Today, Finance Minister Pranab Mukherjee tables UNION BUDGET 2010-11 in Parliament.
Fibre2fashion is privileged to bring his announcements and declarations on the Budget for the coming fiscal, live
Following are the highlights of the entire Budget Speech:
* Scope for gradual pullback of stimulus due to economic recovery
* Second quarter to emerge with over 500,000 jobs
* VAT introduction to boost states' tax revenues
* Direct Tax Code from April 2011 to be implemented
* Execution of GST by April 2011
* Govt to raise Rs.35,000 crore through disinvestment
* FDI regime has been simplified
* Need to review public spending with the recovery in economy
* RBI to provide more licenses to NBFCs
* Extension of stimulus package
* 2 percent Interest Subvention extended upto March 2011
* The interest subvention extension for exports includes handicrafts, carpets, handlooms and SMEs
* Khadi Institute receives Rs.400 crore
* Additional funds to upgrade rural and urban areas infrastructure
* A total plan of 46% for infrastructure
* GOI signs $150mn pact with ADB to execute Khadi program
* Fiscal deficit pegged at 5.5% of GDP
* Fiscal deficit seen at 4.8% in FY12 & at 4.1% in FY13
* An apex level Financial Stability and Development Council to be set up
* Automation of excise, service tax rolled out
* Minimum Alternate Tax up from 15% to 18% on book profits
* Cutback in current surcharge on domestic comp to 7.5 % from 10%
* Total expenditure is within target
* Personal income tax: Above Rs 8 lakh, tax at 30%
* Professionals with Rs 15 lakh income need account audit
* Advanced tax receipts anticipated at Rs 7.46 lakh cr
* Announcement of new Tax Structure
* Hike in Peak excise duty from 8% to 10%
* Reduction in personal tax rate savings between Rs 50,000- 80 lakhs
* No service tax on agricultural seeds
* Service Tax rates remains at 10%
* Peak customs duty unchanged at 10%
* Customs duty on gold, platinum imports wnt up to Rs.300 from Rs.200
* Service tax to GDP ratio is 1%
* Proposal to provide one-time grant of Rs.200 crore for Tirupur knitwear cluster
* Proposal to exempt ready-made garments from special additional duty
Fibre2fashion News Desk - India
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