receipt budget

Receipts Budget, 2013-2014 (iii)

INTRODUCTORY NOTE

The document provides an Abstract of Receipts at the very beginningfollowed by details of Tax Revenue, Non Tax Revenue and Capital Receipts.

Annexes:Annex 1 gives the Trends in Receipts. The Analysis of Tax and Non-Tax

Receipts are given in Annex 2. Annex 3 provides details of Trends in Expenditure,while Annex 4 provides the details of Reconcilation. Annex 5 relates to Debt Positionand has sub parts Annex 5(i) Statement of Liabilities, Annex 5 (ii) Statement ofAssets, Annex 5(iii) Statement of Guarantees and Annex 5 (iv) Asset Register.

Annex 6 gives Details of Current Rupee Loans of the Central Government, whileAnnex 6A and 6B provides details of Special Government Securities issued to RBIand other Nationalised Banks. Annexes 6C to 6J provide details on SpecialSecurities issued in lieu of Subsidies and special bonds issued to various FinancialInstitutions, including securitisation of POLIF from Public Account to Market Loans.Annex 7A shows the Sources and Application of National Small Savings Fund whileAnnex 7B is a Financial Statement of the National Small Savings Fund. Annex 8 hasthe details of Liability on Annuity Projects.

Annex 9 is a statement on External Assistance, while Annex 10, 10A and 10B areStatements of Statewise Distribution of Net Proceeds of Union Taxes and Duties forBE 2013-14, RE 2012-13 and Actuals 2011-12 respectively. Annex 11 is theStatement of Tax Revenues Raised but not Realised and Annex 12 is the Statementof Arrears of Non Tax Revenue. Annex 13 gives details of Market Loans due fordischarge during 2013-14 while Annex 14 gives details of Railway Reserve Funds.Annex 15 has details of Revenue Foregone under the Central Tax System.

Actuals for 2011-12 in Receipt Budget are provisional.

Receipt Budget, 2013-2014 1ABSTRACT OF RECEIPTS

(In crores of Rupees) 2011-2012

Actuals2012-2013

BudgetEstimates

2012-2013 Revised

Estimates

2013-2014Budget

EstimatesREVENUE RECEIPTS1. Tax Revenue

Gross Tax Revenue 889176.36 1077611.79 1038036.61 1235870.08Corporation Tax 322816.17 373227.00 358874.00 419520.00Taxes on Income 170342.63 195786.00 206095.00 247639.00Wealth Tax 788.14 1244.00 866.00 950.00Customs 149327.50 186694.00 164853.00 187308.00Union Excise Duties 145607.56 194350.34 171996.09 197553.95Service Tax 97508.92 124000.00 132697.00 180141.00Taxes on Union Territories 2785.44 2310.45 2655.52 2758.13

Less - NCCD transferred to the National Calamity Contigency Fund/National Disaster Response Fund

3997.92 4620.00 4375.00 4800.00

Less - State's share 255413.63 301920.76 291546.62 346991.76Centre's Net Tax Revenue 629764.81 771071.03 742114.99 884078.32

2. Non-Tax Revenue Interest receipts 20252.32 19230.68 16594.87 17764.39Dividend and Profits 50608.10 50152.55 55442.84 73866.36Other Non Tax Revenue 49797.35 94094.60 56551.76 79455.72Receipts of Union Territories 1014.53 1135.78 1123.09 1165.91

Total Non Tax Revenue 121672.30 164613.61 129712.56 172252.38

Total Revenue Receipts 751437.11 935684.64 871827.55 1056330.70

3. Capital Receipts A. Non-debt Receipts

1. Recoveries of loans and advances@

18850.32 11650.20 14072.93 10654.00

2. Miscellaneous Capital Receipts 18087.63 30000.00 24000.00 55814.00 Total 36937.95 41650.20 38072.93 66468.00B. Debt Receipts*

3. Market Loans 436211.36 479000.00 467384.06 484000.004. Short term borrowings 126866.06 9000.00 45745.59 19844.465. External Assistance (Net) 12448.51 10148.20 2214.40 10560.106. Securities issued against Small

Savings-10302.48 1197.52 8625.52 5797.52

7. State Provident Fund (Net) 10804.43 12000.00 10000.00 10000.008. Other Receipts (Net) -44047.86 2244.73 -7894.56 12296.54

Total 531980.02 513590.45 526075.01 542498.62Total Capital Receipts (A+B) 568917.97 555240.65 564147.94 608966.62

4. Draw-Down of Cash Balance -15990.10 ... -5150.25 ...

Total Receipts (1+2+3+4) 1304364.98 1490925.29 1430825.24 1665297.32

Receipts under MSS (Net) ... 20000.00 ... 20000.00

@ excludes recoveries of short-term loans and advances from States, loans to Government servants, etc.

17967.89 11445.00 22994.60 11400.01

* The receipts are net of payment

2

Tax Revenue

Tax Revenue (In crores of Rupees)

Tax Revenue

Major Head

Actual 2011-2012

Budget 2012-2013

Revised 2012-2013

Budget 2013-2014

3

Tax Revenue

(In crores of Rupees)

Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

The Statement above summarizes, by broad categories, the estimates of tax receipts for 2013-14. The estimates include the effect of Budget proposals. Further details by sections and heads of account, together with brief notes explaining the variation between the

4

Tax Revenue

Budget and Revised Estimates, 2012-13 and between the latter and the Budget Estimates for 2013-14, are given below. In accordance with the Constitution (Eightieth Amendment) Act, 2000, which has been given retrospective effect from 1.4.1996, all taxes referred to in the Union List, except the duties and taxes referred to in Articles 268 and 269, respectively, surcharge on taxes and duties referred to in Article 271 and any cess levied for specific purpose under any law made by Parliament, shall be levied and collected by the Government of India and shall be distributed between the Union and the States in such manner as may be prescribed by the President on the recommendations of the Finance Commission. For the period 2010-2015, the manner of distribution between the Centre and the States has been adopted after considering the recommendations of the Thirteenth Finance Commission.

1. Corporation Tax:.This is a tax levied on the income of Companies under the Income-tax Act, 1961. Revised Estimate of Corporation Tax for 2012-2013 is..`.358874 crore as against Budget Estimate of..`.373227 crore. Budget Estimate for 2013-2014 is..`419520 crore...

2. Taxes on Income:.This is a tax on the income of individuals, firms etc. other than Companies, under the Income-tax Act, 1961. This head also includes other taxes, mainly the Securities Transaction Tax, which is levied on transaction in listed securities undertaken on stock exchanges and in units of mutual funds. Revised Estimate of Taxes on Income for 2012-2013 is..`.206095 crore as aginast the Budget Estimate of..`.195786 crore. Budget Estimate for 2013-14 is..`247639 crore...

3. Wealth Tax:.This is a tax levied on the specified assets of certain persons including individuals and companies, under the Wealth-tax Act, 1957. Revised Estimate of Wealth Tax for 2012-2013 is..`.866 crore as against Budget Estimate of..`.1244 crore. Budget Estimate for 2013-2014 is..`.950 crore...

4. Customs:.Revised Estimate of Customs Duties for 2012-2013 is..`.164853 crore as aginst the Budget Estimate of..`.186694 crore. Budget Estimate for 2013-2014 is..`187308 crore...

4.01.01. Basic Duty:.Basic Duty of Customs is leviable on imported goods under the Customs Act., 1962.

4.01.02. Additional Duty of Customs (CVD):.Additional Duty of Customs is leviable under Section 3 of the Customs Tariff Act, 1975 equivalent to duty of Excise leviable on such domestically manufactured goods. Mean CENVAT rate of Central Excise duty was increased from 8% to 10% w.e.f. 27.02.2010 and 10% to 12% w.e.f. 17.03.2012.

4.01.03. Special CV Duty:.Special CV Duty is leviable @ 4% on all imported goods, with few exceptions to counterbalance sales tax, VAT, local tax or otherwise.

4.01.04. Additional Duty of Customs on Motor Spirit:.Additional Duty of Customs on Motor Spirit is leviable by the Finance Act (No.2), 1998. . This is commonly known as road cess.

4.01.05. Additional Duty of Customs on High Speed Diesel Oil:.Additional Duty of Customs on High Speed Diesel Oil is leviable by the Finance Act, 1999. This is commonly known as road cess.

4.01.06. Special Additional Duty of Customs on Motor Spirit:.Special Additional Duty of Customs on Motor Spirit is leviable by the Finance Act, 2002. This is commonly known as surcharge.

4.01.07. National Calamity Contingent Duty:.National Calamity Contingent Duty was imposed under Section 134 of the Finance Act, 2003 on imported multi-utility vehicles, polyester filament yarn, two wheelers and subsequently it was extended to certain specified goods such as motor car, petroleum crude, mobile phones etc. National Calamity Contingent Duty has been removed from Polyester Filament Yarn and imposed on Mobile Phones @ 1% from Budget 2008-09.

4.01.08. Education Cess:.Education Cess is leviable @ 2% on the aggregate of duties of Customs (except safeguard duty under Section 8B and 8C, CVD under Section 9 and anti-dumping duty under Section 9A of the Customs Tariff Act, 1985). Items attracting Customs Duty at bound rates under international commitments are exempted from this Cess.

4.01.09. Secondary and Higher Education Cess:.Secondary and Higher Education Cess is leviable @ 1% on the aggregate of duties of Customs.

4.02. Export Duty:.Export Duty is levied on export of few specific items such as ores and concentrates of Iron, Chromium etc.

Arrear Collection:.The actual collection of arrears of Customs Duties in 2011-12 was..`2043.85 The RE 2012-13 and BE 2013-14 for collection of arrears of Customs Duties are..`.2601.61 crore and..`1450 crore respectively...

5. Union Excise Duty:.Revised Estimate of Union Excise Duties for 2012-13 is..`.171996.09 crore as against the Budget Estimate of`194350.34 crore. Budget Estimate for 2013-2014 is..`197553.95 crore...

5

Tax Revenue

5.01. Basic and Special Excise Duty:.Basic Excise Duty and Special Excise Duty are leviable under the Central Excise Act at the rates specified in the Central Excise Tariff Act, 1985. The mean CENVAT rate was increased from 8% to 10% w.e.f. 27.02.2010 and 10% to 12% w.e.f. 17.03.2012.

5.02. Additional Duty of Excise on Motor Spirit:.Additional Duty of Excise on Motor Spirit is leviable by the Finance Act (No.2), 1998. This is commonly known as road cess.

5.03. Additional Duty of Excise on High Speed Diesel Oil:.Additional Duty of Excise on High Speed Diesel Oil is leviable by the Finance Act, 1999. This is commonly known as road cess.

5.04.. National Calamity Contingent Duty:.National Calamity Contingent Duty was levied on pan masala and certain specified tobacco products vide the Finance Act, 2001. The Finance Act, 2003 extended this levy to:

(a) Polyster filament yarn, motor car, two wheeler and multi-utility vehicle @ 1% and

(b) Crude petroleum oil @..`.50 per metric tonne..

5.05. Special Additional Duty of Excise on Motor Spirit:.Special Additional Duty of Excise on Motor Spirit is leviable by the Finance Act, 2002. This is commonly known as surcharge.

5.06. Surcharge on Pan Masala and Tobacco Products:.An Additional Duty of Excise was imposed on cigarettes, pan masala and certain specified tobacco products, at specified rates in the Budget 2005-06. Biris are not subjected to this levy.

5.07.01. Education Cess:.Education Cess is leviable @ 2% on the aggregate of duties of Excise.

5.07.02. Secondary and Higher Education Cess:.Secondary and Higher Education Cess is leviable @ 1% on the aggregate of duties of Excise.

Arrear Collection:.The actual collection of arrears of Central Excise Duties in 2011-12 was..`2049.50 crore. The RE 2012-13 and BE 2013-14 for collection of arrears of Central Excise Duties are..`1781.96 crore and..`1400 crore respectively...

5.07.04. Clean Energy Cess:.Clean Energy Cess was imposed under section 83 of Finance Act 2010 on raw coal, lignite and peat produced in India @..`50 per tonne. The cess has come into force w.e.f. 01.07.2010 and it is collected as duty of excise...

6. Service Tax:.Revised Estimate of Service Tax for 2012-13 is..`132697 crore as against the Budget Estimate of..`.124000 crore. Budget Estimate for 2013-2014 is..`.180141 crore...

The rate of Service Tax has been increased from 10% to 12% w.e.f. 01.04.2012.

Negative List:.A 'Negative List' approach to taxation of services has been introduced with effect from 01.07.2012. The services specified in the 'Negative List' shall remain outside the tax net. All other services, except those specifically exempted by the exercise of powers under Section 93 (1) of the Finance Act, 1994, would thus be chargeable to Service Tax.

6.02. Education Cess and Higher Education Cess:.Education Cess and Higher Education Cess are leviable @ 2% and 1 % respectively on the total Service Tax.

Arrear Collection:.The actual collection of arrears of Service Tax in 2011-12 was..`3490.55 crore. The Revised Estimates 2012-13 and Budget Estimates 2013-14 for collection of arrears of Service Tax are..`1407.66 crore and..`1150 crore respectively...

8. Taxes of Union Territories:.This comprises of taxes collected by UT Governments without Legislature and include items of taxes normally collected by States. These taxes collected by UTs accrue to Central Government.

9. NCCD transferred to the National Disaster Response Fund (NDRF):.Revised Estimates of National Calamity Contingency Duty transferred to the National Disaster Response Fund for 2012-13 is..`4375 crore as against the Budget Estimate of..`4620 crore. Budget Estimate for 2013-2014 is..`.4800 crore...

10. States' Share:.Revised Estimates of States' share in Central Taxes and Duties for 2012-13 is..`.294047.45 crore, from which`.2500.83 crore is adjustable difference of excess releases made during 2011-12 as per RE and Actual collection of taxes and duties, as against the Budget Estimate of..`301920.76 crore. Budget Estimate for 2013-2014 is..`.346991.76 crore...

Arrears of Tax Revenue:.In compliance of Rule 6 of the Fiscal Responsibility & Budget Management Rules, 2004 (FRBM Rules), a disclosure Statement on Tax Revenues raised but not realized in respect of the principal taxes is at Annex.11.

6

Non Tax Revenue

Non Tax Revenue (In crores of Rupees)

Tax Revenue

Major Head

Actual 2011-2012

Budget 2012-2013

Revised 2012-2013

Budget 2013-2014

7

Non Tax Revenue


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

8

Non Tax Revenue


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

9

Non Tax Revenue


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

1. The statement above summarizes, the estimates of Non-Tax Revenue (NTR) for 2013-14. The estimates of Non-Tax Revenue receipts from various sources such as return on assets in form of dividend and profits, interest, fees, fines and miscellaneous receipts collected in the exercise of sovereign functions, regulatory charges and license fees and user charges for publicly provided goods and services.

1.01. Interest on loans to States:.The interest receipts are estimated at..`.9098.23 crore in Revised Estimate - 2012-13 and..`.8463.45 crore in Budget Estimate 2013-14. The Thirteenth Finance Commission (FC-XIII), for its award period 2010-2015, has recommended that the facility of Debt Consolidation, recommended by the Twelfth Finance Commission (FC-XII) be extended to States of Sikkim and West Bengal, provided these States enact Fiscal Rules Budget Monitoring Act (FRBMA) as stipulated by FC-XIII. The States of Sikkim and West Bengal have enacted their Fiscal Rules Legislations (FRLs). Accordingly, the Central Loans (from Ministry of Finance) contracted up to 31.03.2004 and outstanding at the end of 31.03.2010 have been consolidated for a fresh term of twenty years at an interest rate of 7.5%...

10

Non Tax Revenue

FC-XIII has also recommended write-off of loans from Government of India to States for Centrally Sponsored Schemes/ Central Plan Schemes administered by Ministries/ Departments other than Ministry of Finance outstanding as at the end of the preceding year in which FRBMA is enacted/ amended as stipulated by FC-XIII.

The interest rate on National Small Savings Fund (NSSF) loans contracted by the States till 2006-07 and outstanding at the end of the year preceding the year in which FRBMA is enacted/ amended, to be re-set at a common interest rate of 9% per annum in place of 10.5% or 9.5%. The re-payment schedule, however, is to remain unchanged. It has been decided that a State will be considered eligible for NSSF interest rate relief from the date the FRBMA is enacted/ amended in accordance with the recommendations of FC-XIII. Further, from the financial year 2012-13, continued compliance with FRBM targets is necessary to avail interest relief in respect of NSSF loans. All the 28 States except Goa have in place FRBMAs in consonance with targets as stipulated by FC-XIII. The original FRBMA of Goa enacted in 2005-06 contains fiscal targets prescribed by FC-XIII, covering the period up to 2012-13.

1.02. Interest on Loans to Union Territory Governments:.The interest receipts are estimated at..`.88.30 crore in Revised Estimate 2012-2013 and at..`.95.31 crore in Budget Estimate 2013-2014...

1.03. Interest Payable by Railways:.The memorandum on rate of dividend for 2013-14 is under the consideration of the Railway Convention Committee (RCC). Thus, pending recommendations of RCC, the estimates for the year 2013-14 have been framed on the basis of arrangements adopted for 2012-13. These arrangements are (i) Except for the capital cost of residential buildings which bears dividend at 3.5 per cent, Railways pay dividend at 4 per cent on entire dividend-paying capital irrespective of the year of investment (inclusive of 1.5 per cent on dividend bearing capital, less subsidy capital invested upto 31.3.1964, for payment to States in lieu of passenger fares tax), (ii) The Railways do not pay dividend on capital in respect of: (a) Strategic Lines, (b) Un-remunerative branch lines, the exemption of a particular branch line from payment of dividend on capital is based on annual review of the remunerativeness of the line, the remunerativeness being determined on the basis of the 'marginal cost' principle, (c) Ferries,welfare buildings (hospitals, dispensaries, health units, clubs, institutes, schools and colleges, hostels and other welfare centres) and non-strategic portion of the North-East Frontier Railways, (d) Ore lines (Kiriburu-Bimlagarh and Sambhalpur-Titlagarh lines which involve concessional rates of freight for the carriage of ore) provided that they are not remunerative the remunerativeness being determined on the basis of the marginal cost principle, (e) 28 new lines taken up on or after 1st April,1955 on other than financial considerations except those which become remunerative during the year adopting the marginal cost principle this arrangement applies also to Jammu-Kathua and Tirunelvelli-Trivandrum-Kanyakumari lines, which are known as national investments, (f) 28 new lines taken up on or after 1st April,1955 on other than financial considerations except those which become remunerative during the year adopting the marginal cost principle this arrangement applies also to Jammu-Kathua and Tirunelvelli-Trivandrum-Kanyakumari lines which are known as national investments, (g) The gauge conversion works have taken up on strategic consideration, (iii) 50 per cent of the outlay in a year on capital works-in-progress (which would otherwise be liable to payment of dividend) is exempted from payment of dividend for a period three years,(iv) The above dividend concessions are provided to Railways in the form of subsidy from General Revenues. The losses on strategic lines till 2005-06 were netted from dividend payable. However, from 2006-07, these losses are being reimbursed through provision under the Demand of Department of Economic Affairs, (v) In years in which the net revenue of the Railways is not adequate to meet the current dividend liability, the shortfall in the payment of the current dividend is treated as deferred dividend liability (on which no interest is charged) to be discharged by Railways from surplus in future years. Based on the principles mentioned above, the estimates of dividend payable by Railways for Revised Estimates 2012-13 and Budget Estimates 2013-14 has been worked out. Out of the 1.5 per cent dividend paid by the Railways on the pre-1964-65 capital an amount of..`.23.12 crore is contributed by the Railways for being passed on to the States as grant in lieu of the repealed tax on railway passenger fares and the balance which hitherto was contributed to the Railway Safety Fund, is from 2001-2002, credited to the Railway Safety Works Fund directly by the Railways with the approval of Ministry of Finance and the RCC...

1.04. Other Interest Receipts:.The estimates under 'Other Interest Receipts' are in respect of interests on loans advanced to Public Sector Enterprises, Port Trusts and other Statutory Bodies, Cooperatives, Government Servants etc. and on capital outlay on Departmental Commercial Undertakings. The estimate also includes interest on Ways and Means Advances payable by Food Corporation of India.

2. Dividends and Profits:.This Section comprises of dividends and profits from public sector enterprises. It also includes surplus of the Reserve Bank of India that is transferred to Government.

3.01. Currency, Coinage and Mint:.Profits from circulation of coins represents the difference between the face value of coins and the cost charged.

3.02. Other Fiscal Services:.The receipts mainly relate to contributions by Reserve Bank of India towards EFF charges payable to the International Monetary Fund, remunerations, etc. received from IMF and penalties, etc. realized against economic offences.

4.01.01. The receipts of 'Public Service Commission' mainly represent examination fees etc. of the Union Public Service Commission and Staff Selection Commission.

4.01.02. The receipts of 'Police' are on account of Central Police Forces supplied to State Governments and other parties. These receipts also include the receipts of Delhi Police.

11

Non Tax Revenue

4.01.03. The receipts under 'Supplies and Disposals' mainly relate to the fees for purchase and inspection of stores; and sale proceeds of surplus and obsolete stores disposed off through Directorate General of Supplies and Disposals.

4.01.04. The receipts under 'Stationery and Printing' relate to Government printing presses sale of stationery, gazettes and Government publications etc.

4.01.06. The receipt under the head 'Other Administrative Services' mainly relate to audit fees, passport and visa fees etc.

4.03.01. The Commercial Department receipts relate to Defence Services Canteen Stores Department (CSD) which are dealt with under net expenditure of Commercial Departments in the Expenditure Budget.

5.01. The receipts under 'Education, Sports, Art and Culture' mainly relate to tuition and other fees and entry fees at museums and the ancient monuments.

5.02. 'Medical' receipts include contributions for Central Government Health Scheme and charges realized from patients for hospital and dispensary services etc. Public Health receipts include service fees, sale proceeds of Sera and vaccine etc.

5.03. 'Family Welfare' receipts mainly relate to sale proceeds of materials and supplies.

5.04. 'Housing' receipts mainly relate to Licence fees for Government residential buildings.

5.06. 'Information and Publicity' receipts include charges from advertising and visual publicity, sale of publications, film rentals and receipts from Frequency Modulation (FM) - Phase-III auction to be done in three phases.

5.08. 'Labour and Employment' receipts relate mainly to fees realized under labour laws Factories and Mines Act etc.

5.09. The receipts under 'Social Security and Welfare' mainly relate to Central Government Employees Insurance Scheme.

6.01. Agriculture and Allied Activities:.This sub-sector includes receipts from agricultural farms, commercial crops, horticulture, plant protection services, fees from agricultural education, fees for quality control and grading of agricultural products etc. Sale proceeds of inputs like seeds, fertilizers, machinery, etc. received as aid from foreign countries and organizations are also accounted for under it.

6.02. Irrigation and Flood Control:.The estimates under this head represent mainly the receipts of Central Water Commission and Central Water Power Research Station, Pune. The estimates under 'Minor Irrigation' relate to Central Ground Water Board for ground water exploration undertaken by it for State Governments etc.

6.03. Energy:.Under this head receipts generate from different section like 'Power, Petroleum, Coal and Lignite and New & Renewable Energy' are accounted for. The head 'Power' records receipt of Central Electricity Authority under the Electricity (Supply) Act. Under the Head 'Petroleum' the estimates include receipts from Royalty on off-shore crude oil and gas production profit petroleum and license fee for the right to exclusive exploration of oil and gas in a particular region.

6.03.02. Petroleum:.(a) Royalty: (i) Central Government is entitled to get Royalty on Oil and Gas produced from the Offshort fields whereas in case of Onshore fields it is payable to concerned State Government. The power of regulation and responsibi lity for the development of oil fields are exclusively within the domain of the Central Government. Oil Fields (Regulation and Development) Act, 1948 and the Petroleum and Natural Gas Rules, 1959 deal with it, (ii) Royalty regimes for Oil and Gas production from nominated fields of Natural Oil Companies vary from that for the production from fields awarded under Production Sharing Contracts (PSCs), (iii) Royalty payable by National Oil Companies on crude oil and natural gas, being ad-valorem, depends on the prices at which crude oil and natural gas are sold by them. Pricing of natural gas is under Administered Pricing Mechanism (APM), which has been revised upwards during 2005-06 affecting the receipts from Royalty. Similarly, the international crude oil prices, which are volatile affect royalty receipts from oil, (iv) The Royalty on production from fields awarded under PSCs is governed by the provisions of the respective PSCs and the receipts in this regard depend upon the actual production from the various fields.

(b) Profit Petroleum: Profit Petroleum is the value of petroleum produced from a particular field after deducting the admissible cost of production as per the contract. The Contractor and the Government share the profit petroleum from the contract area in accordance with the provision of the respective agreement/contracts. No profit petroleum is payable on production by National Oil Companies from the nominated fields. Profit Petroleum realization also varies with the prevalent price of crude oil and gas. Directorate General of Hydrocarbon (DGH) monitors the implementation of these PSCs. Profit Petroleum is payable on a quarterly basis with final adjustment being made at the end of the financial year.

(c ) Petroleum Exploration License Fee (PEL) Fee: (i) PEL fee is a payment by a licensee in consideration of the government granting a right to carry out exclusive exploration of Oil and Gas in a particular area. License fee is generally linked to area and period of license and is payable by licensees in accordance with Petroleum and Natural Gas Rules, 1959 as amended from time to time, (ii) PEL fee in the case of onshore fields goes to the concerned State Government and in case of offshore fields is paid to the Central Government.

12

Non Tax Revenue

6.04.01. The head 'Village and Small Industries' records receipts from industrial estates, small scale, handloom, khadi, handicraft, coir, sericulture, power looms, and other village industries.

6.04.02. Receipts under 'Industries' relate mainly to atomic energy industries and license fees collected from various industries.

6.04.03. The head 'Non-ferrous Mining and Metallurgical Industries' mainly accommodates receipts on account of specified jobs undertaken by the Geological Survey of India.

6.05.02. The head 'Shipping' account for receipts of survey and registration fees of ships and ferry services.

6.05.04. The head 'Roads and Bridges' includes receipts on account of national highways including fees for use of national highways, permanent bridges and also departmental charges recovered from State Government and other bodies for services rendered by the Border Roads Development Board.

6.06. Receipts under 'Other Communication Services' mainly relate to one-time spectrum charges levied as per the recommendations of TRAI, Auction of 1800 MHz and 900 MHz spectrum and receipts from 800 MHz spectrum. Department of Telecom collects recurring licence fees from various telecom operators licensed by it. It also collects one time Entry fees from new operators. The main service categories include Cellular Mobile Service, Basic Service, Unified Access Service, V-SAT Services, International and National Long Distance Services, Infrastructure Providers, Internet Services, Public Mobile Radio Trunk Service and Captive Mobile Radio Trunk Service.

Barring a few services, the Licence Fee is collected based on percentage share of the operators Adjusted Gross Revenue (AGR) and includes a component of Universal Access Levy. The AGR in turn is influenced by factors like tariff, customer base, competition, etc. The collection from licence fee depends on the rate of licence fee, tariff and growth of the telecom service sector in the country.

Spectrum charges are levied by the Department on the Service Providers, for usage of spectrum and are calculated either as a percentage of their Adjusted Gross Revenue depending upon the quantum of spectrum assigned for their network (for CMTS, Basic, UAS and Commercial VSAT Service Providers) or at flat rates or on the basis of formulae (for others).

6.07.01. The receipts under 'Atomic Energy Research' relate to sales and services rendered by various divisions/units of Bhabha Atomic Research Centre.

6.07.02. 'Other Scientific Services and Research' receipts mainly relate to the Survey of India National Atlas and Thematic Mapping Organization etc.

6.08.01. The receipts under the head 'Foreign Trade and Export Services' include receipts on revaluation of foreign currency in favour of India in respect of balances under Trade and Payment Agreements.

6.08.02. The head 'Other General Economic Services' mainly accommodates receipts on account of regulation of joint stock companies and fees realized under the Insurance Act. It also includes receipts of the Indian Meteorological Department, fees realized by National Informatics Centre for services rendered by it to non-Government bodies and Risk Insurances Fund receipts.

7. Railway Revenue:.As per Railway Budget, receipts are comprising of (i) miscellaneous receipts, (ii) commercial lines, and (iii) strategic lines. As it is a commercial receipt, the net impact on Non Tax Revenue is nil.

8. Grants-in-Aid Contributions:.The estimates are in respect of Grant assistance, in cash and kind from external sources. The details of external assistance are shown at Annex 9.

9. Non-Tax Revenue of Union Territories:.The receipts of the Union Territories (without legislature) mainly relate to administrative services; sale of timber and forest produce mainly in Andaman and Nicobar Islands; receipts from Chandigarh Transport Undertaking and receipts from Shipping; Tourism and Power.

10. Arrears of Non Tax Revenue:.In compliance of Rule 6 FRBM Rules 2004 a disclosure Statement on Arrears of Non-Tax Revenues is at Annex 12.

13

Capital Receipts

Capital Receipts (In crores of Rupees)

Tax Revenue

Major Head

Actual 2011-2012

Budget 2012-2013

Revised 2012-2013

Budget 2013-2014

14

Capital Receipts


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

15

Capital Receipts


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

16

Capital Receipts


Tax Revenue

Major Head Actual

2011-2012 Budget

2012-2013 Revised

2012-2013 Budget

2013-2014

1. The Statement above summarizes by broad categories the estimates of capital receipts - both non-debt and debt receipts. Further, details together with brief notes explaining the variations between Budget Estimates and Revised Estimates for 2012-13 and between Revised Estimates for 2012-13 and Budget Estimates for 2013-14 as given in the notes below.

1.01. Recoveries from State Governments:.Receipts from State Govenments are estimated at..`.8276.61 crore in RE 2012-13 and..`.8406.48 crore in BE 2013-14. The receipts in RE 2012-13 include waiver of loans to State Governments which are matched by equivalent expenditure...

1.02. Recoveries from Union Territories (with Legislature):.The recoveries are in respect of loans advanced to the Union Territory of Puducherry and NCT of Delhi.

1.03&1.04. Repayment by Others:.These include loan repayments by parties other than States and Union Territory Governments,viz. foreign Governments, industrial and commercial enterprises and financial institutions in the public sector, municipalities, port trusts, private sector companies and institutions,cooperatives etc.

2. MISCELLANEOUS CAPITAL RECEIPTS:.In RE 2012-13, proceeds of..`24000 crore on account of disinvestment of part of government equity in Central Public Sector Eterprises (CPSEs) in National Building Costruction Corporation Ltd. (NBCC), Hindustan Copper Ltd. (HCL), Bharat Heavy Electricals Ltd. (BHEL), Reshtriya Ispat Nigam Ltd. (RINL), Steel Authority of India Ltd. (SAIL), National Aluminium Co. Ltd. (NALCO), National Mineral Development Corporation Ltd. (NMDC), Oil India Ltd. (OIL), Matal & Mineral Trading Corporation Co. Ltd. (MMTC), Hindustan Aeronauties Ltd. (HAL), National Thermal Power Corporation Ltd. (NTPC), have been estimated. Government has constituted a 'National Investment Fund' (NIF) into which the proceeds from disinvestment of Government equity in selected CPSEs is channelized. The funds so credited to NIF will be withdrawn and used for Recapitalisation of Public Sector Banks's and investment in Indian Railways tawards capital expenditure in 2013-14...

3.01. MARKET LOANS:.Government of India raises its market loans under the Scheme of Sale of Dated Government Securities by Auction from 1992-93. These auctions are conducted by the Reserve Bank of India, as debt manager to the Central Government. Apart from Fixed Coupon Securities, Government has also issued Floating Rate Bonds (FRB) on which the coupon rate, payable semi annually, are reset semi-annually by adding a 'spread', determined through auction.Since 2002-03, Central Government has been announcing half-yearly Indicative Market Borrowing Calendar based on its core borrowing requirements. The Revised Estimate of net market borrowing of Central Government through issue of dated securities is..`467384.06 crore. Taking into account the repayments amounting to..`90615.94 crore, RE of gross market borrowing is fixed at..`558000.00 crore.The net market borrowing of the Central Government through issue of dated securities in 2013-14 is estimated to be..`.4,84,000 crore. Gross market borrowing in BE 2013-14 is placed at..`629008.84 crore, taking into account scheduled repayment of..`95008.84 crore and..`.50000.00 crore towards buy back/switching of Government Securities for better debt management. Details of repayments in 2013-14 are given in Annex-13. Conversion of Special Securities/ Recapitalisation Bonds: Government of India has completed the conversion of special securities issued in lieu of ad hoc treasury bills into marketable securities during the year 2003-04. Details of the marketable securities issued in conversion are given in Annex-6A. Government of India has also completed the conversion of Recapitalisation Bonds with the Nationalised Banks into SLR marketable securities during the year 2007-08 (details in Annex 6B)...

17

Capital Receipts

3.02. SHORT TERM BORROWINGS (364/182/91 DAYS TREASURY BILLS):.The Treasury bills offer short-term investment opportunity to financial institutions, banks, etc. Primarily, these are issued under the normal auction programme of the Government and also provide option for non-competitive bids. The amount for weekly auction of 91-days treasury bill and fortnightly auction of 182-days and 364-days treasury bills is notified in indicative quarterly calendar. Central Government also issues 14 days Intermediate Treasury Bills for deployment of short term cash surpluses by State Governments.

3.02.05. Cash Management Bills:.Cash Management Bills are issued to meet the temporary cash flow mismatches of the Government. The Cash Management Bills are a non-standard, discounted instruments issued for maturities less than 91 days, and are issued when necessary.

4. NATIONAL SMALL SAVINGS FUND:.Small Savings Schemes: the small savings schemes currently in force are : Post Office Savings Account, Post Office Time Deposits (1, 2, 3 & 5 years), Post Office Recurring Deposit, Post Office Monthly Income Account, Senior Citizens Savings Scheme, National Savings Certificate (VIII-Issue), National Savings Certificate (IX-Issue) and Public Provident Fund.

The rate of interest on small savings schemes has been aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 yrars NSC (new isntrument) will be 50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for every financial year will be notified before 1st April of that year.

4.01. Securities issued against Small Savings:.Collections under various small saving schemes, net of withdrawals, during the financial year form the sources of fund for National Small Savings Fund (NSSF). The net collection is invested in Central and State Government Securities, which forms the application of funds under NSSF. Presently, the term of Central and State Government Securities is 25 years, with 5 year moratorium at 9.5 per cent interest rate. The State share is 50 per cent or 100 per cent of net collection within that State, as the State may opt. Redemption of these securities into NSSF is reinvested in Central and State Government Securities in ratio of 50:50 at the prevailing rate of interest.

As per recommendations of Thirteenth Finance Commission (FC-XIII), the States have been granted provisional relief, based on compliance with the fiscal targets in their respective FRBM Act. Accordingly the interest rate on loans to States contracted till 2006-07 and outstanding as at the end of 2009-10, has been reset at 9 per cent for the financial years 2010-11 and 2011-12 from the dates the FRBM Act is amended/enacted by the States. From 2012-13 onwards, the States are eligible for provisional relief, based on compliance with the fiscal targets in their respective FRBM Acts, as reflected in their Budget Estimates. If a State, after getting the interest relief, breaches the FRBM in Actuals (as per Finance Accounts), the benefit of reduced interest on NSSF loans will be withdrawn and the earlier interest rate will become applicable. The excess interest relief availed by the State shall be recovered in the next year. The State may revert to 9 per cent interest rate as and when it again complies with its FRBMA targets.

Interest payment to subscribers and cost of management constitute the expenditure under the fund and interest on Central and State Government Securities forms the income of the fund.

The sources and applications of NSSF are shown in Annexure-7A and details of various components of NSSF are shown in Annexure 7B.

6.02. 8% Savings (Taxable) Bonds, 2003:.8% Savings (Taxable) Bonds, 2003 were introduced w.e.f. 21st April, 2003 to enable resident citizens/charitable institutions/ Universities etc. to invest their savings in taxable bonds without any monetary ceilings. The bonds will have maturity of six years carrying interest at 8 percent per annum payable half yearly. Both cumulative and non-cumulative options are available. The bonds are not transferable. They are also not tradable in the secondary market. However, from August 19, 2008, they are eligible as collateral security for loans from scheduled banks.

6.03. 6.5% Savings (Non-taxable) Bonds, 2003:.6.5% Savings (Non-taxable) Bonds, 2003 were introduced with effect from 24th March, 2003 to enable resident citizens to invest their savings in tax-free bonds without any monetary ceilings. The Scheme has been discontinued with effect from close of business on July 9, 2004. These Saving Bonds are due for redemption and started maturing for repayment w. e. f. March 24, 2008

6.04. Issue of Special Securities to the Department of Post:.Issue of Special Securites to the Department of Post by converting of frozen corpus of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF)

6.05. Other Receipts (Public account other than State Provident Fund):.Railway Reserve Funds:

A snapshot of the Railway Reserve Funds may be seen at Annex -14. The details of each of them is as follows:

(a) Railway Pension Fund is intended to meet the pensionary charges of Railway employees. Suitable amounts are transferred annually to the Fund by debit to revenue and capital expenditure heads. The pensionary charges are initially met as part of revenue head and later recouped from the Fund. Credit to the Fund during the year 2012-13 is estimated at..`20316.46 crore, including..`6.46 crore by way of interest payable by the General Revenues on the balance in the Fund. The withdrawal is estimated at..`20000 crore. During 2013-14, credit is estimated at..`22334.22crore, including..`19.22 crore on account of interest. As against this, the withdrawal is estimated at..`22000 crore...

18

Capital Receipts

(b) Railway Depreciation Reserve Fund provides for replacement and renewal of assets including the improvement element.Contribution to the Fund is estimated at..`7202.52 crore in RE 2012-13, which is inclusive of..`2.52 crore of interest payable by General Revenues on the balance in the Fund. The outgo from the Fund has been estimated at ..`7084.00 crore in 2012-13. For BE 2013-14, credit is estimated at..`7705.56 crore including..`5.56 crore on account of interest. Withdrawal is estimated at..`7669.00 crore...

(c) Railway Development Fund This Fund, set up in 1950, is used for meeting expenditure on passengers and users' amenities, labour welfare works, unremunerative operating improvements and safety works. The Fund is financed by appropriation of such portion of the Railway excess, if any, as may be fixed by the Government and voted by Parliament. If the accumulated balance in the Fund, after transfer from the railway excess to it, is not enough to meet the expenditure to be financed from the Fund, interest bearing loans are taken from the General Revenues for credit to the Fund. During 2012-13, credit to the Railway Development Fund has been estimated at..`.10144.15 crore, which also includes..`.160.15 crore as interest payable by the General Revenues on the balance in the Fund. Withdrawal from the Fund during 2012-13 has been estimated at..`5923.56 crore. for works chargeable to the Fund and full repayment of the loan and interest thereon taken for this Fund in 2011-12. Credit to the Fund during 2013-14 is placed at..`.3820.48 crore including..`.330.68 crore on account of interest. The withdrawal during 2013-14 is estimated at..`.3537.00 crore...

(d) Railway Capital Fund was created in 1992-93 to enable the Railways to utilise a part of the internally generated resources for building up the infrastructure of the Railways. In case of shortfall of Railway revenues in financing the Capital Fund, interest bearing loan is taken from the General Revenues for credit to the Fund . In 2012-13, this Fund opened with a negative balance of..`.401.53 crore. Credit to this Fund in 2012.13 is estimated at..`.417.24 crore, including minus`7.88 crore representing the net interest accrued on the Fund balance, whereas the no outgo from the Fund is contemplated in 2012-13, In 2013-14, this Fund will be credited with..`.5544.00 crore including..`.50.00 crore of interest estimated to accrue on the balance in the Fund, whereas withdrawal is estimated at..`.2994.00 crore...

(e) Railway Liability reserve Fund is proposed to be ccrented from 2013-14 to make adequate provision for future committed liabilities like debt service payment for loans taken, future Pay Commissions/Awards, etc. The withdrawal from the Fund will be made as and when these liabilities become due. Contribution to the Fund is estimated at..`.4246.26 crore in 2013-14, which is inclusive of..`.83.26 crore of interest payable by General Revenues on the balance in the fund. No outgo from the fund is contemplated...

(f) Railway Safety Fund: has been created from 1.4.2001 for financing safety works relating to conversion of unmanned level crossings and for construction of Railway Over/Under Bridges at busy level crossings. The Fund is mainly financed through transfer of funds by the Government from the Central Road Fund and the contribution hitherto being made to the Railway Safety Works Fund out of the dividend being paid to the General Revenues. This is a non-interest bearing Fund. Credit to the Fund during 2012-13 is placed at..`1105.06 crore. The withdrawal is estimated at..`2000.00 crore. The credit during 2013-14 is estimated at..`.1104.61 crore and the withdrawal is estimated at..`2000.00 crore...

6.06. International Financial Institutions:.The estimates relating to (a) special securities issued towards India's subscriptions/contributions to International Financial Institutions and (b) certain transactions involving use of Special Drawing Rights (SDRs) are reflected. The details of each of the IFIs are as below:

6.06.01. International Monetary Fund:.India's current quota in the IMF is SDR (Special Drawing Rights 5821.50 million, giving it a shareholding of 2.44%. Based on voting share, India (Together with its constituency countries viz. Bangladesh, Bhutan and Sri Lanka) is ranked 17th in the list of 24 constituencies.

The IMF reviews members' quotas once in five years and the last such review took place in December, 2010. India has already consented to its quota increase under the 2010 review and after the 2010 quota review comes into effect, our quota share will increase from the current 2.44% to 2.75%, making India the eight largest quota holding country at the IMF up from its previous position of being the 11th largest. In absolute terms, India's quota will increase to SDR 13,114.4 million from SDR 5,821.5 million ( an increase of approximately US$ 11.5 billion or INR 56,000 crore ). While 25% of quota increase (about INR 14,000 crore) is to be paid in cash (reserve currency), the balance 75% can be paid in securities. These securities are non-interest bearing note purchase agreements issued by RBI and can be encashed at any time required by the IMF. They do not entail any cash outgo unless the IMF calls upon India to encash a portion of these notes. The reserve asset portion of Quotas is counted as part of country's Reserves.

India's contribution to borrowing arrangements of the IMF: The Fund also supplements its quota resources temporarily through borrwing arrangements. In July 2010, India committed a maximum of up to USD 14 billion for the New Arrangements to Borrow (NAB) into which the preious Note or Securities issued by RBI on behalf of Government of India and can be drawn by IMF as and when it requires emergency funding. After the 2010 quota increase comes into effect, our NAB commitment is expected to be rolled back to about US $ 7.0 billion. These notes do not represent a cash outgo until the IMF makes a call upon India. As against the maximum commitment of US$ 14 billion, so far since 2010, claims of only about US$ 1.5 billion have been made upon India. These borrowings are treated as part of India's reserves.

19

Capital Receipts

In the wake of the ongoing Eurozone crisis, the IMF has proposed a new bilateral borrowing programme to augment its resources for crisis prevention and resolution and to meet the potential financing needs of all IMF members. 37 members representing three-fifths of the total quota of the IMF, have pledged contributions to enhance the IMF's resources by US $ 456 billion. At the Los Cabos Summit of the G 20 held on June 19th, 2012, BRICS countries have announced their contributions, including US$ 10 billion by each of India, Brazil and Russia and US $ 43 billion by china.

The IMF has committed that these new resources will be drawn only if they are needed as a second line of defence after resources already available from quota and existing borrowing arrangements are substantially used. If drawn, they would be repaid with interest. It has been clarified that quota resources would remain the basic source of fund financing and that the role of borrowing is to temporarily supplement the quota resources.

The new borrowing programme is based on issuance of Promissory Notes by member countries that are securities of these countries which are encashable when required by the IMF. These note purchase agreements are denominated in Special Drawing Rights (SDR) and do not entail any outgo of cash/hard currency until a call is made by the IMF to encash a portion of the Securities. Further, the notes are treated as a part of the reserves of the issuing country and as such, they do not impact the holding of reserves of the issuer.

Financial Transactions Plan (FTP): The Financial Transactions Plan of the International Monetary Fund is the mechanism through which the Fund finances its lending and repayment operations, to its members, in the General Resources Account. The members of the Fund can take loans from IMF with limits corresponding to their quota. IMF lends to its mebers in both foreign exchange and SDRs. Credit extended in foreign exchange is financed from the quota resources made available to the IMF by members. The creditor gets benefited as their position gets increased. When extending credit in SDRs, the IMF transfers reserve assets directly to borrowing members by drawing on the IMF's own holdings of SDRs in the General Resources Account.

India agreed to participate in the FTP of the IMF from the quarter Sept-Nov 2012 in view of its strong Balnce of payment (BoP) position and comfortable reserve position. Effective participation in the FTP made India a creditor member with the IMF. Under this, India may be asked to make a purchase (issuance of credit) or a repurchase (debt servicing by our debtor) under the FTP. By participating in FTP, India is allowing IMF to encash its rupee holdings as part of our quota contribution for hard currency, which is then lent to other member countries who are debtors to the IMF. While the participation in FTP allows India to earn additional interest on its enhanced credit tranche position with IMF, the encashment of interest free rupee securities lead to perhaps higher borrowing costs as well as deterioration of fiscal position. To address this problem, it has been decided to replace special securities issued to the IMF by non-interest bearing non-marketable securities to be issued to the RBI.

6.06.02. International Bank for Reconstruction and Development (IBRD):.With the conversion of maintenance of value (MOV) obligation into Special Dollar Denomination securities, no provision is required to be made in RE 2012-13 and BE 2013-14.

6.06.03. International Development Association (IDA):.No payment to IDA is envisaged in RE 2012-13 and BE 2013-14.

6.06.04. Asian Development Bank(ADB):.The Asian Development Bank keeps Rupee securities with the Reserve Bank of India which can be encashed by it to meet its rupee expenditure in India from time to time. A provision of ..`31.50 crore was made in BE 2012-13. RE 2012-13 and BE 2013-14 has been kept at..`27.10 crore and..`29.60 crore respectively...

6.06.05. African Development Fund (AFDF) and African Development Bank (AFDB):.AFDF and AFDB have been set up with the main objective of furthering the economic and social development of the region by providing financial assistance on soft terms. India has joined both the Fund and the Bank in order to develop closer economic co-operation with the African countries.

7. EXTERNAL LOAN:.Budget 2013-14 assumes a gross receipt of..`.27646.00 crore and repayment of..`17086.00 crore, resulting in net external loan of..`10560.00 crore...

7.01. Multilateral Agencies:.The net receipts estimated for BE 2013-14 from International Monetary Fund, International Bank for Reconstruction and Development, International Development Association, International Fund for Agricultural Development, Asian Development Bank, Eastern European Community(SAC) and Organisation of the Petroleum Exporting Countries is ..`.4474.61 crore. Agency wise details are available in Annex-9(External Assistance) of this document...

7.02. Bilateral Agencies:.The net receipts estimated for BE 2013-14 from Japan, Germany, France, Italy, Switzeland, USA and Russian Federation is..`.6085.49 crore. Agency wise details are available in Annex-9(External Assistance) of this document...

9. MARKET STABILISATION SCHEME:.The Memorandum of Understanding (MoU) relating to MSS has been amended to enable, on mutual agreement between the Government of India and the Reserve Bank of India, the transfer of a part of the amount in the MSS cash account to the normal cash account as part of the Government's market borrowing programme for meeting Government's approved expenditure. An equivalent amount of Government securities issued under the MSS would form part of the normal market borrowing of the Government of India. Net receipts under MSS in 2013-14 is estimated at..`.20,000 crore...

20 Receipts Budget, 2013-2014

ANNEX - 1

TRENDS IN RECEIPTS


Actual Actuals Actuals Actuals Actuals Actuals Actuals Actual Revised Budget2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014

REVENUE RECEIPTS 305991 347077 434387 541864 540259 572811 788471 751437 871828 1056331A. Tax Revenue

(Net of States’s share)(Details in Annex 2) 224798 270264 351182 439547 443319 456536 569869 629765 742115 884079

B. Non-Tax Revenue(Details in Annex 2) 81193 76813 83205 102317 96940 116275 218602 121672 129713 172252

CAPITAL RECEIPTS 200391 179549 144482 197978 299863 453063 402428 568918 564148 6089671 Internal Debt-Market

Borrowings (Net) 46031 95374 110446 131768 233630 398424 325414 436211 467384 4840001.01 Gross Market Borrowings 80350 131000 146000 168101 273000 451000 437000 509796 558000 6290091.02 Less - Repayments 34319 35626 35554 36333 39370 52576 111586 73585 90616 145009

2 External Assistance(Net) 14753 7472 8472 9315 11015 11038 23556 12448 2214 105602.01 Gross External Borrowings 21855 14470 16358 16808 21022 22177 35330 26034 18490 276462.02 Less Repayments 7102 6998 7886 7493 10007 11139 11774 13586 16276 17086

3 Recovery of Loans* 62043 10645 5893 5100 6139 8613 12420 18850 14073 106544 Small Savings(Net) ... ... ... -11302 -1302 13256 11233 -10302 8626 57985 State Provident Funds(Net) 5310 5545 5178 3897 8041 16056 12514 10804 10000 100006 Special Deposits(Net) -5750 487 ... ... ... ... ... ... ... ...7 Disinvestment of equity

in public sector enterprises 4424 1581 534 38795 566 24581 22846 18088 24000 558148 Other items of Capital

receipts(Net)# 73580 58445 13959 20405 41774 -18905 -5555 82819 37851 32141TOTAL- RECEIPTS 506382 526626 578869 739842 840122 1025874 1190899 1320355 1435976 1665298

Deficit on Revenue Account 78338 92300 80222 52569 253539 338998 252252 394348 391245 379838Primary deficit -1140 13805 -7699 -44118 144788 205389 139569 242840 204251 171814Draw-down of cash balance -1461 -20888 4517 -27171 43834 -1386 6430 -15990 -5150 ...Fiscal deficit 125794 146435 142573 126912 336992 418482 373592 515990 520925 542499

* Net of Recovery ofWays & Means Advances 1687 650 1000 ... ... ... ... 10000 11000 11000Loans to Govt. servants, etc. 510 506 495 479 479 469 433 398 400 400# Excludes Securities

(a) issued to the IMF omitted percontra from Capital Expenditure 415 595 40 ... ... 3654 9051 1613 4149 42149

(b) Securities issued to- Nationalised Banks -88 500 ... ... ... ... ... ... ... ...- SBI ... ... ... 9996 ... ... ... ... ... ...

(c) Securities issued toOil Companies ... 17263 24121 20554 75942 10306 ... ... ... ...

(d) Securities issued to FoodCorporation of India ... ... 16200 ... ... ... ... ... ... ...

(e) Securities issued to UTI 362 ... ... ... ... ... ... ... ... ...(f) Redemption of securities issued

to oil and fertiliser companies ... ... ... ... -13343 ... -5763 ... ... ...(g) Securities issued to Fertilizer

Companies ... ... ... 7500 20000 ... ... ... ... ...(h) Asset management Trust for ...

SASF of IDBI ... 9000 ... ... 1225 ... ... ... ... ...(i) Conversion of interst receivable ...

into equity in NHPC & THDC ... 640 ... ... ... ... ... ... ... ...(j) Securities issued to RBI to ...

set off loans to IDFC Ltd. ... 350 ... ... ... ... ... ... ... ...(k) Enhancement of the corpus of ...

Contingency Fund of India ... ... 450 ... ... ... ... ... ... ...(l) Realisation of Stressed Assets

of IDBI ... ... 134 ... ... 300 300 300 300 ...

Receipt Budget, 2013-2014 21

ANNEX-2ANALYSIS OF TAX AND NON-TAX REVENUE RECEIPTS INCLUDED IN ANNEX-1


Actuals 2004-2005

Actuals2005-2006

Actuals2006-2007

Actuals2007-2008

Actuals2008-2009

Actuals2009-2010

Actuals 2010-2011

Actuals2011-2012^

Revised2012-2013

Budget2013-2014

A. Tax RevenueGross Tax Revenue 304958 367474 473512 593147 605299 624528 793072 889177 1038037 1235870

1. Corporation Tax 82680 101277 144318 192911 213395 244725 298688 322816 358874 419520 2. Taxes on Income other than

CorporationTax49268 57308 75093 102644 106046 122475 139069 164485 199930 240919

3. Interest Tax 50 13 5 3 9 4 4 3 ... ... 4. Other Taxes on Income and

Expenditure36 31 62 38 18 -62 29 21 ... ...

5. Customs 57611 65067 86327 104119 99879 83324 135813 149328 164853 187308 6. Union Excise Duties 99125 111226 117613 123611 108613 102991 137701 144901 171315 196805 7. Service Tax 14200 23055 37598 51301 60941 58422 71016 97509 132697 180141 8. Estate Duty ... -1 2 ... 1 ... ... ... ... ... 9. Wealth Tax 145 250 240 340 389 505 687 787 866 95010. Gift Tax 2 2 4 2 1 1 ... 1 ... ...11. Other Taxes and Duties 1022 8121 10987 16854 14519 10529 8083 6541 6846 746912. Taxes of Union Territories 819 1125 1263 1324 1488 1614 1982 2785 2656 275813. Less-States’ Share 78595 94385 120330 151800 160179 164832 219303 255414 291547 34699214. Less-NCCF Expenditure netted

from receipt1565 2825 2000 1800 1800 3160 3900 3998 4375 4800

Net-Centre's Tax Revenue 224798 270264 351182 439547 443320 456536 569869 629765 742115 884078 1. Fiscal Services 290 860 78 87 59 113 84 129 88 88 2. Interest Receipts 32387 22032 22524 21060 20717 21784 19734 20252 16595 17764 2.01 Interest Receipts From

State/U.T. Government22988 12780 12691 12174 12184 11242 10363 10040 9187 8559

2.02 Interest Receipts On Railway Capital

3084 3642 4221 4221 4692 5543 3906 5630 5340 6249

2.03 Interest Receipts Other Interest Receipts

6315 5610 5612 4665 3841 4963 5465 4582 2069 2956

3. Dividends and Profits 22939 25451 29309 34499 38607 50250 47992 50608 55443 73866 4. Other General Services 4330 4706 17481 5164 7350 9153 9530 7049 11911 12255 5. Social Services 451 1615 438 595 503 676 771 948 1147 2684 6. Economic Services 17479 18335 10089 37378 26113 29977 136722 38708 40644 62973 7. Union Territories without

Legislature755 791 756 811 797 1218 1097 1015 1123 1166

8. Grants-in-aid and contributions 2562 3023 2530 2723 2794 3141 2673 2962 2762 1456Total-Non Tax Revenue** 81193 76813 83205 102317 96940 116276 218603 121672 129713 172252Total-Revenue Receipts 305991 347077 434387 541864 540260 572812 788472 751436 871829 1056330

Note: ^ Accounts 2011-2012 are provisional. ** Net of following receipts of commercial departments.

(a) General Services 5442 6942 19901 5505 6870 8730 9550 9729 10800 12120(b) Economic Services 56479 65058 74338 81498 90377 98355 107342 118646 142312 161037

TOTAL 61921 72000 94239 87003 97247 107085 116892 128375 153112 173157

22Receipt Budget, 2013-2014

Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Revised Budget2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

A. Non-Plan Expenditure 365960 365100 413527 507589 608721 721096 818299 891990 1001638 11099751. Interest Payments

and Debt Servicing 126934 132630 150272 171030 192204 213093 234022 273150 316674 3706842. Defence Expenditure 75856 80549 85510 91681 114223 141781 154117 170913 178504 2036723. Subsidies 45957 47522 57125 70926 129708 141351 173420 217941 257654 2310844. Grants to States & U.T.

Governments 14784 30475 35734 35769 38161 45946 49790 51523 57901 769805. Grants to Foreign

Governments 990 1214 1294 1355 1442 1561 2256 2163 3229 41446. Pensions 18300 20256 22104 24261 32940 56149 57405 61166 63836 707267. Police 10654 12379 13541 13924 19904 25999 27339 33106 37131 408958. Other Non-Plan Revenue

Expenditure 33520 32526 38197 47103 68241 79823 86423 66136 70201 770689. Non-Plan Capital

Expenditure(Excluding Defence) 34798 3357 6183 47891 7271 10952 23619 11478 8102 30131

10. Loans & Advances toState & U.T.Governments 612 89 102 86 86 83 85 72 3407 80

11. Loans to ForeignGovernments 283 129 103 42 833 124 ... 248 700 ...

12. Other Loans 1599 1796 1292 1465 790 936 6308 311 308 25713. Non-Plan Expenditure of UTs

without Legislature 1673 2178 2070 2056 2918 3298 3515 3783 3991 4254On Revenue Account 1834 2305 2242 2274 3119 3334 3775 3853 4147 4395On Capital Account -161 -127 -172 -218 -201 -36 -260 -70 -156 -141

B. Plan Expenditure 132292 140638 169860 205082 275235 303391 379029 412375 429187 555322

On Revenue Account 87494 111858 142418 173572 234774 253884 314232 333736 343373 443260On Capital Account 44798 28780 27442 31510 40461 49507 64797 78639 85814 112062

TOTAL EXPENDITURE 498252 505738 583387 712671 883956 1024487 1197328 1304365 1430825 1665297

On Revenue Account 384329 439376 514609 594433 793798 911809 1040723 1145785 1263072 1436169On Capital Account 113923 66362 68778 118238 90158 112678 156605 158580 167753 229128

ANNEX - 3TRENDS IN EXPENDITURE


Receipt Budget, 2013-2014 23ANNEX-4

RECONCILIATION BETWEEN ESTIMATES OF RECEIPTS SHOWN IN ANNUAL FINANCIAL STATEMENT AND RECEIPTS BUDGET

(In crores of Rupees)Actuals

2011-2012Budget Estimates

2012-2013Revised Estimates

2012-2013Budget Estimates

2013-2014A. Revenue Receipts Revenue Receipts as shown in the Annual Financial Statement 910555.71 1111234.22 1053862.16 1255739.03Less :Revenue Receipts of Railways -106245.27 -135693.89 -128202.23 -146626.00Revenue Receipts of Posts -7899.35 -7793.31 -8762.75 -9101.81Revenue Receipts of Defence -4612.81 -4565.79 -4560.23 -4964.60Revenue Receipts of Departmental Commercial Undertakings -20131.21 -16506.99 -17136.94 -18339.35Gate Receipts of Zoological Park -4.98 -3.00 -4.00 -4.50Receipts from Government of NCT of Delhi towards payment of pensions to its employees

... -1000.00 -1000.00 -1000.00

Receipts incidental to market borrowings -13832.22 -5010.00 -17323.33 -14315.97Reimbursement of Water Cess to State/Central Pollution Control Boards -220.19 -250.00 -250.00 -250.00Relief provided to CPSUs in the form of waiver of interest/guarantee fee, write off of Loans etc. (Details in Annex 2A of Expenditure Budget Vol. I)

-16.22 -6.60 -11.80 -6.10

Short Levy of Departmental Charges -9.42 ... ... ... Transfer to National Calamity Contigency Fund/ Contribution to National Disaster Response Fund matched by receipts

-3997.92 -4620.00 -4375.00 -4800.00

Waiver of Interest of NEEPCO -16.13 ... -90.21 ... Waiver of Interest to Hindustan Insectisides Ltd. -9.48 ... -2.50 ...Waiver of loan and interest outstanding against Govt. of Yemen ... ... -2.07 ...Waiving of Outstanding dues and interest/penal interest on loan outstanding against the line of credit to Government of Kazakhstan

-34.91 ... ... ...

Waiving of Outstanding dues and interest/penal interest on loan outstanding against the line of credit to Government of Uzbekistan

-0.39 ... ... ...

Write off of Loans/Waiver of interest outstanding against State Governments -2088.10 -100.00 -313.55 ... Net Revenue Receipts 751437.11 935684.64 871827.55 1056330.70B. Capital Receipts Total CFI Receipts (excluding repayment of 14/91 day Treasury Bills, Ways & Means Advances & MSS)

884203.39 999752.77 919700.63 1144844.20

Total Public Account Receipts 611879.91 579987.55 559605.47 604136.27Additional financing through 14/91 day Treasury Bills & Ways & Means Advances

48965.31 -5000.00 -7348.59 19844.46

Total 1545048.61 1574740.32 1471957.51 1768824.93Less:Total Public Debt disbursements (excluding repayment of 14/91 dTBs, WMA & MSS)

-311014.95 -403262.85 -324290.17 -527552.83

Total Public Account Disbursements -645535.11 -562668.50 -556375.60 -578756.30Net 588498.55 608808.97 591291.74 662515.80Receipt under New Arrangements to Borrows (NAB) -7269.59 ... -11294.60 -0.01Recoveries of Loans and Advances from Government Employees -398.30 -445.00 -400.00 -400.00Redemption of securities issued to Stressed Assets Stabilisation Fund -300.00 ... -300.00 ... Securities issued to International Monetary Fund -1612.69 -42123.32 -4149.20 -42149.17Ways and Means Advances to Food Corporation of India -10000.00 -10000.00 -10000.00 -10000.00Ways and Means Advances to State Governments ... -1000.00 -1000.00 -1000.00Write off/Conversion of Loans ... ... ... ... Net Capital Receipts 568917.97 555240.65 564147.94 608966.62Total Receipts 1320355.08 1490925.29 1435975.49 1665297.32Total Expenditure 1304364.98 1490925.29 1430825.24 1665297.32Increase(+)/decrease(-) in cash balance (excluding MSS) 15990.10 ... 5150.25 ...

24Receipts Budget, 2013-2014

ANNEX -5

DEBT POSITION OF THE GOVERNMENT OF INDIA

The outstanding internal and external debt and other liabilities of the Government of India at the end of 2013-2014 is estimatedto amount to ` 56,51,484.22 crore, as against ` 50,39,131.01 crore at the end of 2012-2013 (RE). Broad details are as follows:-


As on 31st March 2013 As on 31st March 2014

Internal debt and other liabilities 48,66,829.00 54,68,622.11

of which under Market Stabilisation Scheme ... 20,000.00

External debt 1,72,302.01 1,82,862.11

Total 50,39,131.01 56,51,484.22

Internal Debt comprises loans raised in the open market, special securities issued to Reserve Bank, compensation and otherbonds, etc. It also includes borrowings through treasury bills including treasury bills issued to State Governments, commercial banksand other parties, as well as non-negotiable, non-interest bearing rupee securities issued to international financial institutions viz., theInternational Monetary Fund, International Bank of Reconstruction and Development, International Development Association,International Fund for Agricultural Development, African Development Fund/Bank and Asian Development Bank. An analysis of thepublic debt outstanding at the beginning of the First Five Year Plan and close of each year from 2007-2008 to 2011-2012 and thatestimated to be outstanding at the close of 2012-2013 and 2013-2014 is given in the Statement of Liabilities. Government of Indiahas launched Market Stabilisation Scheme (MSS), in consultation with Reserve Bank of India, since April, 2004. The scheme envisagesissue of treasury bills and/or dated securities to absorb excess liquidity, arising largely from significant foreign exchange inflows. During2012-13, as per the MoU signed between Central Government and RBI, the ceiling of outstanding liabilities at any given time (face valueof dated securities plus discounted value of treasury bills) has been kept at ` 50,000 crore. However, net issuance for the year hasbeen estimated at `20,000 crore in BE 2013-14. The estimated outstanding liabilities under MSS in respect of market loans, 91/182/364 days Treasury Bills are separately reflected in the Statement of Liabilities. A further MoU signed between the Central Governmentand RBI to amend the MoU relating to MSS enables, on mutual agreement between the Government of India and the RBI, the transferof a part of the amount in the MSS Cash Account to the normal Cash Account as part of the Government’s market borrowing programmefor meeting Government’s approved expenditure. The amount outstanding both under internal and external debt reflect the liability ofGovernment as represented by the book value of the outstanding debt. The outstanding stock of external liabilities is reckoned athistorical rates of exchange on which the liability was initially accounted for in the books of accounts after netting the repayments madeat current exchange rates.

In addition, Government is liable to repay the outstanding against the various Small Savings schemes, Provident Funds,securities issued to Industrial Development Bank of India, Unit Trust of India and Nationalised Banks, Oil marketing companies,Fertilizer companies, Food Corporation of India and deposits under the Special Deposit Scheme and depreciation and other interestbearing reserve funds of departmental commercial undertakings, etc., deposits of local funds and civil deposits. Details of suchliabilities are also shown in the Statement of Liabilities.

The position of guarantees given by the Government of India as at the end of 2011-12, as envisaged under Rule 6 of the FRBMRules, 2004, is given in the Statement on Guarantees.

A statement of Asset Register as on March 31 2012 as envisaged under Rule 6 of the FRBM Rules has also been included.

Statement of Assets shows the extent to which the money raised by Government has been utilized for asset formationpurposes. These assets are also shown at book value i.e., it does not take into account depreciation/appreciation in the value of assetsas per current market rates. This statement includes only assets the ownership of which vests in Central Government, and it excludesassets created by State Governments and non-Government bodies from grant assistance from Central Government.

The receipts from borrowings under MSS are being held as cash balance in a separate and identifiable account with RBI.These receipts are not available to meet any expenditure of the Government, other than repayment of treasury bills/dated securitiesissued under MSS. Accordingly, the estimates of cash balance under MSS have been shown separately in the Statement of Assets.


STATEMENT OF LIABILITIES OF THE CENTRAL GOVERNMENT


At the end of :Accounts (provisional) Revised Budget

1950-1951 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014

A. Public Debt (1 + 2) 2054.33 2142886.77 2462422.05 2824753.92 3386709.83 3906904.17 4486172.01

1. Internal Debt (sum of i to xiv) 2022.30 2019841.17 2328338.90 2667114.82 3216622.22 3734602.16 4303309.90(i) of which under MSS ... 88772.78 2737.00 ... ... ... 20000.00

(a) Dated securities under MSS … 79772.78 2737.00 … … ... 20000.00(b) 91 days Treasury Bills under MSS … … … … … ... ...(c) 182 days Treasury Bills under MSS … … … … … ... ...(d) 364 days Treasury Bills under MSS … 9000.00 … … … ... ...

(ii) Market Loans ( Annex. 6 and 6B) 1444.95 1338194.36 1746618.73 2072033.19 2516952.54 2984336.60 3472336.60(iii) Spl. Securities converted into

Marketable Securities (Annex 6-A) 358.02 86817.95 76817.95 76817.95 76817.95 76817.95 72817.95(iv) Other special Securities issued to

Reserve Bank … 1489.28 1489.27 1489.28 1489.28 1489.28 1489.28(v) Compensation and other bonds 6.73 47506.38 38731.52 31005.37 18719.06 13353.68 12832.46(vi) 14 days Treasury Bills … 98662.88 95667.77 103100.18 97800.22 97800.22 97800.22(vii) 91 days Treasury Bills … 75594.76 71548.76 70390.51 124655.78 117307.19 137151.65(viii) 182 days Treasury Bills … 20175.00 21500.00 22000.55 52001.25 65003.48 65003.48(ix) 364 days Treasury Bills … 45545.89 41493.23 42477.69 90377.74 130469.69 130469.69(x) Ways & Means Advances … … … … ... ... ...(xi) Cash Management Bills … … … … ... ... ...(xii) Securities issued to International

Financial Institutions 212.60 23085.34 24482.60 29314.81 29625.59 31215.74 70802.72(xiii) Securities against small savings ... 193996.55 207252.07 218485.29 208182.81 216808.33 222605.85(xiv) Spl. Sec. issued agt. Securitisaion

of balance under POLIF … … … … 14000.00 20800.00 20800.00

2. External Debt* 32.03 123045.60 134083.15 157639.10 170087.61 172302.01 182862.11

B. Other Liabilities 811.07 1016291.25 1067537.85 1114019.99 1116542.14 1132526.84 1165612.211. National Small Savings Fund 336.87 470140.77 521194.40 568614.40 582010.82 597776.22 612656.222. State Provident Funds 95.05 83377.44 99433.07 111946.78 122751.22 132751.22 142751.223. Other Accounts 16.10 334091.30 327457.39 304697.07 277903.57 267674.83 266687.52

(i) Spl Sec in lieu of Subsidies(OMCs,Fertiliser Cos and FCI) ... 177579.69 187886.02 182123.04 172090.74 166327.89 166327.89

(ii) Other items 16.10 156511.61 139571.37 122574.03 105812.83 101346.94 100359.634. Reserve Funds and Deposits 363.05 128681.74 119452.99 128761.74 133876.53 134324.57 143517.25

(i) Bearing interest 260.85 78383.87 72874.68 70421.33 74412.89 85598.45 99528.53(ii) Not bearing interest 102.20 50297.87 46578.31 58340.41 59463.64 48726.12 43988.72

Total - Liabilities 2865.40 3159178.02 3529959.90 3938773.91 4503251.97 5039431.01 5651784.22

Amount due from Pakistan on account ofshare of pre-partition debt(approx). -300.00 -300.00 -300.00 -300.00 -300.00 -300.00 -300.00

Net Liabilities of the Central Government 2565.40 3158878.02 3529659.90 3938473.91 4502951.97 5039131.01 5651484.22Excess of Capital Outlay and

Loans over Liabilities ... ... ... ... ... ... ...

Total (Net) 2565.40 3158878.02 3529659.90 3938473.91 4502951.97 5039131.01 5651484.22

ANNEX - 5 (i)

* Balances are according to book value.


STATEMENT OF ASSETS(Capital Investments and Loans by the Central Government)


At the end of :Accounts (provisional) Revised Budget

1950-1951 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014

A. Capital Outlay1. General Services 496.74 363583.18 421898.65 492831.88 569010.36 647689.02 746561.33

(i) Defence Services 260.93 332556.78 383669.14 445725.14 513627.52 583206.15 669946.86(ii) Other General Services 235.81 31026.40 38229.51 47106.74 55382.84 64482.87 76614.47

2. Social Services 26.25 16866.85 20436.86 24533.02 29115.93 34166.65 39716.953. Economic Services 965.02 419785.16 458542.83 520919.95 579805.35 621476.50 710617.17

(i) Agriculture and Allied Activities 7.78 9165.91 9351.95 9675.72 11253.92 12831.23 13683.46(ii) Rural Development ... 56.69 67.58 69.66 70.84 70.84 70.84(iii) Special Areas Programme ... 3353.27 3580.37 3725.37 3894.02 6883.73 12090.63(iv) Water and Power Development

(a) Irrigation & Flood Control 5.59 380.81 406.43 433.07 468.86 477.06 523.51(b) Energy ... 59064.88 61287.31 59436.49 62335.16 63180.97 63916.36

(v) Industry and Minerals 34.34 50482.94 53011.75 54252.30 56777.72 59106.67 62689.35(vi) Transport

(a) Railways 817.93 95080.22 67419.52 130375.86 150389.30 174654.30 200654.30(b) Other Transport Services 12.47 59348.25 111991.07 78412.26 89194.72 99203.73 118900.00

(vii) Communication(a) Postal Services 49.98 1978.73 2240.38 2514.11 2724.34 2911.30 3296.26(b) Telecommunications Services ... 5963.08 4718.39 4718.39 4742.39 5599.75 6857.92(c) Other Communications Services ... 796.53 2474.37 3150.61 3377.66 4752.61 7011.88

(viii) Science & Technology andEnvironment ... 12027.62 14082.49 16495.98 18656.14 21152.81 25671.10

(ix) General Economic Services 36.93 122086.23 127911.22 157660.13 175920.28 170651.50 195251.56Disbursement to UT’s ... ... ... ... ... 1164.57 2996.15Grand Total 1488.01 800235.19 900878.34 1038284.85 1177931.64 1304496.74 1499891.60

B. Loans advanced by theCentral Government

State Governments 195.58 143869.59 143152.16 144169.86 143547.65 146279.57 148881.09Union Territory Governments ... 935.08 895.12 848.69 804.21 4077.66 4010.38Foreign Governments 0.01 3947.20 4037.40 4232.19 4977.77 6534.00 7728.25Investment in Special Securities of

States under NSSF ... 460056.02 484262.05 527562.56 518776.72 528462.96 526233.51Investment of NSSF in other Instruments ... ... ... ... ... ... ...Public Sector Enterprises, Railway

Development & Revenue Reserve Fund,Reserve Fund, Port Trusts, Municipilitiesand Statutory Bodies Co-operative &Educational Inst.,Displaced Persons andPrivate Inst.etc. 24.58 69720.23 70304.07 78324.99 80210.26 71772.56 75963.69

Government Servants 0.51 1506.95 1277.68 1080.71 895.10 730.10 555.10TOTAL 220.68 680035.07 703928.48 756219.00 749211.71 757856.85 763372.02Total -Capital Outlay and Loans

Advanced by Central Govt. 1708.69 1480270.26 1604806.82 1794503.85 1927143.35 2062353.59 2263263.62Cash balance under MSS ... 88772.78 2737.00 ... ... ... 20000.00Grand Total 1708.69 1569043.04 1607543.82 1794503.85 1927143.35 2062353.59 2283263.62Excess of Liabilities over Capital Outlay

and Loans Advanced 856.71 1589834.98 1922116.08 2143970.06 2575808.62 2976777.42 3368220.60Total 2565.40 3158878.02 3529659.90 3938473.91 4502951.97 5039131.01 5651484.22

ANNEX - 5 (ii)


1 Guarantees given to the ReserveBank of India, other Banks andFinancial Institutions (viz.,Industrial Finance Corporation ofIndia, Industrial Development Bankof India, Life Insurance Corporationof India, Unit Trust of India, etc.,)for repayment of principal andpayment of interest, cash creditfacility, financing seasonalagricultural operations and forproviding working capital in respectof companies, corporations,cooperative societies andcooperative banks.

2. Guarantees given for repayment ofshare capital, payment of minimumannual dividend and repayment ofbonds / loans, debentures issued /raised by statutory corporationsand financial institutions.

3. Guarantees given in pursance ofagreements entered into by theGovernment of India withInternational Financial Institutions,Foreign lending agencies, ForeignGovernments, Contractors,Consultants, etc., towardsrepayment of principal, payment ofinterest / commitment charges onloans, etc., by them and paymentagainst agreement for supplies ofmaterial and equipment on creditbasis to companies, Corporations/Port Trusts, etc.

4. Counter-Guarantees to Banks inconsideraton of the Banks havingissued Letters of Authority toForeign Suppliers for Supplies /Services made / rendered by themon credit basis, in favour of theCompanies / Corporations.

5. Guarantees given to Railways /State Electricity Boards for due andpunctual payment of dues / freightcharges by Companies /Corporations.

68,996.75 54,237.42 14,759.33 1,676.50 1.5 ... 67,318.75 178.97 46.91 ….

(62) (58) (4) (24) (1) (37)

12,116.43 7,716.43 4,400.00 1,305.95 …. …. 10,810.48 50.98 4.95 ….

(52) (51) (1) (18) (34)

119,427.58 88,429.69 30,997.89 7,659.07 ... …. 111,768.51 490.47 393.47 ….

(173) (155) (18) (5) (168)

620.96 620.96 …. …. …. .... 620.96 32.94 6.10 ….

(9) (9) (9)

…. …. …. …. …. …. …. …. .... ....

ANNEX - 5(iii)

GUARANTEES GIVEN BY THE GOVERNMENTStatement under Rule 6 of the FRBM Rules, 2004

( As at the end of Reporting Year 2011-12)(In crores of Rupees )

Class Maximum Outstanding Additions Deletions Invoked Outstanding Guarantee Otheramount at the during the (other than during at the end Commission material

guaranteed beginning year invoked) the year of the year or Fee detailsduring the of the year during the

year yearDischarged Not dis- Receivable Received

charged

1 2 3 4 5 6 7 8 9 10 11


Figures in parenthesis indicate number of Guarantees.

Note:-1. The above data is based on information reported by Ministries / Departments. The data may be impacted upon by changes due to further

reconciliation of records.

2. The difference in the closing balance as on 31.3.2011 reported in BE 2012-13 viz. ̀ 151292.46 Crore and the opening balance as on 1.4.2011as reported above is due to reconcilation of records.

3. The net accretion of Guarantees for the year 2011-2012 is ` 39515.70 Crore (Col.4 - Col.5) which is 0.44% of the GDP at market prices for2011-2012.

4. As on 7th February, 2013, Guarantees amounting to ̀ 48513 Crore have been committed / approved by the Ministry of Finance for FinancialYear 2012-2013, which is well within 0.5% of the estimated GDP.

6. Performance guarantees given forfulfilment of contracts / projectsawarded to Indian companies inforeign countries.

7. Performance guarantees given forfulfilment of contracts / projectsawarded to Foreign companies inforeign countries.

8. Others

GRAND TOTAL

GUARANTEES GIVEN BY THE GOVERNMENTStatement under Rule 6 of the FRBM Rules, 2004

( As at the end of Reporting Year 2011-12)(` in crores )

Class Maximum Outstanding Additions Deletions Invoked Outstanding Guarantee Otheramount at the during the (other than during at the end Commission material

guaranteed beginning year invoked) the year of the year or Fee detailsduring the of the year during the

year yearDischarged Not dis- Receivable Received

charged

1 2 3 4 5 6 7 8 9 10 11

…. …. …. …. …. …. .... 1.67 …. ....

…. …. …. …. …. …. …. …. .... ....

…. …. …. …. …. …. …. …. .... ....

2,01,161.72 1,51,004.50 50,157.22 10,641.52 1.50 .... 1,90,518.70 755.03 451.43 ….

(296) (273) (23) (47) (1) (248)


ASSET REGISTERUnder Rule 6 of the FRBM Rules, 2004

(As at the end of Reporting Year 2011-2012)

Cost (In crores of Rupees)

Assets at the Assets acquired Cumulative totalbeginning of during the of assets at the

2011-12 year 2011-12 end of the year2011-12

Physical assetsLand 120513.40 515.09 121028.49Building Office 21267.11 1512.06 22779.17 Residential 9948.62 538.30 10486.92Roads 17905.62 197.23 18102.85Bridges 4592.32 12.96 4605.28Irrigation Projects 316.73 15.37 332.10Power Projects 280.98 44.79 325.77Other Capital Projects 2500.26 115.43 2615.69Machinery & Equipment 19048.62 1896.27 20944.89Office Equipment 2399.66 383.64 2783.30Vehicles 1841.02 117.54 1958.56

Total 200614.34 5348.68 205963.02

Financial assets:Equity Investment Shares 242087.96 4792.06 246880.02

Bonus Shares 3090.19 -175.05 2915.14Loans and Advances Loans to State & UTI Govts. 147546.16 2661.21 150207.37

Loans to Foreign Govts. 4404.29 811.12 5215.41 Loans to Companies 53797.65 8398.93 62196.58

Loans to Others 22925.14 450.23 23375.37

Other Financial Investment Railways* 130540.27 19928.73 150469.00 Others 61057.48 -8763.06 52294.42

Total 665449.14 28104.17 693553.31

GRAND TOTAL 866063.48 33452.85 899516.33

ANNEX - 5 (iv)

* Capital invested from General Revenues.

Notes:

1. This disclosure statement does not include assets of Cabinet Secretariat, Central Police Organisations, Ministry of Defence, Departmentsof Space and Atomic Energy as per Fiscal Responsibility and Budget Management Rules.

2. These figures, compiled on the basis of reports of respective Ministries/Departments, may be impacted, interalia, by any ongoing liquidation/adjudication/administrative decision relating to valuation of assets and improvement in capture of data.

3. Figures are rounded off.


ANNEX - 6

DETAILS OF CURRENT RUPEE LOANS OF THE CENTRAL GOVERNMENT

(In crores of Rupees)As at the end of

Earliest date Revised BudgetName of Loan of maturity 1950-1951 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 3.00% Loan ,1951-54 15.09.1951 86.73 … … … … … … 3.00% Loan,1953-55 15.07.1953 114.60 … … … … … … 2.25% Loan,1954 15.11.1954 35.06 … … … … … … 3.50% Loan,1954-59 15.12.1954 12.87 … … … … … … 4.50% Loan,1955-60 15.09.1955 9.06 … … … … … … 2.50% Loan ,1955 01.10.1955 60.45 … … … … … … 3.00% Victory Loan,1957 01.09.1957 114.07 … … … … … … 4.50% Loan,1958-68 01.06.1958 5.85 … … … … … … 3.00% Second Victory Loan,1959-61. 15.08.1959 113.66 … … … … … … 2.75% Loan,1960 15.07.1960 45.63 … … … … … … 4.00% Loan,1960-70 15.09.1960 63.30 … … … … … … 2.50% Loan,1961 01.08.1961 57.01 … … … … … … 2.75% Loan,1962 15.11.1962 75.87 … … … … … … 3.00% Loan,1963-65. 01.06.1963 116.17 … … … … … … 3.00% Loan,1964 15.06.1964 30.33 … … … … … … 3.00% Funding Loan,1966-68 01.10.1966 110.12 … … … … … … 3.00% First Development Loan,1970-75 15.10.1970 115.06 … … … … … … 2.75% Loan,1976 16.09.1976 14.77 … … … … … … 6.65% Government Stock,2009 05.04.2009 … 8886.80 … … … … …11.99% Government Stock,2009 07.04.2009 … 13500.00 … … … … …11.50% Loan,2009 15.05.2009 … 4504.74 … … … … … 7.00% Loan,2009 25.05.2009 … 1197.44 … … … … …Govt. of India Floating Rate Bonds,2009 06.12.2009 … 3000.00 … … … … …12.29% Government Stock,2010 29.01.2010 … 11500.00 … … … … … 7.50% Loan,2010 12.05.2010 … 1456.22 1456.22 … … … … 7.55% Government Stock,2010 14.05.2010 … 23000.00 23000.00 … … … …11.50% Loan,2010 11.06.2010 … 7152.81 7152.81 … … … …12.25% Government Stock,2010 02.07.2010 … 8515.00 15515.00 … … … …11.30% Government Stock,2010 28.07.2010 … 9000.00 33683.00 … … … … 8.75% Loan,2010 13.12.2010 … 500.22 500.22 … … … …12.32% Government Stock,2011 29.01.2011 … 9462.00 9462.00 … … … … 6.57% Government Stock,2011(PP) 24-02-2011 … 19500.00 20817.00 … … … … 8.00% Loan,2011 27.04.2011 … 1472.92 1472.92 1472.92 … … …10.95% Government Stock,2011 30.05.2011 … 12000.00 12000.00 12000.00 … … … 9.39% Government Stock,2011 02.07.2011 … 37000.00 37000.00 37000.00 … … … 11.50% Loan,2011 05.08.2011 … 2861.36 2861.36 2861.36 … … …Govt. of India Floating Rate Bonds,2011 08.08.2011 … 6000.00 6000.00 6000.00 … … …12.00% Loan,2011 21.10.2011 … 3246.91 3246.91 3246.91 … … …11.50% Government Stock,2011 24.11.2011 … 11000.00 11000.00 11000.00 … … … 6.85% Government Stock,2012 05.04.2012 … 15000.00 15000.00 26000.00 26000.00 … … 7.40% Government Stock,2012 03.05.2012 … 28000.00 33000.00 33000.00 33000.00 … …10.25% Loan,2012 01.06.2012 … 1574.13 1574.13 1574.13 1574.13 … … 6.72% Government Stock,2007/12 18.07.2012 … 546.81 546.81 546.81 541.81 … …11.03% Government Stock,2012 18.07.2012 … 13500.00 13500.00 13500.00 13500.00 … … 9.40% Government Stock,2012 11.09.2012 … 11000.00 11000.00 11000.00 11000.00 … …Govt. of India Floating Rate Bonds,2012 10.11.2012 … 5000.00 5000.00 5000.00 5000.00 … … 9.00% Loan,2013 24.05.2013 … 1751.33 1751.33 1751.33 1751.33 1751.33 … 9.81% Government Stock,2013 30.05.2013 … 11000.00 11000.00 11000.00 11000.00 11000.00 …12.40% Government Stock,2013 20.08.2013 … 11983.91 11983.91 11983.91 11983.91 11983.91 … 7.27% Government Stock,2013 03.09.2013 … 42000.00 42000.00 42000.00 42000.00 42000.00 …



Earliest date Revised BudgetName of Loan of maturity 1950-1951 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014

Govt.of India Floating Rate Bonds,2013 10.09.2013 … 4000.00 4000.00 4000.00 4000.00 4000.00 … 5.32% Government Stock,2014 16.02.2014 … 5000.00 5000.00 5000.00 5000.00 5000.00 … 6.72% Government Stock,2014 24.02.2014 … 15273.60 15273.60 15273.60 15273.60 15273.60 … 7.37% Government Stock,2014 16.04.2014 … 37000.00 37000.00 37000.00 37000.00 37000.00 37000.00 6.07% Government Stock,2014 15.05.2014 … … 40000.00 40000.00 40000.00 40000.00 40000.00Govt.of India Floating Rate Bonds,2014 20.05.2014 … 5000.00 5000.00 5000.00 5000.00 5000.00 5000.0010.00% Loan,2014 30.05.2014 … 2333.26 2333.26 2333.26 2333.26 2333.26 2333.26 7.32% Government Stock,2014 20.10.2014 … … 18000.00 18000.00 18000.00 18000.00 18000.0010.50% Loan,2014 29.10.2014 … 1755.10 1755.10 1755.10 1755.10 1755.10 1755.10 7.56% Government Stock,2014 03.11.2014 … 25000.00 41000.00 41000.00 41000.00 41000.00 41000.0011.83% Government Stock,2014 12.11.2014 … 11500.00 11500.00 11500.00 11500.00 11500.00 11500.0010.47% Government Stock,2015 12.02.2015 … 6430.00 6430.00 6430.00 6430.00 6430.00 6430.0010.79% Government Stock,2015 19.05.2015 … 2683.45 2683.45 2683.45 2683.45 2683.45 2683.4511.50% Loan,2015 21.05.2015 … 3560.50 3560.50 3560.50 3560.50 3560.50 3560.50 6.49% Government Stock,2015 08.06.2015 … … 40000.00 40000.00 40000.00 40000.00 40000.00 7.17% Government Stock,2015 14.06.2015 … … ... 56000.00 56000.00 56000.00 56000.00Govt.of India Floating Rate Bonds,2015 02.07.2015 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.0011.43% Government Stock,2015 07.08.2015 … 12000.00 12000.00 12000.00 12000.00 12000.00 12000.00Govt.of India Floating Rate Bonds,2015 II 10.08.2015 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.00 7.38% Government Stock,2015 03.09.2015 … 39000.00 39000.00 58000.00 58000.00 58000.00 58000.00 9.85% Government Stock,2015 16.10.2015 … 10000.00 10000.00 10000.00 10000.00 10000.00 10000.00 7.59% Government Stock,2016 12.04.2016 … 44000.00 50000.00 50000.00 68000.00 68000.00 68000.0010.71% Government Stock,2016 19.04.2016 … 9000.00 9000.00 9000.00 9000.00 9000.00 9000.00Govt.of India Floating Rate Bonds,2016 07.05.2016 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.00 5.59% Government Stock,2016 04.06.2016 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.0012.30% Government Stock,2016 02.07.2016 … 13129.84 13129.84 13129.84 13129.84 13129.84 13129.84 7.02% Government Stock,2016 17.08.2016 … … 39000.00 60000.00 60000.00 60000.00 60000.00 8.07% Government Stock,2017 15.01.2017 … 49000.00 49000.00 49000.00 69000.00 69000.00 69000.00 7.49% Government Stock,2017 16.04.2017 … 43000.00 43000.00 53000.00 53000.00 53000.00 53000.00Govt.of India Floating Rate Bonds,2017 02.07.2017 … 3000.00 3000.00 3000.00 3000.00 3000.00 3000.00 8.07% Government Stock,2017 03.07.2017 … … … … … 50000.00 50000.00 7.99% Government Stock,2017 09.07.2017 … 34000.00 34000.00 59000.00 71000.00 71000.00 71000.00 7.46% Government Stock,2017 28.08.2017 … 36886.80 36886.80 57886.80 57886.80 57886.80 57886.80 6.25% Government Stock,2018 02.01.2018 … 10886.80 10886.80 10886.80 10886.80 10886.80 10886.80 7.83% Government Stock,2018 11.04.2018 … … … … 64000.00 64000.00 64000.00 8.24% Government Stock,2018 22.04.2018 … 50000.00 50000.00 50000.00 56000.00 75000.00 75000.0010.45% Government Stock,2018 30.04.2018 … 3716.00 3716.00 3716.00 3716.00 3716.00 3716.00 5.69% Government Stock,2018 25.09.2018 … 10000.00 10000.00 10000.00 10000.00 10000.00 10000.0012.60% Government Stock,2018 23.11.2018 … 12631.88 12631.88 12631.88 12631.88 12631.88 12631.88 5.64% Government Stock,2019 02.01.2019 … 10000.00 10000.00 10000.00 10000.00 10000.00 10000.00 6.05% Government Stock 2019 02.02.2019 … 31000.00 53000.00 53000.00 53000.00 53000.00 53000.00 6.05% Government Stock,2019 12.06.2019 … 4000.00 4000.00 4000.00 4000.00 4000.00 4000.00 6.90% Government Stock,2019 13.07.2019 … … 45000.00 45000.00 45000.00 45000.00 45000.0010.03% Government Stock,2019 09.08.2019 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.00 6.35% Government Stock,2020 02.01.2020 … 6000.00 51000.00 56000.00 56000.00 56000.00 56000.00 8.19% Government Stock,2020 16.01.2020 … … … … 14000.00 74000.00 74000.0010.70% Government Stock,2020 22.04.2020 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.00 7.80% Government Stock,2020 03.05.2020 … … … 60000.0 60000.00 60000.00 60000.00Govt.of India Floating Rate Bonds,2020 21.12.2020 … … 5000.00 8000.00 13000.00 13000.00 13000.00 8.12% Government Stock,2020 10.12.2020 … … … … … 13000.00 13000.0011.60% Government Stock,2020 27.12.2020 … 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00 7.80% Government Stock,2021 11.04.2021 … … … … 68000.00 68000.00 68000.00 7.94% Government Stock,2021 24.05.2021 … 23000.00 49000.00 49000.00 49000.00 49000.00 49000.0010.25% Government Stock,2021 30.05.2021 … 26213.32 26213.32 26213.32 26213.32 26213.32 26213.32 8.79% Government Stock,2021 08.11.2021 … … … … 56000.00 83000.00 83000.00




8.20% Government Stock,2022 15.02.2022 … 14000.00 23000.00 56000.00 56000.00 56000.00 56000.00 8.35% Government Stock,2022 14.05.2022 … 44000.00 44000.00 44000.00 44000.00 44000.00 44000.00 8.15% Government Stock,2022 11.06.2022 … … … … … 70000.00 70000.00 8.08% Government Stock,2022 02.08.2022 … … … 28000.00 59000.00 59000.00 59000.00 8.13% Government Stock,2022 21.09.2022 … … … 35000.00 68000.00 68000.00 68000.00 6.30% Government Stock,2023 09.04.2023 … 13000.00 13000.00 13000.00 13000.00 13000.00 13000.00 6.17% Government Stock,2023 12.06.2023 … 6000.00 6000.00 6000.00 6000.00 6000.00 6000.00 7.35% Government Stock,2024 22.06.2024 … … 10000.00 10000.00 10000.00 10000.00 10000.00 9.15% Government Stock,2024 14.11.2024 … … … … 48000.00 92000.00 92000.00 8.20% Government Stock,2025 24.09.2025 … … … … … 59000.00 59000.00 8.33% Government Stock,2026 09.07.2026 … … … … … 60000.00 60000.0010.18% Government Stock,2026 11.09.2026 … 15000.00 15000.00 15000.00 15000.00 15000.00 15000.00 8.24% Government Stock,2027 15.02.2027 … 14000.00 50000.00 53000.00 53000.00 53000.00 53000.00 8.26% Government Stock,2027 02.08.2027 … … … 51000.00 72000.00 72000.00 72000.00 8.28% Government Stock 2027 21.09.2027 … … … … 25000.00 35000.00 35000.00 6.01% Government Stock,2028 25.03.2028 … 15000.00 15000.00 15000.00 15000.00 15000.00 15000.00 6.13% Government Stock,2028 04.06.2028 … 11000.00 11000.00 11000.00 11000.00 11000.00 11000.00 8.97% Government Stock,2030 05.12.2030 … ... ... ... 19000.00 73000.00 73000.00 8.28% Government Stock,2032 15.02.2032 … 16000.00 39000.00 50000.00 62000.00 76000.00 76000.00 8.32% Government Stock,2032 02.08.2032 … … … 13000.00 13000.00 13000.00 13000.00 7.95% Government Stock,2032 28.08.2032 … 59000.00 59000.00 59000.00 59000.00 59000.00 59000.00 7.50% Government Stock,2034 10.08.2034 … 39000.00 60000.00 60000.00 60000.00 60000.00 60000.00Govt.of India Floating Rate Bonds,2035 25.01.2035 … 350.00 350.00 350.00 350.00 350.00 350.00 7.40% Government Stock,2035 09.09.2035 … 33000.00 42000.00 42000.00 42000.00 42000.00 42000.00 8.33% Government Stock,2036 07.06.2036 … 59000.00 59000.00 59000.00 59000.00 86000.00 86000.00 6.83% Government Stock,2039 19.01.2039 … 10000.00 13000.00 13000.00 13000.00 13000.00 13000.00 8.30% Government Stock,2040 02.07.2040 … … … 32000.00 72000.00 72000.00 72000.00 8.83% Government Stock,2041 12.12.2041 … … … … 18000.00 60000.00 60000.00 8.30% Government Stock,2042 31.12.2042 … … … … … 9000.00 9000.00Estimated Borrowings in 2012-13 31.03.2013 … … … … ... ... ... 3.00% Loan,1896-97 8.93 … … … … … … 3.00% Conversion Loan,1946 248.92 … … … … … …Loans matured but not collected bythe holders till the end of the year 6.49 451.52 618.83 654.02 439.00 439.00 439.00Difference under Investigation/Reconciliation ... 178.93 24.97 -9.51 3.06 3.06 3.06Estimated Borrowings in 2013-14 … … … … … … 629008.84Estimated Buy Back in 2013-14 … … … … … … -50000.00Loans floated under MarketStabilisation Scheme ... 79772.78 2737.00 2737.00 ... ... 20000.00 6.65% Government Stock 2009(RI) 05.04.2009 … 16000.00 ... ... … … … 5.48% Government Stock 2009(RI) 12.06.2009 … 17000.00 ... ... … … … 5.87% Government Stock 2010(RI) 02.01.2010 … 11035.78 ... ... … … … 7.55% Government Stock 2010(RI) 14.05.2010 … 2420.00 2420.00 2420.00 … … … 12.25% Government Stock 2010(RI) 02.07.2010 … 7000.00 ... ... … … … 11.30% Government Stock 2010(RI) 28.07.2010 … 25000.00 317.00 317.00 … … … 6.57% Government Stock 2011(RI) 24.02.2011 … 1317.00 ... ... … … …Estimated Borrowings in 2013-14 … … … … … ... 20000.00TOTAL-CURRENT LOANS(Excluding loans under MSS) 1444.95 1326093.60 1734517.97 2059932.43 2496143.79 2963527.85 3451527.85


5.48% Government Stock 2009 12.06.2009 … 5000.00 … … … … …

5.87% Government Stock 2010 02.01.2010 … 5000.00 … … … … …

7.27% Government Stock 2013 03.09.2013 … 4000.00 4000.00 4000.00 4000.00 4000.00 …

7.37% Government Stock 2014 16.04.2014 … 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00










Total ... 86817.95 76817.95 76817.95 76817.95 76817.95 72817.95

ANNEX - 6ASPECIAL SECURITIES CONVERTED INTO MARKETABLE SECURITIES

(In crores of Rupees)At the end of


ANNEX - 6BSPECIAL SECURITIES ISSUED TO NATIONALISED BANKS

CONVERTED INTO MARKETABLE SECURITIES(In crores of Rupees)

As at the end ofEarliest date Revised Budget

Name of Loan of maturity 1950-1951 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014


8.08% Government stock 2022 02.08.2022 … 2969.41 2969.41 2969.41 2969.41 2969.41 2969.41








Total ... 20808.75 20808.75 20808.75 20808.75 20808.75 20808.75


ANNEX - 6CSPECIAL SECURITIES ISSUED TO OIL MARKETING COMPANIES

IN LIEU OF CASH SUBSIDY(In crores of Rupees)

At the end ofEarliest date Revised Budget


7.47% GOI spl. Bonds,2012 07.03.2012 ... 2000.00 2000.00 2000.00 … … …7.44% GOI spl. Bonds,2012 23.03.2012 ... 2000.00 2000.00 2000.00 … … …7.00% GOI spl. Bonds,2012 09.09.2012 ... 5762.85 5762.85 5762.85 5762.85 … …7.61% GOI spl. Bonds,2015 07.03.2015 ... 1750.00 1750.00 1750.00 1750.00 1750.00 1750.007.59% GOI spl. Bonds,2015 23.03.2015 ... 1750.00 1750.00 1750.00 1750.00 1750.00 1750.008.13% GOI spl. Bonds,2021 16.10.2021 ... 5000.00 5000.00 5000.00 5000.00 5000.00 5000.007.75% GOI spl. Bonds,2021 28.11.2021 ... 5000.00 5000.00 5000.00 5000.00 5000.00 5000.008.20% GOI spl. Bonds,2023 10.11.2023 ... 22000.00 22000.00 22000.00 22000.00 22000.00 22000.008.01% GOI spl. Bonds,2023 15.12.2023 ... 4150.00 4150.00 4150.00 4150.00 4150.00 4150.008.20% GOI spl. Bonds,2024 12.02.2024 ... 5000.00 5000.00 5000.00 5000.00 5000.00 5000.008.20% GOI spl. Bonds,2024 15.09.2024 ... ... 10306.33 10306.33 10306.33 10306.33 10306.336.35% GOI spl. Bonds,2024 23.12.2024 ... 22000.00 22000.00 22000.00 22000.00 22000.00 22000.007.95% GOI spl. Bonds,2025 18.01.2025 ... 11256.92 11256.92 11256.92 11256.92 11256.92 11256.928.40% GOI spl. Bonds,2025 28.03.2025 ... 9296.92 9296.92 9296.92 9296.92 9296.92 9296.928.40% GOI spl. Bonds,2026 29.03.2026 ... 4971.00 4971.00 4971.00 4971.00 4971.00 4971.006.90% GOI spl. Bonds,2026 04.02.2026 ... 21942.00 21942.00 21942.00 21942.00 21942.00 21942.008.00% GOI spl. Bonds,2026 23.03.2026 ... 10000.00 10000.00 10000.00 10000.00 10000.00 10000.00Total 133879.69 144186.02 144186.02 140186.02 134423.17 134423.17

ANNEX - 6DSPECIAL SECURITIES ISSUED TO FERTILISER COMPANIES




7.00% GOI spl. Bonds,2022 10.12.2022 ... 10000.00 10000.00 8103.59 6071.51 4039.43 4039.436.20% GOI spl. Bonds,2022 24.12.2022 ... 4000.00 4000.00 2227.16 491.42 -1244.32 -1244.326.65% GOI spl. Bonds,2022 24.12.2022 ... 6000.00 6000.00 3927.77 1710.92 -505.93 -505.938.30% GOI spl. Bonds,2023 07.12.2023 ... 3890.00 3890.00 3885.00 3880.00 3875.00 3875.007.95% GOI spl. Bonds,2026 18.02.2026 ... 3610.00 3610.00 3593.50 3550.87 3508.24 3508.24Total ... 27500.00 27500.00 21737.02 15704.72 9672.42 9672.42Bought back by Govt. 5762.98 6032.30

ANNEX - 6ESPECIAL SECURITIES ISSUED TO FOOD CORPORATION OF INDIA




8.15% GOI spl. Bonds,2022 16.10.2022 ... 5000.00 5000.00 5000.00 5000.00 5000.00 5000.008.03% GOI spl. Bonds,2024 15.12.2024 ... 5000.00 5000.00 5000.00 5000.00 5000.00 5000.008.23% GOI spl. Bonds,2027 12.02.2027 ... 6200.00 6200.00 6200.00 6200.00 6200.00 6200.00Total ... 16200.00 16200.00 16200.00 16200.00 16200.00 16200.00

ANNEX - 6FSPECIAL BONDS TO UTI



6.10% GOI spl. Bonds,2011 23.07.2011 .... 362.00 362.00 362.00 362.00 .... ....Total .... 362.00 362.00 362.00 362.00 .... ....


8.35% SBI Rights Issue,2024 27.03.2024 .... 9996.01 9996.01 9996.01 9996.01 9996.01 9996.01Total .... 9996.01 9996.01 9996.01 9996.01 9996.01 9996.01

ANNEX - 6HSPECIAL BONDS TO IFCI



9.75% GOI spl. Bonds,2021 30.10.2021 .... 400.00 400.00 400.00 400.00 400.00 400.00Total .... 400.00 400.00 400.00 400.00 400.00 400.00

ANNEX - 6 ISPECIAL BONDS TO SBI RIGHTS ISSUE



ANNEX - 6GSPECIAL BONDS TO IIBI



11.50% GOI spl. Bonds,2021 30.03.2021 .... 100.00 100.00 100.00 100.00 100.00 100.00Total .... 100.00 100.00 100.00 100.00 100.00 100.00

ANNEX - 6JGOVERNMENT OF INDIA SPECIAL BONDS TO DEPTT. OF POSTS(Securitisation of POLIF from Public Account to Market Loans)



8.01 PLI GoI Spl Sec. 2021 31.03.2021 ... ... ... 4000.00 4000.00 4000.00 4000.008.08 PLI GoI Spl Sec. 2023 31.03.2023 ... ... ... 3000.00 3000.00 3000.00 3000.00PLI GoI Spl. Floating Rate Bonds 30.03.2022 ... ... ... ... 7000.00 7000.00 7000.00New Securities to be issued ... ... ... ... ... 6800.00 6800.00Total ... ... ... 7000.00 14000.00 20800.00 20800.00


ANNEX-7ASOURCES AND APPLICATION OF NATIONAL SMALL SAVINGS FUND

AS ON 31ST MARCH, 2013


Particulars Actuals 2011-2012 RE BE(Provisional) 2012-2013 2013-2014

A. SOURCES OF FUNDS :DEPOSITS UNDER SMALL SAVINGS SCHEMES :Savings Deposits

Liabilities outstanding as on 1st April 393893.49 376439.95 382223.65

Accretion to liabilities during the year -17453.54 5783.70 1642.00Savings CertificatesLiabilities outstanding as on 1st April 214113.59 209786.44 194628.20Accretion to liabilities during the year -4327.15 -15158.24 -15333.00Public Provident FundLiabilities outstanding as on 1st April 179092.64 203967.28 229107.22Accretion to liabilities during the year 24874.64 25139.94 28570.00TOTAL DEPOSITS 790193.67 805959.07 820838.07

APPLICATION OF FUNDS :Investment in Central Government Special Securitiesagainst outstanding balance as on 31.3.1999

Investment as on 1st April 73569.19 64569.19 64569.19Less: Redemption of securities during the year -9000.00 ... ...Investment in Central Government Special Securitiesagainst collections from 1.4.1999

Investment as on 1st April 34561.78 33259.30 31956.82Additional investment during the year ... ... 4000.00Less:Redemption of securities during the year -1302.48 -1302.48 -1302.48Investment in Special State Government Securitiesagainst collections from 1.4.1999

Investment as on 1st April 526062.56 517276.72 517034.96Additional investment during the year 10812.20 22578.00 14100.00Less: Redemption of securities during the year -19598.04 -22819.76 -23429.45Reinnvestment in Central Government SpecialSecurities out of the sums received on redemptionof securities

Investment as on 1st April 110354.34 110354.34 120282.34Additional investment during the year ... 9928.00 3100.00Less: Redemption of securities during the year ... ... ...15 Year, 9% Loan (2023) to India Infrastructure FinanceCompany Limited.Opening Balance as on 1st April 1500.00 1500.00 1500.00Additions during the year ... ... ...Less: Repayments during the year ... ... ...TOTAL INVESTMENTS 726959.55 735343.31 731811.38Accumulated balance Income(-)/Expenditure(+) Account 55327.77 70615.99 89035.55

Cash Balance 7906.35 -0.23 -8.86TOTAL 790193.67 805959.07 820838.07


A. COLLECTIONS, DISCHARGES& INVESTMENTS:

1. OPENING BALANCE 787099.72 ... 781099.72 ... 790193.67 ... 805959.07 ...COLLECTIONS:(i) Savings Deposits 167275.81 184729.35 156600.00 166600.00 163361.82 157578.12 165064.00 163422.00(ii) Savings Certificates 17980.92 22308.07 19000.00 36000.00 19160.45 34318.69 18807.00 34139.00(iii) Public Provident Fund 36656.48 11781.84 41000.00 14000.00 37902.05 12762.11 40370.00 11800.00Total collections &disbursements in the year 221913.21 218819.26 216600.00 216600.00 220424.32 204658.92 224241.00 209361.00

TOTAL (1) 1009012.93 218819.26 997699.72 216600.00 1010617.99 204658.92 1030200.07 209361.00

2. INVESTMENTS: (i) Investment as on 1st April 746047.86 727612.92 726959.54 735343.30(ii) Investment in special Central Government securities against Outstanding Balances as on 31.3.1999 9000.00 ... ... ... ... ... ... ...(iii) Investment in special Central Government securities against collections from 1.4.1999 1302.48 ... 1302.48 2500.00 1302.48 ... 1302.48 4000.00(iv) Investment in special State Government securities issued from 1.4.1999 onwards 19598.04 10812.20 22819.76 7000.00 22819.76 22578.00 23429.45 14100.00(v) Reinvestment of sums received on redemption of special Central / State Government securities ... ... ... 2500.00 ... 9928.00 ... 3100.00Total investments in the year 29900.52 10812.20 24122.24 12000.00 24122.24 32506.00 24731.93 21200.00TOTAL (2) 29900.52 756860.06 24122.24 739612.92 24122.24 759465.54 24731.93 756543.30

B. INCOME AND EXPENDITURE OF NSSF:3. INTEREST INCOME :

(i) Investment in Central Government Special Securities against outstanding balance as on 31.3.1999 6779.76 ... 5811.23 ... 5811.23 ... 5811.23 ...(ii) Investment in Central Government Special Securities against collections from 1.4.1999 3826.95 ... 3068.51 ... 3068.51 ... 2951.29 ...(iii) Investment in Special State Government Securities isssued from 1.4.1999 51143.68 ... 47403.63 ... 46242.61 ... 47429.39 ...(iv) Investment in Central Government Special Securities against amounts received on redemption of special securities

ANNEX-7BNATIONAL SMALL SAVINGS FUND

(In crores of Rupees)Actuals BE RE BE

2011-2012 (Provisional) 2012-2013 2012-2013 2013-2014

Receipts Disbursements Receipts Disbursements Receipts Disbursements Receipts Disbursements


of Central / State Governments. 7408.13 ... 9992.18 ... 9992.18 ... 10935.34 ...(v) On 15 Year, 9% loan (2023) to India Infrastructure Finance Corporation Limited 135.00 ... 135.00 ... 135.00 ... 135.00 ...

3.1 OTHER INCOMES OF NSSF:Other Receipts 265.22 ... 200.00 ... 285.00 ... 250.00 ...TOTAL (3) 69558.74 ... 66610.55 ... 65534.53 ... 67512.25 ...

4. INTEREST PAYMENTS :Savings Deposits ... 36493.07 ... 36202.00 ... 27600.00 ... 29800.00Savings Certificates ... 15590.09 ... 17000.00 ... 28130.00 ... 29400.00Public Provident Fund ... 14538.96 ... 15530.00 ... 19100.00 ... 20500.00TOTAL (4) ... 66622.12 ... 68732.00 ... 74830.00 ... 79700.00

5. MANAGEMENT COST:Payment of agency charges toDepartment of Posts ... 4304.08 ... 3793.31 ... 4562.75 ... 4901.81Payment of agency charges toPublic Sector Banks ... ... ... ... ... ... ... ...Payment of agency commissionto agents ... 1714.41 ... 1177.00 ... 1400.00 ... 1300.00Cost of Printing ... 21.99 ... 25.00 ... 30.00 ... 30.00TOTAL (5) ... 6040.48 ... 4995.31 ... 5992.75 ... 6231.81

6. Total Income and Expenditureof NSSF (3)+(4)+(5) 69558.74 72662.60 66610.55 73727.31 65534.53 80822.75 67512.25 85931.81

7. Net Income(-)/Expenditure(+)in the year ... 3103.86 .... 7116.76 ... -15288.22 .... 18419.56

(` In crores)Actuals BE RE BE

2010-2011 (Provisional) 2012-2013 2012-2013 2013-2014

Receipts Disbursements Receipts Disbursements Receipts Disbursements Receipts Disbursements

Receipts Budget, 2013-2014 39ANNEX - 8

LIABILITY ON ANNUITY PROJECTS

Ministry/ Name of Value of Total Annuity Term in AnnualDepartment the Project Project Committed years Annuity

(Annuity Period) (per year)

NHDP Phase-I 2353.70 8635.08 575.67

Panagarh -Palsit (Km 517-581) 350.00 1665.00 15 111.00

Palsit -Dankuni DurgapurExpressway (Km. 581-646) 432.40 1199.94 15 80.00

Ankapalli- Tuni (Km. 359.2-300) 283.20 884.43 15 58.96

Tuni-Dharmavaram (AP-16) (Km. 300-253) 231.90 837.36 15 55.82

Dharmavaram -Rajahmundry (AP-15)(Km. 253-200) 206.00 888.57 15 59.24

Nellore Bypass 143.20 388.80 15 25.92

Maharashtra Border -Belgaum 332.00 1515.30 15 101.02

Tambaram - Tindivanam 375.00 1255.68 15 83.71

NHDP Phase-II 6851.91 20853.99 1204.73

Gorakhpur Bypass (Km.251.70-279.80) 600.24 1701.00 17.5 97.20

NS-1/BOT/MP-UP/ Gwalior - Jhansi(Km.16 - Km.96.127 of NH-75) 604.00 1830.15 17.5 104.58

NS-1/BOT/MP-1/Gwalior Bypass(Km.103 of NH-3 to Km. 16 of NH-75) 300.93 928.55 17.5 53.06

Lakhnadon - MP/MH Border(Km.547.4-596.75 of NH-7) in MP NS-1/BOT/MP-2 263.17 784.70 17.5 44.84

Lakhnadon - MP/MH Border(Km.596.75 - 653.225 of NH-7)in MP NS-1/BOT/MP-3 407.60 1239.00 17.5 70.80

Kosi Bridge & Approaches on NH-57 in Bihar (Km 165 to 155)(BR-5) 418.04 1084.60 17 63.80

Bara - Orai (Km. 449 to Km. 422 onNH-2 & Km. 255 to 220) 465.00 1344.75 15 89.65

Jhansi - Lalitpur (Km.0-49.79 ofNH-25,26) in UP NS-1/BOT/UP-2 355.06 1048.25 17.5 59.90

Jhansi - Lalitpur (Km.49.79-99 ofNH-26) in UP NS-1/BOT/UP-3 276.09 838.25 17.5 47.90

Kottakata - Kurnool (AP-5)(Km 135.74-211) 592.00 2034.72 18 113.04

MH/AP Border to Islam Nagar(NS-2/BOT/AP-6) Km. 175/0 toKm. 230/0 360.42 1133.28 18 62.96

Islam Nagar to Kadtal(NS-2/BOT/ AP-7) Km. 230 to Km. 278 546.83 1597.32 18 88.74

Kadtal to Armur (NS-2/BOT/AP-8)Km. 278/0 to Km. 308/0 271.73 856.80 18 47.60

Kadloor Yellareddy to GundlaPachampalli (NS-2/BOT/AP-2)(Amur-Kalkallu Village) (AP-2) 490.00 1950.48 18 108.36

(In crores of Rupees )

1. Ministryof Road

Transportand

Highways

Receipts Budget, 2013-2014 40

Ministry/ Name of Value of Total Annuity Term in AnnuityDepartment the Project Project Committed years Payment

(per year)AP/Karnatka border- Nandi Hill crossing & Devenhalli to MeenuKunte Village 402.80 1185.84 18 65.88Palanpur to Swaroopganj(Raj-42 Km & Guj-34 Km) 498.00 1296.30 15 86.42Jammu & Kashmir 7060.46 28324.08 1798.48Jammu - Udhampur 1813.76 6864.60 17 403.80Quazigund-Banihal 1987.00 7350.00 15 490.00Chenani-Nashri 2159.00 9525.60 15 635.04Srinagar to Banihal 1100.70 4583.88 17 269.64NHDP Phase-III 9638.40 24366.60 1742.49Barhi-Hazaribagh-Ranchi-Mahulia 625.07 1986.48 15.5 128.16Amritsar - Wagah Border Sectionof NH-1 from Km. 455.40 toKm 491.62 205.88 664.20 18 36.90Patna- Muzzaffarpur (Annuity) 671.70 2365.00 12.5 189.20Two Laning of Trichy - Karaikudi andTrichy Bypass 374.00 554.97 13 42.69Haridwar - Dehradun 478.00 1862.70 17.5 106.442 Laning of Forbesganj-Jogwani(Annuity) 73.55 184.86 13 14.224 Laning of Chappra-Hajipur(Annuity) 575.00 1635.75 12.5 130.862 Laning of Mokama-Munger (Annuity) 351.54 1038.44 13 79.882-Laning of Muzaffarpur-Sonbarsa 511.54 1834.00 17.5 104.80Bhopal-Sanchi 209.00 336.70 13 25.902 Laning of Dindigul-Perigulam-Theni-Kumili 485.00 738.00 18 41.002-Lane Purnea Khagaria NH-31 664.00 1624.00 14.5 112.004-Lane Krishnagar-Baharampore NH-34 702.16 1530.00 12.5 122.404-Lane Barasat-Krishnagar NH-34 867.00 2145.42 14.5 147.96Gopalganj-Chapra NH-85 325.00 889.25 12.5 71.144-Lane Reegus Sikar 416.96 544.33 14.5 37.544-Lane Ranchi-Jamshedpur 1479.00 3392.50 12.5 271.40Krishnagiri-Tindivanam 624.00 1040.00 13 80.00NHDP Phase-IV 4004.02 12987.00 811.004 Laning of Nagpur Betul (Annuity) 2798.76 9596.40 16.5 581.60Lucknow-Raibareilley 635.90 1461.60 14.5 100.80Raibareilley-Jaunpur 569.36 1929.00 15 128.60SARDP-NE 762.00 3062.22 194.76Shillong-Bypass (Annuity) 226.00 596.88 12 49.74Jorhat-Barapani (Annuity) 536.00 2465.34 17 145.02

Ministry of Road Transport and Highways 30670.49 98228.97 6327.13

Delhi PoliceDevelopment of ResidentionalComplex at Dheerpur, New Delhi 790.00 1822.12* 12 125.50Development of New Police Headquarter at JaiSingh Raod, Parliament Stret, New Delhi 202.00 1095.60* 13 78.00 Ministry of Home Affairs 992.00 2917.72 203.50Grand Total (1+2) 31662.49 101146.69 6530.63


2. Ministryof HomeAffairs

Note:- Liability on account of approved Annuity Contracts as intimated by Ministries/Departments have been reported.*includes upfront payment.


This Annex gives in brief, the nature and magnitude of assistance in the form of Loans, Grants and Commodities received fromfriendly foreign countries and International Organisations. The estimates of receipts of external assistance and repayments ofprincipal and payment of interest during the years 2012-2013 and 2013-2014 are summarised in the following table:–

(` In crores)

Actuals B.E. R.E. B.E.2011-2012 2012-2013 2012-2013 2013-2014

A. Loans 26034.39 26047.94 18490.86 27646.27

B. Cash Grants 2873.45 2887.20 2761.62 1456.13

C. Commodity Grant Assistance 88.89 ... ... ...

D. Total(A+B+C) 28996.73 28935.14 21252.48 29102.40

E. Repayment of loans 13585.88 15899.74 16276.46 17086.17

F. External Assistance (Net of Repayments) (D-E) 15410.85 13035.40 4976.02 12016.23

G. Interest Payment on loans 3501.29 3946.56 4073.23 4276.24

H. External Assistance(Net of Repayments and Interest Payments) (F-G) 11909.56 9088.84 902.79 7739.99

As per policy on Bilateral Development Cooperation, Bilateral Development Assistance is being accepted from all G-8 countriesnamely United States of America, United Kingdom, Japan, Germany, France, Italy, Canada and Russian Federation as well as fromthe European Union.

Those Bilateral Development partners, from whom it has been decided not to receive Development Assistance at Governmentlevel, have been advised to consider providing their Development Assistance through Non-Governmental Organizations andUniversities, etc. in India. It has further been suggested that they may also consider routing their Development Assistance throughmultilateral development agencies.

A brief write-up on the Assistance extended by different countries and organisations is given below:-

A BILATERAL

I. FRANCEThe Government of France has been extending development assistance to India since 1968. French Development Assistance is

being provided through the French Agency for Development (AFD). The priority areas for AFD financing in India are projects contributingto the Sustainable Management of Global Public Goods and preservation of bio-diversity.

AFD made fresh commitment of € 123 million (approximateley ` 800 crore) in 2012 for financial assistance for implementing twoprojects in India.

II. GERMANYThe Federal Republic of Germany is providing financial and technical assistance to India since 1958. The present priority

areas for Bilateral Development Cooperation are : energy, environmental policy, protection and sustainable use of natural resources,sustainable economic development.

The Government of Germany made fresh commitment of € 565.8 Million (approximately ` 3,700 crore) in 2012 for financial aswell as technical assistance for implementing various projects in India. Government of India and KfW (Germany) have signed eightagreements (six loans and two grants) during 2012-13 (upto January 2013) with an undrawn committed amount of ` 4,554.60 crore.

III. ITALYThe project 'Water Supply and Solid Waste Management' in 16 towns in West Bengal with Italian Assistance is under

implementation with an outlay of € 25.82 million. Implementation of the project has been delayed due to differences in modalitiesby the funding agencies.

ANNEX - 9EXTERNAL ASSISTANCE


IV. JAPANJapan has been extending bilateral loan and grant Assistance to India since 1958. Their loan assistance, Grant in Aid under

Technical Cooperation is received through Japan International Cooperation Agency (JICA). Japan is the largest bilateral donor toIndia.

2. During the financial year 2012-13, JICA has committed to six infrastructure projects (Metro Rail, Freight Corridor, Highways andWater Supply Projects). During the year 2012-13, total receipts (upto January, 2013) amount to ` 4,082.52 crore leaving an undrawncommitted amount of ` 54,577.40 crore.

V. RUSSIAN FEDERATIONKudankulam Nuclear Power Project (KKNPP) is a two unit (2x1000 MW) Nuclear Power Project being built at Kudankulam,

Tirunelveli District of Tamil Nadu, under the provisions of an Inter Governmental Agreement (IGA) signed between India and RussianFederation. As per agreement Russian Federation has extended a State Credit of US $ 2600 Million.

VI. UNITED KINGDOM (UK)United Kingdom has been providing Bilateral Development Assistance to India since 1958. This assistance is received mainly

for achieving the Millennium Development Goal (MDG) in the areas of Health, Education, Slum Development, etc. The assistancefrom the UK flows to mutually agreed Government as well as Non-Government projects in the form of financial grants and technicalcooperation. Presently, Odisha, Madhya Pradesh and Bihar are the States, where Department for International Development (DFID)is extending its assistance.

2. Presently, 18 projects are under execution with the assistance of DFID. During 2012-13, two new grant agreements were signedbetween Government of India and DFID and total disbursement from DFID amounts to ` 982.81 crore.

VII. UNITED STATES OF AMERICAUnited States of America (U.S.A.) bilateral development assistance to India started in 1951. This assistance is mainly administered

through the US Agency for International Development (USAID). USAID partners with Government of India to strengthen healthsystems; develop replicable models to extend food security; accelerate translation to a low emissions and energy secure economy;reduce greenhouse gas emissions through carbon sequestration by forests; assist individuals and communities to adapt to climatechange; and improve the quality of basic education through teachers training and development. During the year 2012-13 (uptoJanuary, 2013), total receipts from USAID in the form of grants have amounted to ` 23.61 crore.

B MULTILATERAL

I. ASIAN DEVELOPMENT BANK (ADB)India borrows from the Asian Development Bank within the overall External Debt Management policy pursued by the Government

of India. Loan provided by ADB are primarily in infrastructure, financial restructuring/microfinance and agriculture sector. At presentADB is the 2

nd largest development partner among multilateral agencies. Cumulative Loan Assistance to India from ADB since 1986

onwards in terms of US $ amounts to $ 27.232 billion. At present, 69 projects are under execution. During 2012-13 (upto January,2013), disbursement from ADB amounts to ` 3,971.27 crore with an undrawn committed loan of ` 24,518 crore.

II. EUROPEAN UNION (EU)The European Union (EU) has been extending Development Cooperation assistance to India since 1976. The assistance is

entirely in the form of grant. Health & Education are two priority sectors for India-EU Bilateral Development Cooperation.

2. EU implements Development Cooperation programmes through Country Strategy Paper (CSP). The CSP is based on EU objectives,on the policy agenda of the partner country and on an analysis of the country/region situation. The MoU for Multiannual IndicativeProgramme-II was signed on February 22, 2011 between European Union and India. Out of its total committed € 210 Million forMultiannual Indicative Programme-II, € 100-130 Million will be towards Education sector, € 50 Million for Health sector and € 30-60Million for Joint Action Plan.

III. GLOBAL FUND ORGANIZATIONThe Global Fund is a global public/private partnership dedicated to attracting and disbursing additional resources to prevent and

treat HIV/AIDS, tuberculosis and malaria. The partnership between Governments, Civil Society, the private sector and affectedcommunities represents a new approach to international health financing. The Global Fund works in close collaboration with otherbilateral and multilateral organizations to supplement existing efforts dealing with three diseases. Over the period Global Fund hasbecome the main source of finance for programmes to fight AIDS, tuberculosis and malaria. Global Fund has disbursed ` 643.89crore during current Financial Year 2012-13.


IV. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)International Bank for Reconstruction and Development (IBRD) aims to reduce poverty in middle-income countries and credit

worthy poorer countries by promoting sustainable development, through loans, guarantees and non-lending services.

2. India is utilising assistance from IBRD since 1949. Assistance from IBRD is primarily used for infrastructure projects (PowerSector and Roads). At present, 55 projects are under execution with the assistance of IBRD. During 2012-13, two new projects havebeen negotiated. Total disbursement from IBRD in 2012-13 amount to ` 3,044.73 crore with an undrawn committed amount of` 33,977.96 crore.

V. INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA)IDA is the concessional arm of the World Bank and plays a key role in supporting the Bank's poverty reduction mission. However,

with effect from 1st

July, 2011, IDA has changed terms of lending. Now Credits carry 1.25% interest and a service charge of 0.75%p.a. on disbursed amount. IDA assistance to India began in 1961. At present, IDA Credits constitute the largest stock of the external(Sovereign) loan portfolio. During 2012-13 (upto January, 2013), seven new agreements have been signed between Government ofIndia and IDA. At present, 64 projects are under execution. During the current year, disbursement from IDA amounts to ` 2,932.53crore with an undrawn committed amount of ` 36,972.12 crore.

VI. INTERNATIONAL FUND FOR AGRICULTURAL DEVELOPMENT (IFAD)International Fund for Agricultural Development (IFAD) was set up in 1977 as the 13

th specialized agency of the United

Nations.

2. Since 1979, IFAD has assisted in 25 projects in the agriculture, rural development, tribal development, women's empowerment,natural resources' management and rural finance sector with the commitment of US $ 797.3 Million (approximately). Out of these, 15projects have already been closed. Presently, 10 projects with a total assistance of US $ 378.8 Million are under implementation.

VII. UNITED NATIONS DEVELOPMENT PROGRAMME (UNDP)The United Nations Development Programme (UNDP) is the largest channel for development cooperation in the UN System.

The overall mission of the UNDP is to assist the Programme countries through capacity development in Sustainable HumanDevelopment (SHD) with priority on poverty alleviation, gender equity, women empowerment and environmental protection. Theassistance provided by the UNDP is grant assistance.

2. The country-specific allocation of UNDP resources is made every five years under the Country Cooperation Framework (CCF)which usually synchronizes with India's five-year plans. The current Country Programme primarily concentrates on the United NationsDevelopment Framework Agreement (UNDAF) goals, viz. democratic governance, poverty reduction, HIV and development, disasterrisk management and energy and environment, focused on seven states that are economically backward: Bihar, Chhattisgarh,Jharkhand, Madhya Pradesh, Orissa, Rajasthan and Uttar Pradesh.

3. The next Country Programme (2013-2017) which stands approved by the UNDP Executive Board, projects an outlay of US $243.4 Million out of which the core resource is aimed at US $ 49 Million and the non-core at US $194.4 Million.

44R

eceipts Budget, 2013-2014

1 Andhra Pradesh 6.937 8353.07 5170.41 20.88 3899.56 2745.60 -0.01 20189.51 7.047 3942.85 24132.362 Arunachal Pradesh 0.328 394.96 244.47 0.99 184.38 129.82 0.00 954.62 0.332 185.76 1140.383 Assam 3.628 4368.60 2704.09 10.92 2039.44 1435.93 -0.01 10558.97 3.685 2061.78 12620.754 Bihar 10.917 13145.52 8136.86 32.86 6136.88 4320.84 -0.01 31772.95 11.089 6204.37 37977.325 Chhattisgarh 2.470 2974.21 1840.99 7.43 1388.49 977.60 0.00 7188.72 2.509 1403.80 8592.526 Goa 0.266 320.30 198.26 0.80 149.53 105.28 0.00 774.17 0.270 151.07 925.247 Gujarat 3.041 3661.77 2266.57 9.15 1709.47 1203.60 0.00 8850.56 3.089 1728.32 10578.888 Haryana 1.048 1261.93 781.11 3.15 589.12 414.79 0.00 3050.10 1.064 595.32 3645.429 Himachal Pradesh 0.781 940.43 582.11 2.35 439.03 309.11 0.00 2273.03 0.793 443.69 2716.7210 Jammu & Kashmir 1.551 1867.61 1156.02 4.67 871.88 613.87 0.00 4514.05 0.000 0.00 4514.0511 Jharkhand 2.802 3373.98 2088.44 8.43 1575.12 1109.00 0.00 8154.97 2.846 1592.36 9747.3312 Karnataka 4.328 5211.49 3225.82 13.03 2432.94 1712.98 -0.01 12596.25 4.397 2460.15 15056.4013 Kerala 2.341 2818.88 1744.84 7.05 1315.97 926.54 0.00 6813.28 2.378 1330.51 8143.7914 Madhya Pradesh 7.120 8573.43 5306.81 21.43 4002.44 2818.02 -0.01 20722.12 7.232 4046.36 24768.4815 Maharashtra 5.199 6260.29 3875.02 15.65 2922.57 2057.71 -0.01 15131.23 5.281 2954.76 18085.9916 Manipur 0.451 543.06 336.15 1.36 253.53 178.50 0.00 1312.60 0.458 256.25 1568.8517 Meghalaya 0.408 491.29 304.10 1.23 229.35 161.48 0.00 1187.45 0.415 232.20 1419.6518 Mizoram 0.269 323.91 200.50 0.81 151.22 106.47 0.00 782.91 0.273 152.75 935.6619 Nagaland 0.314 378.10 234.04 0.94 176.51 124.28 0.00 913.87 0.318 177.92 1091.7920 Odisha 4.779 5754.55 3561.97 14.38 2686.47 1891.48 -0.01 13908.84 4.855 2716.41 16625.2521 Punjab 1.389 1672.54 1035.27 4.18 780.81 549.75 0.00 4042.55 1.411 789.46 4832.0122 Rajasthan 5.853 7047.79 4362.47 17.62 3290.20 2316.56 -0.01 17034.63 5.945 3326.27 20360.9023 Sikkim 0.239 287.79 178.14 0.72 134.35 94.59 0.00 695.59 0.243 135.96 831.5524 Tamil Nadu 4.969 5983.34 3703.59 14.96 2793.27 1966.68 -0.01 14461.83 5.047 2823.83 17285.6625 Tripura 0.511 615.31 380.87 1.54 287.25 202.25 0.00 1487.22 0.519 290.38 1777.6026 Uttar Pradesh 19.677 23693.73 14666.03 59.22 11061.23 7787.96 -0.03 57268.14 19.987 11182.87 68451.0127 Uttarakhand 1.120 1348.63 834.78 3.37 629.60 443.29 0.00 3259.67 1.138 636.72 3896.3928 West Bengal 7.264 8746.82 5414.14 21.86 4083.38 2875.02 -0.01 21141.21 7.379 4128.60 25269.81

TOTAL 100.00 120413.33 74533.87 300.98 56213.99 39579.00 -0.13 291041.04 100.00 55950.72 346991.76

ANNEX-10

STATEMENT SHOWING STATE-WISE DISTRIBUTION OF NET PROCEEDS OF UNION TAXES AND DUTIES FOR BE 2013-2014(In crores of Rupees)

Sl. State Share Corporation Income Wealth Customs Union Other Total Share Service GrandNo. (per cent) tax tax@ tax (0037) Excise taxes & (4 to 9) (per cent) Tax Total

* (0020) (0021) (0032) Duty Duties * (0044) (10+12)(0038) (0045)

1 2 3 4 5 6 7 8 9 10 11 12 13

* As per accepted recommendations of the Thirteenth Finance Commission, the States' share has been fixed at 32% of the net proceeds of sharable Central Taxes.@ Income Tax includes Securities Transaction Tax (STT).

45R


1 Andhra Pradesh 6.937 7391.80 4377.55 19.04 3427.02 2323.58 -0.01 17538.98 7.047 2904.42 20443.40 -172.63 20270.772 Arunachal Pradesh 0.328 349.50 206.98 0.90 162.04 109.87 0.00 829.29 0.332 136.83 966.12 -8.18 957.943 Assam 3.628 3865.86 2289.43 9.96 1792.31 1215.22 -0.01 9172.77 3.685 1518.77 10691.54 -90.28 10601.264 Bihar 10.917 11632.73 6889.10 29.96 5393.22 3656.71 -0.01 27601.71 11.089 4570.34 32172.05 -271.66 31900.395 Chhattisgarh 2.470 2631.94 1558.68 6.78 1220.23 827.34 0.00 6244.97 2.509 1034.09 7279.06 -61.46 7217.606 Goa 0.266 283.44 167.86 0.73 131.41 89.10 0.00 672.54 0.270 111.28 783.82 -6.61 777.217 Gujarat 3.041 3240.37 1919.00 8.35 1502.32 1018.60 0.00 7688.64 3.089 1273.13 8961.77 -75.67 8886.108 Haryana 1.048 1116.71 661.33 2.88 517.73 351.03 0.00 2649.68 1.064 438.53 3088.21 -26.09 3062.129 Himachal Pradesh 0.781 832.20 492.84 2.14 385.83 261.60 0.00 1974.61 0.793 326.84 2301.45 -19.43 2282.0210 Jammu & Kashmir 1.551 1652.68 978.75 4.26 766.23 519.52 0.00 3921.44 0.000 0.00 3921.44 -51.07 3870.3711 Jharkhand 2.802 2985.70 1768.18 7.69 1384.25 938.54 0.00 7084.36 2.846 1172.98 8257.34 -69.72 8187.6212 Karnataka 4.328 4611.75 2731.16 11.88 2138.12 1449.69 -0.01 10942.59 4.397 1812.23 12754.82 -107.68 12647.1413 Kerala 2.341 2494.48 1477.27 6.43 1156.50 784.13 0.00 5918.81 2.378 980.09 6898.90 -58.25 6840.6514 Madhya Pradesh 7.120 7586.79 4493.03 19.54 3517.43 2384.88 -0.01 18001.66 7.232 2980.67 20982.33 -177.17 20805.1615 Maharashtra 5.199 5539.85 3280.80 14.27 2568.41 1741.43 -0.01 13144.75 5.281 2176.57 15321.32 -129.37 15191.9516 Manipur 0.451 480.57 284.60 1.24 222.80 151.07 0.00 1140.28 0.458 188.77 1329.05 -11.22 1317.8317 Meghalaya 0.408 434.75 257.47 1.12 201.56 136.66 0.00 1031.56 0.415 171.04 1202.60 -10.15 1192.4518 Mizoram 0.269 286.64 169.75 0.74 132.89 90.10 0.00 680.12 0.273 112.52 792.64 -6.68 785.9619 Nagaland 0.314 334.59 198.15 0.86 155.12 105.18 0.00 793.90 0.318 131.06 924.96 -7.82 917.1420 Odisha 4.779 5092.32 3015.76 13.12 2360.92 1600.75 -0.01 12082.86 4.855 2000.99 14083.85 -118.91 13964.9421 Punjab 1.389 1480.06 876.52 3.81 686.20 465.25 0.00 3511.84 1.411 581.54 4093.38 -34.57 4058.8122 Rajasthan 5.853 6236.73 3693.50 16.06 2891.50 1960.49 -0.01 14798.27 5.945 2450.23 17248.50 -145.66 17102.8423 Sikkim 0.239 254.67 150.82 0.66 118.07 80.05 0.00 604.27 0.243 100.15 704.42 -5.94 698.4824 Tamil Nadu 4.969 5294.77 3135.66 13.64 2454.79 1664.39 -0.01 12563.24 5.047 2080.12 14643.36 -123.67 14519.6925 Tripura 0.511 544.50 322.46 1.40 252.45 171.16 0.00 1291.97 0.519 213.91 1505.88 -12.70 1493.1826 Uttar Pradesh 19.677 20967.04 12417.05 54.01 9720.84 6590.91 -0.02 49749.83 19.987 8237.65 57987.48 -489.63 57497.8527 Uttarakhand 1.120 1193.43 706.77 3.07 553.30 375.15 0.00 2831.72 1.138 469.03 3300.75 -27.87 3272.8828 West Bengal 7.264 7740.23 4583.90 19.94 3588.57 2433.12 -0.01 18365.75 7.379 3041.26 21407.01 -180.74 21226.27

TOTAL 100.00 106556.10 63104.37 274.48 49402.06 33495.52 -0.12 252832.41 100.00 41215.04 294047.45 -2500.83 291546.62

ANNEX-10A

STATEMENT SHOWING STATE-WISE DISTRIBUTION OF NET PROCEEDS OF UNION TAXES AND DUTIES FOR RE 2012-13(In crores of Rupees)

Sl. State Share Corporation Income Wealth Customs Union Other Total Share Service Total Difference of GrandNo. (per cent) tax tax@ tax (0037) Excise taxes & (4 to 9) (per cent) Tax (10+12) 2010-11 Total

* (0020) (0021) (0032) Duty Duties * (0044) (Actual-RE) (13+14)(0038) (0045) payable in

RE 2012-13

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

* As per accepted recommendations of the Thirteenth Finance Commission, the States' share has been fixed at 32% of the net proceeds of sharable Central Taxes.@ Income Tax includes Securities Transaction Tax (STT).

46R


1 Andhra Pradesh 6.937 6618.28 3615.50 17.33 3032.48 1989.20 -0.01 15272.78 7.047 2139.30 17412.08 17584.71 -172.632 Arunachal Pradesh 0.328 312.93 170.95 0.82 143.38 94.05 0.00 722.13 0.332 100.79 822.92 831.10 -8.183 Assam 3.628 3461.31 1890.88 9.06 1585.96 1040.34 0.00 7987.55 3.685 1118.67 9106.22 9196.50 -90.284 Bihar 10.917 10415.42 5689.85 27.27 4772.31 3130.47 -0.01 24035.31 11.089 3366.35 27401.66 27673.32 -271.665 Chhattisgarh 2.470 2356.52 1287.34 6.17 1079.75 708.28 0.00 5438.06 2.509 761.67 6199.73 6261.19 -61.466 Goa 0.266 253.78 138.64 0.66 116.28 76.28 0.00 585.64 0.270 81.97 667.61 674.22 -6.617 Gujarat 3.041 2901.28 1584.94 7.60 1329.36 872.01 0.00 6695.19 3.089 937.74 7632.93 7708.60 -75.678 Haryana 1.048 999.85 546.21 2.62 458.13 300.52 0.00 2307.33 1.064 323.00 2630.33 2656.42 -26.099 Himachal Pradesh 0.781 745.12 407.05 1.95 341.41 223.95 0.00 1719.48 0.793 240.73 1960.21 1979.64 -19.4310 Jammu & Kashmir 1.551 1479.74 808.37 3.88 678.01 444.75 0.00 3414.75 0.000 0.00 3414.75 3465.82 -51.0711 Jharkhand 2.802 2673.26 1460.38 7.00 1224.88 803.48 0.00 6169.00 2.846 863.98 7032.98 7102.70 -69.7212 Karnataka 4.328 4129.15 2255.72 10.81 1891.96 1241.06 0.00 9528.70 4.397 1334.82 10863.52 10971.20 -107.6813 Kerala 2.341 2233.44 1220.11 5.85 1023.36 671.29 0.00 5154.05 2.378 721.90 5875.95 5934.20 -58.2514 Madhya Pradesh 7.120 6792.87 3710.88 17.79 3112.47 2041.68 -0.01 15675.68 7.232 2195.46 17871.14 18048.31 -177.1715 Maharashtra 5.199 4960.13 2709.67 12.99 2272.72 1490.82 -0.01 11446.32 5.281 1603.18 13049.50 13178.87 -129.3716 Manipur 0.451 430.28 235.06 1.13 197.15 129.33 0.00 992.95 0.458 139.04 1131.99 1143.21 -11.2217 Meghalaya 0.408 389.25 212.65 1.02 178.36 117.00 0.00 898.28 0.415 125.98 1024.26 1034.41 -10.1518 Mizoram 0.269 256.64 140.20 0.67 117.59 77.14 0.00 592.24 0.273 82.88 675.12 681.80 -6.6819 Nagaland 0.314 299.57 163.65 0.78 137.26 90.04 0.00 691.30 0.318 96.54 787.84 795.66 -7.8220 Odisha 4.779 4559.43 2490.77 11.94 2089.12 1370.39 -0.01 10521.64 4.855 1473.86 11995.50 12114.41 -118.9121 Punjab 1.389 1325.18 723.94 3.47 607.20 398.30 0.00 3058.09 1.411 428.34 3486.43 3521.00 -34.5722 Rajasthan 5.853 5584.08 3050.53 14.62 2558.61 1678.36 -0.01 12886.19 5.945 1804.76 14690.95 14836.61 -145.6623 Sikkim 0.239 228.02 124.57 0.60 104.48 68.53 0.00 526.20 0.243 73.77 599.97 605.91 -5.9424 Tamil Nadu 4.969 4740.70 2589.80 12.41 2172.17 1424.87 -0.01 10939.94 5.047 1532.14 12472.08 12595.75 -123.6725 Tripura 0.511 487.52 266.33 1.28 223.38 146.53 0.00 1125.04 0.519 157.56 1282.60 1295.30 -12.7026 Uttar Pradesh 19.677 18772.94 10255.48 49.16 8601.70 5642.42 -0.02 43321.68 19.987 6067.56 49389.24 49878.87 -489.6327 Uttarakhand 1.120 1068.54 583.73 2.80 489.60 321.16 0.00 2465.83 1.138 345.47 2811.30 2839.17 -27.8728 West Bengal 7.264 6930.26 3785.93 18.15 3175.42 2082.97 -0.01 15992.72 7.379 2240.08 18232.80 18413.54 -180.74

TOTAL 100.00 95405.49 52119.13 249.83 43714.50 28675.22 -0.10 220164.07 100.00 30357.54 250521.61 253022.44 -2500.83

ANNEX-10B

STATEMENT SHOWING STATE-WISE DISTRIBUTION OF NET PROCEEDS OF UNION TAXES AND DUTIES FOR ACTUAL 2011-12(In crores of Rupees)

Sl. State Share Corporation Income Wealth Customs Union Other Total Share Service Grand States’ DifferenceNo. (per cent) tax tax@ tax (0037) Excise taxes & (4 to 9) (per cent) Tax Total share of 2011-12

* (0020) (0021) (0032) Duty Duties * (0044) (10+12) devolve (Actual-RE)(0038) (0045) as per payable in

RE 2011-12 RE 2012-13(13-14)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

* As per accepted recommendations of the Thirteenth Finance Commission, the States' share has been fixed at 32% of the net proceeds of sharable Central Taxes.@ Income Tax includes Securities Transaction Tax (STT)


ANNEX-11TAX REVENUES RAISED BUT NOT REALISED (Principal Taxes)

(Under Rule 6 of the FRBM Rules 2004)


Amounts under dispute Amounts not under dispute(` crore) (` crore)

Major Description Over 1 Over 2 Over 5 Over 10 Total Over 1 Over 2 Over 5 Over 10 Total GrandHead year years years years year years years years Total

but less but less but less but less but less but lessthan than than than than than

2 years 5 years 10 years 2 years 5 years 10 years

Taxes on Income &Expenditure 82898.00 107103.00 15759.00 2611.00 208371.00 20035.00 11372.00 14466.00 3232.00 49105.00 257476.00

0020 Corporation Tax 44520.00 18711.00 6149.00 1321.00 70701.00 6344.00 4929.00 3524.00 2028.00 16825.00 87526.00

0021 Taxes on Income

other than

Corp. Tax 38378.00 88392.00 9610.00 1290.00 137670.00 13691.00 6443.00 10942.00 1204.00 32280.00 169950.00

Taxes on Commodities &Services 14177.78 22328.22 9038.77 2251.18 47795.95 1809.30 2538.77 2971.59 1162.95 8482.61 56278.56

0037 Customs 1854.61 3215.74 1858.66 471.51 7400.52 389.46 713.96 681.80 451.70 2236.92 9637.44

0038 Union Excise 7174.99 12148.48 6128.17 1201.11 26652.75 824.69 1549.57 2255.65 710.15 5340.06 31992.81

0044 Service Tax 5148.18 6964.00 1051.94 578.56 13742.68 595.15 275.24 34.14 1.10 905.62 14648.30

Total 97075.78 129431.22 24797.77 4862.18 256166.95 21844.30 13910.77 17437.59 4394.95 57587.61 313754.56

Note: Amounts not under dispute also include cases pending for adjudication.

48 Receipts Budget, 2013-2014

ANNEX-12

ARREARS OF NON-TAX REVENUE


(In crore of Rupees)

Description Amounts Pending Total

0-1 1-2 2-3 3-5 Above 5year years years years years

Fiscal Services 1304.56 1111.08 1078.27 2794.85 25319.03 31607.79

Interest receiptsOf which

From State Government andUnion Territory Governments 0.00 50.08 0.70 0.94 324.03 375.75

From Railways 0.00 0.00 0.00 0.00 0.00 0.00

From DepartmentalCommercial Undertakings 13.21 45.64 49.24 248.64 1136.22 1492.95

From Public Sector &other Undertakings 1291.35 1015.36 1028.33 2545.27 23858.78 29739.09

Dividend and Profits 37.18 2.98 2.98 5.96 14.24 63.34

General Services 2945.49 2136.72 878.89 1093.28 1796.52 8850.90

Police receipts 2945.49 2136.72 878.89 1093.28 1796.52 8850.90

Economic Services 209.51 110.62 11.45 102.72 1554.87 1989.17

Petroleum Cess/Royalty 0.00 0.00 0.00 0.00 0.00 0.00

Communications(Licence Fee) Receipts 209.51 110.62 11.45 102.72 1554.87 1989.17

Other Receipts 237.02 96.99 47.17 53.00 289.61 723.79

Total 4733.76 3458.39 2018.76 4049.81 28974.27 43234.99

Notes:1. These figures, compiled from the reports of respective Ministries/Departments, may be impacted interalia, by any ongoing liquidation/disputes

and improvements in capture of data.

2. Some of the defaulting PSUs are either sick or under revival through Board of Industrial and Financial Reconstruction (BIFR)/Board of Reconstructionof Public Sector Enterprises (BRPSE). Most of them do not have capacity to service the loans given by Government, which is one of the keyreasons for accumulation of arrears.

3. Figures are rounded off.


ANNEX 13MARKET LOANS DUE FOR DISCHARGE DURING 2013-14


S. No. Name of Loan Date of Maturity Amount

MARKET LOANS1 9.00% Loan,2013 24.05.2013 1751.332 9.81% Government Stock, 2013 30.05.2013 11000.003 12.40% Government Stock, 2013 20.08.2013 11983.914 7.27% Government Stock, 2013 03.09.2013 46000.005 Govt. of India Floating Rate Bonds, 2013 10.09.2013 4000.006 5.32% Government Stock,2014 16.02.2014 5000.007 6.72% Government Stock,2014 24.02.2014 15273.608 Buy back of Government Stock 50000.00

TOTAL 145008.84

ANNEX 14RAILWAY RESERVE FUNDS


Particualars Actual Budget Revised Budget2011-12 2012-13 2012-13 2013-14

Railway Pension FundCredit 17920.29 18823.67 20316.46 22334.22Debit 17919.10 18500.00 20000.00 22000.00Net 1.19 323.67 316.46 334.22

Railway Depreciation Reserve FundCredit 6719.30 9710.99 7202.52 7705.56Debit 6680.72 9300.00 7084.00 7669.00Net 38.58 410.99 118.52 36.56

Railway Development FundCredit 3568.88 10713.38 10144.15 3820.48Debit 2350.81 6903.25 5923.56 3537.00Net 1218.07 3810.13 4220.59 283.48

Railway Capital FundCredit 484.18 5002.75 417.24 5544.00Debit ... 4915.00 ... 2994.00Net 484.18 87.75 417.24 2550.00

Railway Liability Reserve FundCredit ... ... ... 4246.26Debit ... ... ... ...Net ... ... ... 4246.26

Railway Safety FundCredit 1062.17 1105.06 1105.06 1104.61Debit 1323.36 2000.00 2000.00 2000.00Net -261.19 -894.94 -894.94 -895.39

TOTAL 1480.83 3737.60 4177.87 6555.13


Revenue foregone under the Central Tax System:Financial Years 2011-12 and 2012-13.

The primary objective of any tax law and its administration is to raise revenue for the purpose of funding Government expenditure.The amount of revenue raised is primarily dependent upon the collective tax base and the effective tax rates. The determinants ofthese two factors are a range of measures which include special tax rates, exemptions, deductions, rebates, deferrals and credits.These measures are collectively called as ‘tax preferences’. They have an impact on Government revenues and also reflect asignificant policy of the Government.

The tax policy gives rise to tax preferences and such preferences can also be viewed as an indirect subsidy to preferred taxpayers. Such implicit subsidy payments are also referred to as ‘tax expenditures’. It is often argued that such implicit paymentsshould appear as expenditure items in the Budget. The reason being that tax policy should not only be efficient but also transparent.This means that programme planning requires that policy objectives be addressed explicitly and transparent budgeting calls forinclusion of such outlays (tax expenditures) under the respective programme headings. Tax expenditures per se are spendingprograms embedded in the tax statute.

Tax expenditures can also be termed as revenue foregone. Tax expenditure or revenue foregone statement was laid beforeParliament for the first time during Budget 2006-07 by way of Annex-12 of the Receipts Budget 2006-07. It was well received by allquarters and gave rise to a constructive debate on the entire gamut of issues concerning fiscal policy. It also lent credence to theGovernment’s intention of bringing about transparency in the matter of tax policy and tax expenditures. The second edition of thisstatement was placed before Parliament during Budget 2007-08 by way of annexure-12 of the Receipts Budget and also by way ofa separate budget document titled “Statement of Revenue Foregone”. Thereafter, it was placed before Parliament during Budget2008-09, 2009-10, 2010-11, 2011-12 and 2012-13.

As in the earlier seven years, this Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a partof the tax system of the Central Government. The revenue foregone on account of such tax incentives has been estimated inrespect of most of the “tax preferences”. The estimates are for financial year 2011-12, the most recent year for which data isavailable. However, an attempt has also been made to estimate the revenue to be foregone during financial year 2012-13 on thebasis of the revenue foregone figures of the financial year 2011-12 .

The estimates of the tax expenditures have been made on the basis of the following assumptions:-

(a) The estimates and projections are intended to indicate the potential revenue gain that would be realised by removingexemptions, deductions, weighted deductions and similar measures. The estimates are based on a short-term impactanalysis. They are developed assuming that the underlying tax base would not be affected by removal of such measures.As the behaviour of economic agents, overall economic activity or other Government policies could change along with theelimination of the specific tax preference, the revenue implications could be different to that extent.

(b) The cost of each tax concession is determined separately, assuming that all other tax provisions remain unchanged.Many of the tax concessions do, however, interact with each other. Therefore, the interactive impact of tax incentivescould turn out to be different from the revenue foregone calculated by adding up the estimates and projections for eachprovision.

The assumptions and methodology adopted to estimate the revenue foregone on account of different tax incentives areindicated at the relevant places in this Statement.

Direct Taxes

The Income-tax Act, inter alia, provides for tax incentives to promote savings by individuals; exports; balanced regionaldevelopment; creation of infrastructure facilities; employment; donations for charity and rural development; scientific research anddevelopment; and the cooperative sector. Accelerated depreciation is also provided as an incentive for capital investment. Most ofthese tax benefits can be availed of by both corporate and non-corporate taxpayers. This Statement attempts to estimate some ofthe major tax expenditures.

A. Corporate Sector

Large business is mainly organised as companies. The Income-tax Department has received 494545 corporate returnselectronically up to 30th November 2012 for the financial year 2011-12 [i.e., assessment year 2012-13]. These returns constituteabout 90% of the total corporate returns expected in financial year 2012-13. These companies reported corporate tax payable as` 2,26,083 crore [inclusive of surcharge and education cess] for their income of financial year 2011-12. They also reported ` 18,785crore as Dividend Distribution Tax payable during the financial year 2011-12.

ANNEX - 15


For the purposes of estimating the tax expenditure, data pertaining to these 494545 companies1 was culled from the databasefor analysis and is detailed in tables 1 to 5 and Appendix to this statement. Table 1 profiles these companies across profit ranges.The following facts emerge from an analysis of the data:-

• 278982 companies ( 56.41 %) reported ` 9,89,236 crore as profits before taxes and a total income (taxable income)2 of `6,98,359 crore for the financial year 2011-12.

• 184653 companies (37.34 %) reported ` 3,27,115 crore as losses.

• 30910 companies ( 6.25 %) reported Nil profit.

The effective tax rate3 of the entire sample was 22.85 per cent4 [as against the rate of 24.10 per cent reported in 2010-11]while the statutory tax rate was 32.445 per cent. Companies with profits before taxes [PBT hereafter] of ` 500 crore and above,accounted for a total of 59.49 percent of the total PBT and a total of 56.40 per cent of the total corporate income tax payable.However, their effective tax rate was 21.67 per cent, while the effective tax rate was 26.26 per cent for companies with PBT ofup to ̀ one crore. This rate of effective tax, which is close to the statutory rate in companies, is the result of the gradual phasing outof profit linked deductions and the levy of Minimum Alternate Tax on companies. The effective rate is, however, lower than theeffective rate of 24.1% in the F.Y 2010-11, partly due to the reason that the surcharge on corporate tax payers (tax liabilityexceeding ` 1 crore) has been reduced from 7.5 percent to 5 percent in 2011-12. In addition to this, it is seen that the profile ofcompanies in the data of 494545 companies indicates that the number of companies showing a loss has gone up from 161596(35.19 % of the sample) in 2010-11 to 184653 (37.34 % of the sample) in 2011-12.

The ratio of total income to PBT is much higher (85.79 per cent) for companies with PBT of up to ` one crore than that for thetotal sample (70.60 per cent). This indicates lesser deviance from PBT in the case of relatively smaller companies as compared tolarger companies owing to higher tax concessions being availed of by the latter.

Table 1: Profile of sample companies across range of profits before taxes

(Financial Year 2011-12) (Sample size – 4,94,545)

Sl. Profit Before Taxes Number of Share in Share in Share in Ratio of EffectiveNo. Companies Profits Total Total Total Tax Rate

Before Income Corporate Income (in %)Taxes (in %) Income Tax to Profits(in %) Payable Before

(in %) Taxes(in %)

1 Less than Zero 184653 0.00 0.44 0.41 -- --

2 Zero 30910 0.00 4.61 2.30 -- --

3 ` 0-1 Crore 249567 2.96 3.41 3.40 85.79 26.26

4 ` 1-10 Crore 23339 7.10 7.56 7.82 79.20 25.16

5 ` 10-50 Crore 4330 9.31 9.15 9.46 73.11 23.21

6 ` 50-100 Crore 755 5.28 5.06 5.21 71.24 22.54

7 ` 100-500 Crore 739 15.86 14.56 15.00 68.23 21.63

8 Greater than ` 500 Crore 252 59.49 55.21 56.40 68.99 21.67

9 All Sample Companies 494545 100.00 100.00 100.00 70.60 22.85

Table 2 profiles the sample companies across effective tax rates. 263315 companies with average effective tax rates upto 20per cent accounted for 37.42 per cent of total profits before taxes, 18.23 per cent of total taxable income and 15.44 per cent oftotal taxes paid. In other words, a large number of companies (263315) contributed a disproportionately lower amount in taxes inrelation to their profits. Interestingly, 48527 companies accounting for 10.88 percent of the total profits and 18.79 percent of thetotal taxes, had an effective tax rate greater than the statutory rate. This is apparently on account of certain expenses debited inprofit and loss account being disallowable under the Income-tax Act. This shows that the tax liability across companies is unevenlydistributed. This is primarily due to the various tax preferences in the Statute.

1 The sample size for financial year 2010-11 was 4,59,270.2 The term “total income”, in income-tax returns, represents taxable income as would be implied in common parlance.3 Effective tax rate in case of companies is the ratio of total taxes paid [including surcharge and education cess but excluding Dividend

Distribution Tax] to the total profits before taxes [PBT] and expressed as a percentage.

4 Effective tax rate including dividend distribution tax was 24.75 percent.


Table 2: Profile of sample companies across range of Effective tax rates*

(financial year 2011-12) [sample size – 4,94,545]

Sl. Effective tax rate (in %) Number of Share in Total Share in Share inNo. Companies profits (in %) Total Total Tax

Income Payable(in %) (in %)

1 Less Than Zero and Zero 232296 7.67 0.68 0.40

2 0-20 31019 29.75 17.55 15.04

3 20-25 15996 16.82 17.05 16.89

4 25-30 28326 15.40 18.65 18.62

5 30-33. 107471 19.48 27.28 27.34

6 >33. 48527 10.88 18.79 19.40

7 Indeterminate [PBT=0] 30910 0.00 0.00 2.31

8 All Sample Companies 494545 100.00 100.00 100.00

* effective tax rate is inclusive of surcharge and education cess.

Table 3 compares the effective tax rate of public companies [PSUs only] with that of private companies. While the rate is lowerthan the statutory rate for both categories, the private sector companies pay a slightly larger proportion of their profits as tax thanthe public sector companies.

Table 3: Effective tax rate* of sample companies in the public and private sectors


Sl. Sector Number of Share in total Share in Effective No. Companies profits (in %) total tax tax rate

payable (in %)(in %)

1 Public 230# 27.95 27.16 22.21

2 Private 494315 72.05 72.84 23.10

Total 494545 100 100.00 22.85

* effective tax rate is inclusive of surcharge and education cess.# Based on the information given by the assessee companies (as PSUs) in their respective returns.

Table 4 shows a comparison between the effective tax rate of the manufacturing sector and the service sector in respect of thesample companies. The service sector has a higher effective tax (23.70 %) as compared to manufacturing sector (22.01%). Boththe sectors have an effective tax rate that is well below the statutory rate of 32.445 per cent.

Table 4: Effective tax rate* of sample companies in the manufacturing and service sectors


Sl. Sector Number of Share in total Share in Effective No. Companies profits (in %) total tax tax rate

payable (in %)(in %)

1 Manufacturing 127932 50.09 48.24 22.01

2 Service 366174 49.91 51.76 23.70

Total 494106 100.00 100.00 22.85

* effective tax rate is inclusive of surcharge and education cess. Sample size is slightly less than the other tables as some of thereturns did not have the business code filled.

Table 5 gives details of the major tax expenditures on corporate tax payers in terms of the revenue foregone during thefinancial year 2011-12 and 2012-13. The analysis is based on the corporate returns filed up to 30th Nov 2012, which constitute90% of the expected returns in the financial year 2012-13. However, the due date for filing of returns by all companies is on orbefore 30th November and most of the tax concessions analysed require the return to be filed before the due date for the purpose


of claim of such incentive. Therefore, the revenue foregone from the data sample has not been scaled up in any manner. The taxforegone on each tax concession claimed by these companies has been calculated by applying the corporate tax rate of 32.445per cent (inclusive of 3% education cess and 5% surcharge) on the amount of each deduction. The revenue foregone on accountof accelerated depreciation, deduction/weighted deduction for expenditure on scientific research, and deduction for expenditureon eligible projects/schemes for social and economic uplift of the public, has been calculated by first determining the differencebetween the depreciation/deduction debited to the profit and loss account by companies and the depreciation/deduction allowableunder the Income-tax Act. Thereafter, the corporate tax rate of 32.445 per cent has been applied to this difference to arrive at therevenue foregone figure.

Another aspect of revenue foregone is tax deferral. Tax deferral occurs when the taxpayer, on account of being allowed higherdeductions under the tax statute is able to defer his tax liability by claiming an allowance (e.g. depreciation allowance) as adeduction over shorter time period where as he may be spreading the same depreciation claim over a number of years in his ownaccounts. As depreciation does not entail cash outgo, this is a tax deferral. On the other hand, the Minimum Alternate Tax (MAT)on companies under the tax statute fastens a liability (for 2011-12, at the rate of 20%, inclusive of cess and surcharge, on bookprofits), on the profit reported by the company to its shareholders (subject to some adjustments), if this liability is in excess of thetax liability computed at normal rates (for 2011-12, at the rate of 32.445 percent on taxable income). The excess liability onaccount of MAT is allowed as a credit (upto 10 years) in a subsequent year in which the normal tax liability is in excess of MAT. Theadditional tax paid on account of MAT is, therefore, an advance payment of future tax liability. It restricts the period of deferral oftaxes on account of claims of depreciation and moderates the tax foregone on other deductions such as profit linked deductions byspreading the same claim over a longer period of time.

Based on the revenue foregone figures for financial year 2011-12, the revenue foregone for the financial year 2012-13 hasbeen projected. The estimation for 2012-13 has been made by multiplying the revenue foregone on each tax incentive in 2011-12by the projected corporate tax growth in 2012-13 as per revised estimates. Table 5 depicts the major tax expenditures on corporatetaxpayers in terms of revenue foregone during the financial year 2011-12 and projection for the financial year 2012-13 .

Table 5: Major tax expenditures on corporate taxpayers during

the financial years 2011-12 and 2012-13; [sample size 494545]

Sl. Nature of incentive Revenue ProjectedNo. Foregone Revenue

(in ` Crore) Foregone[2011-12] (in ` Crore)

[2012-13]

1. Deduction of export profits of STPI units (section 10A) 19.2 Nil*

2. Deduction of export profits of EHTP units (section 10A) 0.8 Nil*

3. Deduction of export profits of units located in SEZs(section 10A and 10AA) 10916.2 12033.1

4. Deduction of export profits of units located in EPZs (section 10A) 30.5 Nil*

5. Deduction of export profits of units located in FTZs (section 10A) 1.6 Nil*

6. Deduction of export profits of Export Oriented Units [EOUs] (section 10B) 18.0 Nil*

7. Accelerated Depreciation (section 32) 34320.1 37831.7

8. Deduction/weighted deduction for expenditure on scientificresearch (section 35 (1), (2AA) &(2AB)) 5747.6 6335.7

9. Deduction for expenditure on eligible projects or schemes for thesocial and economic uplift of the public (section 35AC) 105.9 116.7

10. Deduction on account of donations to charitable trusts andinstitutions (section 80G) 404.3 445.7

11. Deduction on account of donations for scientific research or ruraldevelopment (section 80GGA) 1.4 1.5

12. Deduction on account of contributions to political parties (section 80GGB) 11.4 12.6

13. Deduction of profits of undertakings engaged in development ofinfrastructure facilities (section 80-IA) 3127.4 3447.4

14. Deduction of profits of undertakings engaged in development ofSEZs and Industrial Parks (section 80-IA) 211.2 232.8

15. Deduction of profits of undertakings engaged in providingtelecommunication services (section 80-IA) 1218.4 1343.1


16. Deduction of profits of undertakings engaged in generation,transmission and distribution of power (section 80-IA) 8301.6 9151.0

17. Deduction of profits of undertaking engaged in revivalof power plant (section 80-IA) 27.4 30.2

18. Deduction of profits of undertakings engaged in development ofSEZs in pursuance to SEZ Act, 2005 (section 80-IAB) 989.8 1091.1

19. Deduction of profits of industrial undertakings located inJammu & Kashmir (section 80-IB) 201.1 221.7

20. Deduction of profits of industrial undertakings located in industriallybackward States other than Jammu & Kashmir (section 80-IB) 227.2 250.4

21. Deduction of profits of industrial undertakings located in backwarddistricts (section 80-IB) 52.5 57.9

22. Deduction of profits of industrial undertakings derived from developmentof scientific research (section 80-IB) 89.1 98.2

23. Deduction of profits of industrial undertakings derived from productionof mineral oil and natural gas(section 80-IB) 7999.0 8817.4

24. Deduction of profits of industrial undertakings derived fromhousing projects (section 80-IB) 1008.6 1111.8

25. Deduction of profits of industrial undertakings derived from operatinga cold chain facility (section 80-IB) 27.5 30.3

26. Deduction of profits of industrial undertakings derived from integratedbusiness of handling, storage and transportation of food grains (section 80-IB) 14.4 15.9

27. Deduction of profits of industrial undertakings derived from processing,preservation and packaging of fruits and vegetables (section 80-IB) 102.3 112.8

28. Deduction of profits of industrial undertakings derived from hospitalin rural area (section 80-IB) 8.1 8.9

29. Deduction of profits of undertakings set-up in North Eastern

States (section 80-IC) 874.0 963.4

30. Deduction of profits of undertakings set-up in Sikkim (section 80-IC) 179.7 198.1

31. Deduction of profits of undertakings set-up in Uttaranchal (section 80-IC) 3083.0 3398.4

32. Deduction of profits of undertakings set-up in HimachalPradesh (section 80-IC) 1783.4 1965.8

33. Deduction of profits from business of collecting and processing ofbio-degradable waste (section 80JJA) 17.1 18.8

34. Deduction in respect of employment of new workmen (section 80JJAA) 72.1 79.5

35. Deduction in respect of certain incomes of Offshore Banking Units[OBUs] and International Financial Services Centre [IFSC] (section 80LA) 11.2 12.3

36. Deduction in respect of hotels, convention centres in specifiedareas (section 80ID) 11.2 12.4

37 Total 81214.3 89446.6

38 Less

Additional Tax Liability on account of MAT = 25400

Reduced By MAT credit claimed = 5951

Net Additional Tax due to MAT = 19449 19449 21439

Total Revenue Foregone 61765.3 68007.6

* The deduction has been phased out from financial year beginning 01.04.2011.

Sl. Nature of incentive Revenue ProjectedNo. Foregone Revenue


[2012-13]


While the projected revenue foregone figure for 2011-12 (exclusive of additional tax due to MAT payment ) was estimated inthe last year’s statement to be ` 79,173 crore, it has now been actually calculated at ` 81,214.3 crore.

Accelerated depreciation accounts for the head under which the highest amount of tax revenue (` 34,320.1 crore) has beenforegone. Across various sectors, deductions availed by undertakings engaged in production of mineral oil , undertakings engagedin generation, transmission and distribution of power, undertakings engaged in development of infrastructure facilities and unitslocated in SEZs accounted for a substantive portion of the total tax foregone.

Revenue Foregone of export profits of units located in SEZs for financial year 2011-12 was projected at ` 8,153 crores in theprevious year’s statement. However, based on the data now available, the actual revenue foregone during 2011-12 on these unitsis now calculated at ` 10,916.2 crore. For financial year 2012-13, revenue foregone on account of these units has been estimatedat ` 12,033 crores. Keeping in view the increase in actual revenue foregone in financial year 2011-12 over the estimated revenueforegone for 2011-12, the actual revenue foregone in financial year 2012-13 in respect of units located in SEZs may be even higherthan the estimate. Further the actual revenue foregone (F.Y 2011-12) in respect of industries engaged in the commercial productionof mineral oil has also gone up to ` 7999 Cr as against the budget estimate 2011-12 of ` 3978 Cr.

The industry-wise distribution of effective tax rate of companies is given in the table in the Appendix to this statement. At thelower range, the effective tax rate for the paper and the cement industry is at 15.11 per cent and 15.16 per cent respectively. Theeffective tax rate of sugar industry is also very low at 9.0 percent. Similarly the effective tax rate of power and energy sector is alsoquite low at 18.4 percent.

B. Non-Corporate [Firms/AOPs/BOIs] Sector

Apart from the corporate sector, large business is also organised as partnership firms and Association of Persons [AOPs] orBody of Individuals [BOIs]. The tax expenditure on these is not as large as that in case of companies. The Income-tax Departmenthas received 568194 returns filed electronically upto 30th November for income of the financial year 2011-12. For the purposes ofestimating the tax expenditure, data pertaining to these 568194 firms/AOPs/BOIs was culled out from the database of the Income-tax Department. They account for a substantial part of the tax paid by the universe of firms/AOPs/BOIs in financial year 2011-12.

The data was analysed and the following facts emerged:-

• The sample firms/AOPs/BOIs reported ` 82,933 crore as profits before taxes and declared a total income (taxableincome) of ` 66,177 crores for the financial year 2011-12. Losses were reported by about 53870 returns which is 9.48 percent of the sample.

• These sample firms/AOPs/BOIs reported ` 19,736 crore as income tax payable [inclusive of education cess] for thefinancial year 2011-12. The effective tax rate1 in their case works out to 23.80 per cent.

The tax foregone on each tax concession claimed by the sample firms/AOPs/BOIs has been calculated by applying the incometax rate of 30.90 per cent (30% plus cess of 3%) on the amount of each deduction. The revenue foregone on account of accelerateddepreciation; deduction/weighted deduction for expenditure on scientific research; and deduction for expenditure on eligible projects/schemes for social and economic uplift of the public has been calculated by first determining the difference between the depreciation/deduction debited to the profit and loss accounts by firms/AOPs/BOIs and the depreciation/deduction allowable under the Income-tax Act. Thereafter, the income tax rate of 30.90 per cent has been applied to this difference to arrive at the revenue foregonefigure.

Though the sample firms/AOPs/BOIs account for about 90 per cent of all such returns filed in the financial year , the revenueforegone on account of these sample firms/AOPs/BOIs has been taken to be the total revenue foregone in the non-corporatesector. The reason for this is that the due date for filing of returns by all such entities is on or before 30th November and most ofthe incentives analysed require the return to be filed before the due date for the purpose of claim of such incentive.

Based on the revenue foregone figures for financial year 2011-12, the revenue foregone for the financial year 2012-13 hasbeen estimated. The estimation for 2012-13 has been done by calculating the ratio of the income tax collections as per the Revisedestimates in 2012-13 to the actual income-tax collected in the year 2011-12 and then applying the same ratio to the revenueforegone on account of each tax incentive in 2011-12. Table 6 depicts the major tax expenditures on non-corporate taxpayers interms of revenue foregone during the financial years 2011-12 and 2012-13. The highest tax expenditure, by far, is on account ofdeduction of profits derived from Housing Projects which amount to 32.33 % of the total revenue foregone.

5 Effective tax rate in case of firms/AOPs/BOIs is the ratio of total taxes paid [including education cess] to the total profits before taxes[PBT] and expressed as a percentage.


Table 6: Major tax expenditure on firms /AOP / BOI tax payers during

financial years 2011-12 and 2012-13 [sample size - 5,68,194 ]

Sl. Nature of incentive/deduction Revenue ProjectedNo. Foregone Revenue


[2012-13]

1. Deduction of export profits of STPI units (section 10A) 3.7 Nil*

2. Deduction of export profits of units located in SEZs (section 10A and 10AA) 732.1 883.5

3. Deduction of export profits of units located in EPZs (section 10A) 1.3 Nil*

4. Deduction of export profits of Export Oriented Units [EOUs] (section 10B) 8.3 Nil*

5. Accelerated Depreciation (section 32) 681.4 822.3

6. Deduction/weighted deduction for expenditure on scientificresearch (section 35 (1), (2AA) &(2AB)) 17.5 21.1

7. Deduction for expenditure on eligible projects or schemes for the socialand economic uplift of the public (section 35AC) 11.3 13.7

8. Deduction on account of donations to charitable trusts andinstitutions (section 80G) 34.9 42.1


10. Deduction on account of contributions to political parties (section 80GGC) 2.5 3.0

11. Deduction of profits of undertakings engaged in development of infrastructurefacilities (section 80-IA) 39.2 47.3

12. Deduction of profits of undertakings engaged in development of SEZsand Industrial Parks (section 80-IA) 84.8 102.3

13. Deduction of profits of undertakings engaged in providingtelecommunication services (section 80-IA) 1.9 2.2

14. Deduction of profits of undertakings engaged in generation, transmissionand distribution of power (section 80-IA) 78.7 95.0

15. Deduction of profits of undertaking engaged in revival of power plant(section 80-IA) 5.0 6.1

16. Deduction of profits of undertakings engaged in development of SEZs inpursuance to SEZ Act, 2005 (section 80-IAB) 13.3 16.1

17. Deduction of profits of industrial undertakings operating in the small-scalesector (section 80-IB) 11.8 14.3

18. Deduction of profits of industrial undertakings located in Jammu & Kashmir(section 80-IB) 93.5 112.9

19. Deduction of profits of industrial undertakings located in industriallybackward States other than Jammu & Kashmir (section 80-IB) 15.5 18.7

20. Deduction of profits of industrial undertakings located in backwarddistricts (section 80-IB) 9.4 11.4

21. Deduction of profits of industrial undertakings derived from housingprojects (section 80-IB) 2310.1 2787.6

22. Deduction of profits of industrial undertakings derived from operatinga cold chain facility (section 80-IB) 1.5 1.8

23. Deduction of profits of industrial undertakings derived from integratedbusiness of handling, storage and transportation of food grains (section 80-IB) 3.3 4.0

24. Deduction of profits of industrial undertakings derived from processing,preservation and packaging of fruits and vegetables (section 80-IB) 17.7 21.4

25. Deduction of profits of industrial undertakings derived from hospitalin rural area (section 80-IB) 3.0 3.6


26. Deduction of profits of undertakings set-up in North Eastern States

(section 80-IC) 378.0 456.1

27. Deduction of profits of undertakings set-up in Sikkim (section 80-IC) 693.3 836.7

28. Deduction of profits of undertakings set-up in Uttaranchal (section 80-IC) 372.9 450.0

29. Deduction of profits of undertakings set-up in Himachal Pradesh

(section 80-IC) 534.5 645.0

30. Deduction of profits from business of collecting and processing

of bio-degradable waste (section 80JJA) 6.0 7.2

31. Deduction in respect of certain incomes of Offshore Banking Units

[OBUs] and International Financial Services Centre [IFSC] (section 80LA) 3.9 4.7

32. Deduction of profits of cooperative societies (section 80P) 967.8 1167.8

33. Deduction in respect of hotels, convention centres in specified

areas (section 80ID) 4.5 5.4

TOTAL 7145.4 8606.6

* The deduction has been phased out from financial year beginning 01.04.2011.

C. Individual Taxpayers

Chapter VI-A of the Income-tax Act primarily provides for deduction on certain payments and deduction on certain incomes.Individual taxpayers are eligible to claim these deductions and have a wide range of tax preferences available to them. However,since 50 per cent of the individual taxpayers derive their income primarily from salaries, the profit-linked deductions [i.e. deductionon certain business incomes] are not claimed by them. On the other hand, the group of non-salaried individuals claims both typesof deductions.

The estimates of revenue foregone on account of the various tax benefits granted to individual taxpayers is presented in Table7. The revenue foregone under various sections of chapter VI-A of the Income-tax Act has been estimated on the basis of variousclaims for tax preferences in the 9865701 returns filed electronically by individuals with the Income-tax Department till 30th November,2012. Apart from Chapter VI-A, the other major tax expenditure on individual taxpayers in the financial year 2011-12 was onaccount of the higher basic exemption limits for women (below the age of 60 years), senior citizens (individuals aged 60 years ormore) , and enhanced exemption limit of ` 5,00,000 for very senior citizens (individuals aged eighty years or more).

Based on the figures of the sample of 9865701 returns of income, the revenue foregone for the entire population of tax payershave been estimated as under:-

(i) The revenue foregone on account of higher basic exemption limits, as aforesaid ( Sl. No.22, 23 and 24 of table 7), hasbeen calculated by multiplying the revenue foregone per woman (below the age of 60 years), per senior citizen and verysenior citizen with their respective numbers. Their respective numbers have been estimated by calculating the percentageof sample returns filed by them. Thereafter, this percentage has been applied to the estimate of total number of returnsfiled by individuals for financial year 2011-12. The total sample returns filed electronically with the Income-tax Departmenttill 30th November, 2012 is 9865701 . The total number of returns filed by individuals for financial year 2011-12 isestimated to be 32354842 by assuming a growth rate of 5 percent over the estimate of returns filed for the financial year2010-11which was 30814135. According to the sample returns, 9.25 per cent of the returns were filed by senior citizensand 26.56 per cent of the returns were filed by women (other than senior citizens). Further, the revenue foregone onaccount of a senior citizen and a woman [who is not a senior citizen] has been calculated by taking into account the



[2012-13]


difference between the higher basic exemption limits for the two categories [i.e. ` 2,50,000 and ̀ 1,90,000 respectively] ascompared to the general exemption limit of ` 1,80,000 and applying the lowest tax rate of 10% (plus cess) on thedifference. The revenue foregone for each senior citizen is ` 7210 and for each woman taxpayer is ` 1030. For a verysenior citizen the exemption limit is ` 5,00,000 and the tax computed on such income amounting to ` 32,960 (inclusive ofcess) is payable by an individual who is below the age of sixty years. This has been taken to be the revenue foregone foreach very-senior citizen. Thereafter, the revenue foregone on account of each such taxpayer (woman, senior citizen andvery-senior citizen) has been projected on the total estimate of the number of such tax payers above the general exemptionlimit of `.1,80,000.

(ii) Specifically, in the case of deduction under section 80-IA, 80-IAB, 80-IB, 80-IC and 80-ID (Sl. No. 12 to16 of table 7) therevenue foregone has been calculated on the assumption that the actual figure reflect the total claims made by individualsunder these sections as all tax audited returns for income of F.Y. 2011-12 were subject to compulsory e-filing. Moreover,the due date for filing of returns in all such cases is 30th November and most of the incentives analysed require the returnto be filed before the due date for the purpose of claim of such incentive. Therefore the revenue foregone from the datasample has not been scaled up in any manner for the deductions claimed under these sections.

(iii) In all other cases, the revenue foregone for the entire population of taxpayers is worked out by-

(a) First calculating the average revenue foregone for a particular incentive per taxpayer for each income slab whichhas a separate tax rate in the sample returns.

(b) Secondly, multiplying the average revenue foregone for each incentive by the estimated number of individualtaxpayers in that income slab in the total number of returns filed by individuals for financial year 2011-12 .

This gives the revenue foregone for that income slab for a particular incentive. The sum of the revenue foregone for all theslabs gives the revenue foregone for the entire population on account of the particular tax incentive.

(iv) Based on the revenue foregone figures for financial year 2011-12, the revenue foregone for the financial year 2012-13has been estimated. The estimation for 2012-13 has been done by calculating the ratio of the personal income taxcollections as per the Revised estimates of 2012-13 to the actual personal income-tax collected in the year 2011-12 andthen applying the same ratio to the revenue foregone on account of each tax incentive in 2011-12.

As detailed above, Table 7 depicts the major tax expenditures on individual taxpayers in terms of revenue foregone duringfinancial years 2011-12 and 2012-13.

Table 7 :Major tax expenditure on individual tax payers during

financial years 2011-12 and 2012-13



[2012-13]

1. Deduction on account of certain investments and payments (section 80C) 25408.9 30661.7

2. Deduction on account of contribution to certain pension funds

(section 80CCC) 145.7 175.8

3. Deduction on account of contribution to the New Pension Scheme(section 80CCD) 31.3 37.7

4. Deduction on account of health insurance premium (section 80D) 878.3 1059.9

5. Deduction on account of expenditure for medical treatment of a dependentwho is disabled (section 80DD) 124.6 150.4

6. Deduction on account of expenditure for medical treatment ofspecified diseases (section 80DDB) 49.2 59.4

7. Deduction on account of interest on loan taken for higher education (section 80E) 261.8 316.0


8. Deduction on account of donations to charitable trusts and institutions(section 80G) 297.4 358.9

9. Deduction on account of rent paid for housing accommodation (section 80GG) 89.1 107.5


11. Deduction on account of contributions given to political parties(section 80GGC) 11.4 13.8

12. Deduction of profits of undertakings engaged in development of infrastructurefacilities, SEZs and Industrial Parks, generation of power, and providingtelecommunication services (section 80-IA) 40.8 49.2

13. Deduction of profits of undertakings engaged in development of SEZs inpursuance to SEZ Act, 2005 (section 80-IAB) 1.7 2.1

14. Deduction of profits of industrial undertakings derived from housing projects,production of mineral oil, development of scientific research, integratedbusiness of handling, storage and transportation of food grains and ofindustrial undertakings located in Jammu & Kashmir and in other backwardareas (section 80-IB) 336.7 406.2

15. Deduction of profits of undertakings set-up in North Eastern States,Sikkim, Uttaranchal and Himachal Pradesh (section 80-IC) 303.8 366.6

16. Deduction in respect of hotels, convention centres in specifiedareas (section 80ID) 1.2 1.5

17. Deduction of profits from business of collecting and processingof bio-degradable waste (section 80JJA) 9.5 11.5

18. Deduction of royalty income of authors of certain books otherthan text books (section 80QQB) 8.1 9.8

19. Deduction of royalty income on patents (section 80RRB) 0.5 0.5

20. Deduction in case of a person with disability (section 80U) 119.4 144.0

21. Deduction on account of certain investments in InfrastructureBonds (section 80CCF) 927.4 Nil*

22. Higher exemption limit for women 759 Nil*

23. Higher exemption limit for senior citizens 1772 2138

24. Higher exemption limit for very senior citizens 624 753

Total 32230 36857.5

* It has been phased out from financial year beginning 01.04.2012.

The tax expenditure on account of investments in various savings instruments, repayment of principal of housing loan andpayment of tuition fees for children [all these come under section 80C of the Income-tax Act] is the single largest tax expenditurein case of individual taxpayers followed by deduction on account of investment in infrastructure bonds (section 80CCF) and healthinsurance premium (section 80D). The revenue foregone on account of higher basic exemption limits for women, senior citizensand very senior citizens are also significant. As regards profit-linked deductions, the highest tax expenditure is on account ofsection 80-IB and section 80-IC of the Income-tax Act, 1961.



[2012-13]


Indirect Taxes

A. Excise duties

Excise duty is levied as per the rates specified in the First and Second Schedules to the Central Excise Tariff Act, 1985. Inmany cases, Finance Acts specify the rates at which these duties should be levied. The rates specified in various enactments areknown as the “tariff rates” of excise duty. Central Government has been granted powers under Section 5A(1) of the CentralExcise Act, 1944 to issue exemption notifications in public interest so as to prescribe duty rates lower than the tariff rates prescribedin the Schedules. The rates prescribed by exemption notifications are known as the “effective rates”.

Revenue foregone is defined to be the difference between duty that would have been payable but for the exemption notificationand the actual duty paid in terms of the said notification –

• In cases where the tariff and effective rates of duty are specified as ad valorem rates,-Revenue foregone= Value ofgoods X (Tariff rate of duty - Effective rate of duty)

• In cases where the tariff rate is on ad valorem basis but the effective duty is levied at specific rates in terms of theexemption notification, then – Revenue foregone = ( Value of goods X Tariff rate of duty) - (Quantity of goods XEffective rate of specific duty)

• In cases where the tariff rates and effective rates are a combination of ad valorem and specific rates, revenue foregone iscalculated accordingly

• In all cases, where the tariff rate of duty equals the effective rate, revenue foregone will be zero.

Besides the powers to issue general exemption notifications under Section 5A(1) ibid, the Central Government also has thepowers to issue special orders for granting excise duty exemption on a case to case basis under circumstances of an exceptionalnature, vide Section 5A(2) of the Central Excise Act. However, unlike general exemptions which form part and parcel of fiscal policy ofthe Central Government, the main object behind issue of exemption orders is to deal with circumstances of exceptional nature. Assuch, the duty foregone on account of issue of special exemption orders is not being calculated towards revenue foregone figures.

Automation of Central Excise & Service Tax (ACES) system has been launched in all the Central Excise formationsacross the country. The figure of duty foregone for 2011-12 is based on ACES data, which, among other things, captures the datacontained in returns filed by assessees. As the actual figures for revenue realization are now available for the whole year, therevenue foregone figure has been revised. The duty foregone due to the operation of area based exemptions scheme has beenobtained separately from the concerned Central Excise Zones and added. In the last Budget, the revenue foregone estimate forthe financial year 2011-12 was calculated using the extrapolation method based on data available for part of the year i.e. April2011-January, 2012. Accordingly, the revenue foregone for the financial year 2011-12 was estimated at ` 2, 12,167 crore [` 1,99,287 crore (general exemption) + ` 12,880 crore (area based exemption)]. The revised revenue foregone for the financial year2011-12 based on actual data for the full year comes to ` 1, 95,590 crore [(` 1, 79,453 crore (general exemption) + ` 16,137(areabased exemption)] crore as against the estimates of ` 2, 12,167 crore.

As in the past, the revenue foregone for the current financial year i.e. 2012-13 has also been estimated using theextrapolation method based on ACES data for part of the year i.e. April-December, 2012. Accordingly, the revenue foregone for thefinancial year 2012-13 is estimated at ` 2, 06,188 crore [` 1, 87,688 crore (general exemption) and ` 18,500 crore (area basedexemption)].

The estimates of ` 2, 06,188 crore show an increase of 5.4% over last year’s revised figure of ` 1, 95,590 crore. The revenueforegone has increased compared to that registered in 2011-12, because the excise duty collections have increased in the currentfinancial year by over 18% till December, 2012 compared to the corresponding period in 2011-12. Further, the central excise dutyrates have been raised from 10% to 12%, 5% to 6% (when CENVAT credit is availed) and 1% to 2% (when CEVVAT credit is notavailed). However, such increase is neutralized to a great extent because of reduction of tariff rate from 16% to 12% & 6% for manyof the commodities.

As for area-based exemptions, there are two types of schemes currently in operation - [i] based on refunds (North Eastand J & K) and [ii] outright exemption (Himachal Pradesh and Uttarakhand). In the case of refund-based exemptions, the revenueforegone is computed by aggregating the refunds actually sanctioned to the individual units or claimed by them during the year.With an increase in clearances, it is evident that the quantum of refunds would increase. As for outright exemptions, the revenueforegone is calculated using the difference between the general effective rate and the duty actually paid (Nil). By the same logic,therefore, the revenue foregone in respect of the exemption schemes also reflects the upward trend.


The revenue foregone figures are given in Table 8 below :

Table 8 : Tax expenditure under Excise duty regime

Sl. Details of Exemption Revenue foregone (in `̀̀̀̀crore)

No. 2011-12 2012-13

Estimates Revised Estimates

1 Area based exemptions applicable in the North Eastern states,

Uttaranchal, Himachal Pradesh, Jammu & Kashmir and

Kutch district of Gujarat 12880 16137 18500

2 Others 199287 179453 187688

Total 212167 195590 206188

B. Customs duties

Customs duty is levied under the Customs Act, 1962 as per the rates specified in the First Schedule to the Customs Tariff Act,1975 known as “tariff rates”. The Customs Tariff Act, 1975 also provides for levy of (i) additional duty of customs (commonlyreferred to as countervailing duty or CV duty), which is levied at a rate equal to the excise duty leviable on a like article if producedor manufactured in India and (ii) special additional duty of customs (commonly referred to as Special CVD or SAD) which is leviedat a rate of 4%. The Central Government has been delegated powers of exemption under Section 25(1) of the Customs Act, 1962to issue notifications in public interest so as to prescribe duty rates lower than the tariff rates prescribed in the Schedule to theCustoms Tariff Act. These rates prescribed by notification are known as the “effective rates”.

The revenue foregone is defined to be the difference between duty that would have been payable but for the exemptionnotification and the actual duty paid in terms of the said notification. In other words,

Revenue foregone= Value X (Tariff rate of duty – Effective rate of duty)

In cases, where the tariff rate equals the effective rate, revenue foregone becomes zero.

The estimate of revenue foregone under various exemption notifications is based on the data generated from the Bills of Entryfiled in the Indian Customs Electronic Data Interchange System (ICES) at various Electronic Data Interchange (EDI) locations.Since the EDI system does not capture data in respect of imports through non-EDI locations, or where the EDI system is not fullyoperational or where Bills of Entry are still being filed manually, suitable adjustments have been made in order to arrive at the totalpicture of revenue foregone. The revenue foregone data takes into account the exemptions from basic customs duty, CV duty andalso exemption notifications issued under the Central Excise Act, 1944 which are relevant for levy of CV duty. It also takes intoaccount exemptions from special CVD of 4%.

For the year 2011-12, gross customs revenue captured by EDI data was `1, 26,504 crore as against the actual gross customsrevenue collection of ` 1, 49,300 crore. Thus, the EDI captured nearly 85% of the actual reported gross customs revenue collectionfor the year 2011-12.

In order to work out the revenue foregone for the year 2011-12, EDI data has been adjusted suitably by taking inter aliarevenue from edible oils, minerals and ores and petroleum products/ crude petroleum, which are normally imported as bulk cargothrough Customs locations, some of which are still not on EDI.

The gross customs revenue for the year 2011-12 was ` 1, 49,300 crore. The total revenue realized as per the EDI data for theyear 2011-12 was ` 1, 26,504 crore, indicating a coverage of 85%. The total revenue foregone as generated from the EDI systemcomes to ` 2, 42,681 crore. After making suitable adjustments for coverage and bulk cargo (not on EDI), duty foregone for 2011-12 on account of all the exemption notifications comes to ` 2,85,638 crore as against the estimated duty foregone of ` 2,76,093crore published last year. Further, after deducting the revenue foregone from the various export promotion schemes but includingthe revenue foregone from incentive schemes mentioned at Sr. no. 14 of the Table 11 below, the net duty foregone for the year2011-12 works out to ` 236852 crore [` 2,85,638 crore – ` 48, 786 crore].

In order to work out the estimated revenue foregone for the year 2012-13 (estimated), the same methodology was adopted.The EDI captured nearly 91% of the actual reported gross customs revenue collection this year indicating much improved EDIcoverage. The EDI revenue foregone figures for the period April 2012-December 2012 are extrapolated for 12 months to ` 2,98,094 crore. Further, after deducting the revenue foregone from the various export promotion schemes but including the revenueforegone from incentive schemes mentioned at Sr. no. 14 of the Table 11 below, the net duty foregone (Estimated )for the year2012-13 works out to ` 253967 crore[` 2,98,094 crore – ` 44, 127 crore].


The revenue foregone has increased compared to that registered in 2011-12 (7.23% more than the previous year) as the basefor collection of Customs duty (i.e. the aggregate value/volume of imports) has also increased in the current financial year asevident from 5.9 % increase in the customs duty collections till December, 2012 compared to the corresponding period of lastfinancial year 2011-12. Moreover, some further concessions have been extended under various Free Trade Agreements and BCD& CVD on coal has been reduced to Nil and 1% respectively.

The customs duty foregone for the period 2011-12 and 2012-13 on account of major commodity groups and their share inoverall duty foregone is given in Table 9 as under:

Table 9: Contribution of major commodity groups contributing to revenue foregone

(in ` crore)

Sector 2011-12 2012-13 (Estimated)

Revenue % Share in total Revenue % Share in total

foregone revenue foregone foregone revenue foregone

Crude oil and mineral oils (27) 55576 19.5% 57752 19.5%

Machinery (84& 85) 32386 11.5% 35042 12%

Diamond and gold (71) 65975 23% 61035 20.5%

Edible vegetable, fruits, cereals,

vegetable oils (7, 8, 10, 15) 32407 11.5% 33742 11.5%

Primary metals and articles

thereof (72 to 83) 16128 6% 18813 6.5%

Chemicals and plastics (28, 29, 39) 20753 7% 20879 7%

Textile (50 TO 63) 15287 5.5% 16974 6%

Fertilizer (31) 7439 3% 7920 3%

Salt and ores (25 TO 26) 2424 1% 2578 1%

Drugs (30) 1628 1% 1393 0.5%

Total 250003 87.5% 256128 86 %

The revenue foregone data for each of the chapters of Customs Tariff Act is given in Table 10 as under:

Table 10: Estimates of major tax expenditure under the Customs duty regime

(` in Crore)

Chapter Brief Description of Goods 2011-12 2012-13(Estimated)

1 Live animals 5 4

2 Meat and edible meat offal 5 3

3 Fish and crustaceans, other aquatic invertebrates 41 52

4 Dairy Products 215 34

5 Other products of animal origin 71 56

6 Live trees and other plants 7 4


7 Edible vegetables, certain roots and tubers 4288 5623

8 Edible fruit and nuts 2667 2580

9 Coffee, tea, mate and spices 2323 1804

10 Cereals 27 49

11 Products of the milling industry 31 36

12 Oilseeds, grains, seeds, fruits 306 213

13 Lac, gums and resins 157 276

14 Vegetable plaiting materials 5 8

15 Animal of vegetable fats 25425 25491

16 Preparations of meat or fish 18 12

17 Sugar 876 1644

18 Cocoa 247 299

19 Preparations of cereals 38 31

20 Preparation of vegetables 84 41

21 Miscellaneous edible preparations 532 725

22 Beverages and spirits 301 126

23 Residues and waste from food industry 283 353

24 Tobacco 95 164

25 Salt, sulphur earths and stone 1042 937

26 Ores 1382 1641

27 Mineral fuels and mineral oils 55576 57752

28 Inorganic chemicals 3866 4425

29 Organic chemicals 12478 11048

30 Pharmaceutical products 1628 1393

31 Fertilizers 7439 7920

32 Tanning and dyeing extracts, pigments 603 537

33 Essential oils 465 406

34 Soap and washing preparations 231 182

35 Albuminoidal substances 228 161

36 Explosives, matches 7 37

37 Photography goods 102 89

38 Miscellaneous chemical products 2565 1795

39 Plastics 4409 5406

40 Rubber 2720 2862

(`in Crore)



41 Hide and skins and leather 333 333

42 Articles of leather 70 49

43 Fur skins 4 5

44 Wood 1492 1440

45 Cork 2 1

46 Manufactures of straw 1 0

47 Wood Pulp 749 1012

48 Paper 1717 1387

49 Printed books, newspapers 523 626

50 Silk 533 557

51 Wool 455 245

52 Cotton 979 1502

53 Other vegetable fibres 111 89

54 Manmade filaments 8515 4244

55 Man made staple fibres 690 765

56 Wadding and non wovens 60 77

57 Carpets 46 51

58 Special woven fabrics 2686 8232

59 Coated textile fabrics 681 702

60 Knitted fabrics 266 291

61 Knitted readymade garments 59 61

62 Woven garments 112 109

63 Made ups 94 49

64 Footwear 234 258

65 Head gear 3 3

66 Umbrellas 17 12

67 Feathers/artificial flowers 6 4

68 Articles of stone, plaster 161 293

69 Ceramic Products 509 250

70 Glass and glass ware 262 287

71 Precious stones, jewellery 65975 61035

72 Iron and steel 9324 11417

73 Articles of iron and steel 2894 2901

(`in Crore)



74 Copper and articles thereof 1157 1458

75 Nickel and articles thereof 301 180

76 Aluminum and articles thereof 1244 1624

78 Lead and articles thereof 249 227

79 Zinc and articles thereof 102 114

80 Tin and articles thereof 85 93

81 Other base metals 143 146

82 Tools and implements 422 430

83 Miscellaneous articles of base metals 207 223

84 Machinery 17709 20801

85 Electrical machinery 14677 14241

86 Railways or tramways locomotives, rolling stocks etc. 95 156

87 Motor vehicles 3912 2422

88 Aircrafts 2332 2374

89 Ships, boats and floating structures 4519 5872

90 Optical/photographic instruments 3550 4413

91 Clocks and watches 74 29

92 Musical instruments 6 12

93 Arms and ammunitions 1031 1774

94 Furniture 351 395

95 Toys and games 219 249

96 Miscellaneous manufactured articles 219 1148

97 Work of art, antiques 78 116

98 Project imports, baggage 605 5091

Total 285638 298094

These figures include revenue foregone from the working of various export promotion schemes other than from drawback. The

break-up of revenue foregone from individual export promotion schemes is given below, separately. Out of these schemes, Duty

Free Entitlement Credit Certificate, Target Plus, Vishesh Krishi and Gram Udyog Yojana (VKGUY), Served from India and Focus

Market / Product are incentive schemes. The revenue foregone from these schemes has been taken into account while calculating

the duty foregone on account of exemption notifications. The remaining schemes are either exemption schemes or input tax

neutralization schemes, the basic objective of which is to offer a level playing field to our exporters in the international markets. As

these are not export incentive schemes, the revenue foregone from the schemes has been excluded from the calculation of

(`in Crore)



revenue foregone, as indicated in Table 11 hereunder.

Table 11: Revenue Foregone on account of Export Promotion Concessions

(`̀̀̀̀ in Crore)

S. No. Name of the Scheme 2011-12 2012-13(Estimated)

1 Advance Licence Scheme 18306 19334

2 EOU/EHT/STP 4555 4271

3 EPCG 9672 11737

4 DEPB Scheme 10409 3372

5 SEZ 4560 3742

6 DFRC 40 21

7 Duty Free Import Authorisation Scheme 1244 1651

8 Duty Free Entitlement Credit Certificate 190 122

9 Target plus schemes 436 411

10 Vishesh Krishi and Gram Udyog Yojana 2263 2204

11 Served from India Scheme 556 1227

12 Focus Market/Product Sheme 3951 6362

13 TOTAL 56182 54455

14 Less revenue foregone on incentive schemes mainatined at S.Nos. 8 to 12 7396 10328

15 Revenue Foregone on account of input tax neutralisation or exemption schemesto be reduced from gross revenue foregone on account of customs duty 48786 44127

These aforesaid estimates of revenue foregone do not include revenue foregone on account of ad hoc exemptionorders issued under Section 25(2) of the Customs Act, 1962, that relate to circumstances of an exceptional nature.

The revenue foregone for Direct and Indirect Taxes is summarized as under:

Table 12: Revenue Foregone (Direct Taxes) in financial years 2011-12 and 2012-13

(in `̀̀̀̀ Crore)

Revenue Foregone Projected Revenue Foregonein 2011-12 in 2012-13

Corporate Income-tax 61765.3 68007.6

Personal Income-tax 39375.4 45464.1

Total 101140.7 113471.7

Table 13: Revenue Foregone (Indirect Taxes) in financial years 2011-12 and 2012-13

(in `̀̀̀̀ Crore)

Revenue Foregone Revenue Foregonein 2011-12 in 2012-13 (Estimated)

Excise Duty 195590 206188

Customs duty 236852 253967

The aggregate revenue foregone from central taxes ( both direct and indirect ) is ` 5,33,582.7 Crore for 2011-12 and isprojected to be ` 5,73,626.7 Crore for 2012-13.To conclude, the total revenue foregone is showing an upward trend, both for directand indirect taxes.


APPENDIXEffective tax rate, inclusive of surcharge and education cess, of sample companies across industry

(financial year 2011-12) [sample size – 494106]

Sl. Sector Industry Number of Profit Total tax EffectiveNo Companies before tax payable tax rate

(in ` crore) (in ` crore) (in %)

1 Manufacturing Industry Agro-based industries 13471 12136.0 2989.1 24.63

2 Manufacturing Industry Automobile and auto parts 4225 37810.8 8022.0 21.22

3 Manufacturing Industry Cement 726 11854.7 1797.3 15.16

4 Manufacturing Industry Diamond cutting 470 2066.3 422.7 20.46

5 Manufacturing Industry Drugs and pharmaceuticals 5109 27968.6 4740.8 16.95

6 Manufacturing Industry Electronics including computerhardware 2515 5894.5 1651.8 28.02

7 Manufacturing Industry Engineering goods 9662 40595.6 11758.0 28.96

8 Manufacturing Industry Fertilizers, chemicals, paints 3747 18214.3 4682.2 25.71

9 Manufacturing Industry Flour and rice mills 1321 728.4 134.8 18.50

10 Manufacturing Industry Food processing units 2618 6676.1 1650.5 24.72

11 Manufacturing Industry Marble and granite 1958 710.0 177.7 25.03

12 Manufacturing Industry Paper 1387 1321.6 199.6 15.11

13 Manufacturing Industry Petroleum and petrochemicals 699 61469.2 11729.8 19.08

14 Manufacturing Industry Power and energy 4475 90513.4 16653.7 18.40

15 Manufacturing Industry Printing and publishing 2595 3780.4 1088.7 28.80

16 Manufacturing Industry Rubber 919 886.0 194.8 21.99

17 Manufacturing Industry Steel 4718 23303.5 5007.7 21.49

18 Manufacturing Industry Sugar 288 708.1 63.7 9.00

19 Manufacturing Industry Tea,coffee 944 2055.8 338.6 16.47

20 Manufacturing Industry Textiles,handloom,power looms 9204 7943.7 1586.3 19.97

21 Manufacturing Industry Tobacco 277 9608.1 2693.2 28.03

22 Manufacturing Industry Tyre 166 2851.4 588.0 20.62

23 Manufacturing Industry Vanaspati and edible oils 623 976.0 180.1 18.46

24 Manufacturing Industry Others 55815 125366.3 30689.4 24.48

25 Trading Chain stores 792 407.8 106.8 26.18

26 Trading Retailers 11630 5261.6 1479.5 28.12

27 Trading Wholesalers 19339 6290.1 1826.0 29.03

28 Trading Others 74266 21816.2 5227.0 23.96

29 Commission Agents General commision agents 4095 1079.2 310.3 28.75

30 Builders Builders 16138 5479.4 1192.6 21.77

31 Builders Estate agents 3123 498.6 103.4 20.73

32 Builders Property developers 26199 16672.1 3108.4 18.64

33 Builders Others 19417 6149.6 1021.3 16.61

34 Contractors Civil contractors 8882 11775.5 3132.6 26.60

35 Contractors Excise contractors 19 7.1 2.1 29.26

36 Contractors Forest contractors 13 1.9 0.2 9.83


37 Contractors Mining contractors 724 2605.8 819.1 31.43

38 Contractors Others 9363 7854.8 2139.1 27.23

39 Professionals Charted accountants, auditors, etc. 77 5.8 1.8 30.96

40 Professionals Fashion designers 104 25.5 6.8 26.80

41 Professionals Legal professionals 289 62.6 18.9 30.10

42 Professionals Medical professionals 1390 235.9 67.1 28.45

43 Professionals Nursing homes 950 179.4 50.5 28.14

44 Professionals Specialty hospitals 1021 1188.7 234.4 19.72

45 Professionals Others 6175 1221.5 362.2 29.66

46 Service Sector Advertisement agencies 2601 1330.2 419.8 31.56

47 Service Sector Beauty parlours 241 31.9 11.0 34.58

48 Service Sector Consultancy services 14676 12223.3 3039.6 24.87

49 Service Sector Courier agencies 445 525.5 193.8 36.88

50 Service Sector Computer training/educational andcoaching institutes 2664 1200.5 307.5 25.62

51 Service Sector Forex dealers 660 138.3 37.6 27.17

52 Service Sector Hospitality services 3740 2621.4 572.6 21.84

53 Service Sector Hotels 6293 2705.2 538.2 19.89

54 Service Sector I.t. enabled services, bposervice provides 9713 24139.8 5886.4 24.38

55 Service Sector Security agencies 1476 491.5 163.1 33.19

56 Service Sector Software development agencies 10201 55941.8 12834.0 22.94

57 Service Sector Transporters 3987 3625.8 817.5 22.55

58 Service Sector Travel agents, tour operators 3588 1146.6 321.8 28.07

59 Service Sector Others 54511 59309.3 12908.4 21.76

60 Financial Service Sector Banking companies 269 112926.9 29435.1 26.07

61 Financial Service Sector Chit funds 2171 464.0 148.0 31.89

62 Financial Service Sector Financial institutions 438 10116.9 2725.3 26.94

63 Financial Service Sector Financial service providers 3002 6058.5 1486.9 24.54

64 Financial Service Sector Leasing companies 542 3239.5 772.4 23.84

65 Financial Service Sector Money lenders 470 109.2 26.2 23.95

66 Financial Service Sector Non banking finance companies 8268 37752.2 8530.6 22.60

67 Financial Service Sector Share brokers, sub-brokers, etc. 3920 4462.3 1353.0 30.32

68 Financial Service Sector Others 20988 54755.1 9571.8 17.48

69 Entertainment Industry Cable t.v. productions 372 146.7 40.5 27.61

70 Entertainment Industry Film distribution 322 87.8 16.0 18.21

71 Entertainment Industry Film laboratories 34 58.6 3.8 6.52

72 Entertainment Industry Motion picture producers 512 172.5 39.3 22.78

73 Entertainment Industry Television channels 355 3236.3 1067.1 32.97

74 Entertainment Industry Others 5709 5824.4 2533.0 43.49

Total 494106 989100.5 226051.1 22.85

Sl. Sector Industry Number of Profit Total tax EffectiveNo Companies before tax payable tax rate

(in ` crore) (in ` crore) (in %)

receipt budget

Documents