individual services. Full exemption from basic customs duty for import of equipment for expansion or setting up of fertiliser projects upto March 31, 2015. Full exemption from basic customs duty to coal mining project imports. Proposal to increase basic customs duty on imports of gold and other precious metals.

Result of tax reforms….:

Result of tax reforms…. A net revenue loss of `4,500 crore estimated as a result of Direct Tax proposals. Indirect taxes estimated to result in net revenue gain of `45,940 crore. Net gain of `41,440 crore in the Budget due to various taxation proposals. Proposals relating to Customs and Central excise to result in net revenue gain of 27,280 crore. Proposals from service tax expected to yield additional revenue of `18,660 crore.


BUDGET ESTIMATES… Gross Tax Receipts estimated at `10,77,612 crore . Net Tax to Centre estimated at `7,71,071 crore . Non-tax Revenue Receipts estimated at `1,64,614 crore . Non-debt Capital Receipts estimated at `41,650 crore . Total expenditure for 2012-13 budgeted at `14,90,925 crore . Plan expenditure for 2012-13 at `5,21,025 crore is 18 per cent higher than BE 2011-12 . This is higher than 15 per cent projected in Approach to the Twelfth Plan.

PowerPoint Presentation:

99 per cent of the total plan outlay met in the Eleventh Plan. Non-plan expenditure estimated at `9,69,900 crore . Entire amount of subsidy is given in cash and not as bonds in lieu of subsidies. Fiscal deficit at 5.9 per cent of GDP in RE 2011-12. Fiscal deficit at 5.1 per cent of GDP in BE 2012-13. Net market borrowing required to finance the deficit to be `4.79 lakh crore in 2012-13. Central Government debt at 45.5 per cent of GDP in 2012-13 as compared to Thirteenth Finance Commission target of 50.5 per cent. Effective Revenue Deficit to be 1.8 per cent of GDP in 2012-13.

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