February 28, 2013
Kalaivaraikalai
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Highlights of Budget 2013-14:
* No revision of personal income tax slabs; relief in first bracket through tax credit of Rs.2,000 for earnings up to Rs.500,000 (approx $9,000)
* Ten per cent surcharge on income exceeding Rs.1 crore (Rs.10 million/$180,000) a year; only 42,800 people have declared such income
* Collective responsibility to ensure dignity and safety of women; recent incidents have cast a dark shadow; stand in solidarity with our girl children and women; will keep them safe and secure
* Rs.1,000 crore allocated for establishing Nirbhaya Fund
* Rs.97,000 crore (Rs.970 billion/$18 billion) for women's development
* Defence allocated Rs.203,672 crore (Rs.2.03 trillion/$37 billion), an increase of five per cent
* Import duty on high-end vehicles raised from 75 per cent to 100 per cent
* Excise duty on cigarettes to be increased 18 per cent
* No change in service tax of 12 per cent
* Service tax on all air conditioned restaurants regardless of whether or not they serve alcohol
* No service tax on agricultural testing procedures
* Rs.9,000 crore allocated for compensating state for differential in central sales tax and GST
* Concessions for encouraging MRO (maintenance repair overhaul) sector
* No change in customs duty on non-agricultural products
* Modified law to prevent tax avoidance to come into effect April 1, 2016
* 100 per cent tax deduction for contributions to National Children's Fund
* Education cess to continue at 3 per cent
* 11 lakh people have benefited from direct cash transfers; scheme to be rolled out across the country during UPA-2 term (May 2014)
* Property transactions skewered; TDS of one per cent where transaction exceeds Rs.50 lakh
* Tax on mutual fund redemptions reduced from .25 per cent to .001 per cent
* Tax Administrative Reforms Commission to be set up
* Cities to be encouraged to promote waste to energy projects
* Low interest funds to be provided for promoting clean energy
* Rs.800 crore provided to promoting wind energy
* Two new ports to be set up in West Bengal and Andhra Pradesh to add 100 million tonnes handling capacity
* Gas handling terminal at Dabhol in Maharashtra to be fully operational during 2013-14
* State governments urged to sign restructuring plans with electricity discoms
* Tax-free infrastructure bonds of Rs.50,000 crore to be issued
* Textile ministry allocated Rs.50 crore for establishing apparel parks
* Handloom sector allocated Rs.96 crore to benefit 150,000 weavers
* Infrastructure debt funds to be encouraged
* Regulator to be appointed for road projects; 3,000 km of road projects to be awarded in first six months of 2013-14
* Incentive allowance of 15 per cent over and above permitted depreciation to those investing over Rs.100 crore in infrastructure projects
* Rajiv Gandhi Equity Scheme to be liberalised
* Seven new cities identified along Delhi-Mumbai Industrial Corridor
* Preliminary work begun on Bangalore-Mumbai Industrial corridor
* Foodgrain production during 2013-13 estimated at 250 million tonnes
* Rs.500 crore allocated for promoting crop diversification
* Rs.200 crore allocated for promoting nutrient-rich crops
* Rs.50 crore allocated for farmer-producer organisations
* National Livestock Mission to be launched with allocation of Rs.307 crore
* Hope parliament will pass food security bill; Rs.10,000 crore allocated for initial expenditure on implementation
* Human resource development ministry to get Rs.65,867 crore
* Rs.13,250 crore allocated for midday meals scheme
* Rs.17,700 crore allocated for Integrated Child Development Scheme
* Drinking water and sanitation ministry allocated Rs.15,260 crore
* Allocation of rural development ministry allocation raised by 46 per cent to Rs.80,294 crore; Rs.33,000 crore for rural jobs scheme
* Budget expenditure for 2013-14 at Rs.16 lakh 65,297 crore; plan expenditure at Rs.5 lakh 55,224 crore
* Rs.41,000 crore for Scheduled Caste plan
* Rs.110 crore for department of disabilities
* Rs.37,330 crore for health ministry
* Average growth during UPA-1 was 8 per cent; high growth not a novelty
* Current account deficit a worry because of high oil and gold imports
* Will need $75 billion to finance current account deficit
* Need to encourage FDI in consonance with economic priorities
* WPI inflation down to 7 per cent; food inflation worrying.
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