union budget 2013
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UNION BUDGET-2013
By-Mrs.Binny Bhogal Rawat
Prof. Finance-HLCPE
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Finance Minister-Chidambaram Palaniappan
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What is Union Budget? The Union Budget is the financial annual
report of India as a country. It contains the government of India's revenue
and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31
It comprises the revenue budget and the capital budget.
It also contains estimates for the next fiscal year.
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What is economic survey? The FM presents the economy survey in
the parliament every year just before the union budget
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Sector Impact-Textiles
Excise Duty on readymade garments exempted +ve for textile sector
Bombay Rayon 240.45 0.95
Mandhana Ind 249.60 3.2
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Auto - Negative
Excise Duty on SUV's raised negative Higher allocation to defence +ve
Mah and Mah 878.00 -19.55
Maruti Suzuki 1424.45 -6.3
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Banks
HDFC Bank 630.50 -2.45
ICICI Bank 1108.35 14.75
Axis Bank 1402.15 -1.05
4% farm loan scheme extended to private sector banks
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Cigarettes
Excise Duty on cigarettes up 18% negative for ITC
ITC 287.05 -5.55
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Construction & Contracting - Real Estate
Excise Duty on marble slabs increased negative for real estate
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Budget Interpretations
Branded apparels will be cheaper it has been removed from excise duty regime
18% rise in excise duty on cigarettes, cigars and cheroot's.
More duty free gold items can be purchased by the NRIs now. However, they must have been outside India for more than a year.
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Import duty on luxury cars, motorcycles and yachts is increased from 75% to 100%.
FinMin has provided a tax credit of Rs 2,000 to individual tax payers with taxable income of up to Rs 5 lakh.
India's first women's bank as a PSU has been proposed with Rs. 1,000 crore working capital. P. Chidambaram has also proposed to provide Rs. 1,000 crore for Nirbhaya fund for women.
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Smartphones will become dearer as the excise duty on mobile instruments priced above Rs 2,000 has been raised to six per cent.
'Super-rich' tax was levied as a 10 per cent surcharge on "relatively prosperous" persons with an income over Rs 1 crore
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P. Chidambaram re-introduced the generation based incentives to wind energy. Rs 800 crore has been provided for this purpose to Ministry of New & Renewable Energy
The excise duty on Sports Utility Vehicles (SUV) will be raised to 30 per cent from 27 per cent
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FISCAL DEFICIT
* Fiscal deficit seen at 5.2 point of GDP in 2012/13
* Fiscal deficit seen at 4.8 point of GDP in 2013/14
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SUBSIDIES
* 2013/14 major subsidies bill estimated at 2.48 trillion rupees from 1.82 trillion rupees
* Petroleum subsidy seen at 650 billion rupees in 2013/14
* Revised petroleum subsidy for 2012/13 at 968.8 billion rupees
* Estimated 900 billion rupees spending on food subsidies in 2013/14
* Revised food subsidies at 850 billion rupees in 2012/13
* Revised 2012/13 fertiliser subsidy at 659.7 billion rupees
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INFLATION
* Food inflation is worrying, will take all steps to augment supply side
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FOREIGN TRADE
* To cut duty on exports of precious and semi-precious stones to 2 point from 10 point
* No duty on import of ships, vessels
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STT
Securities Transaction Tax on mutual fund and ETF redemptions, equity futures reduced to 0.01%;
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one million is equal to 10 lakhs 1 billion = 100 crore
1 trillion = 100,000 crore http://www.moneycontrol.com/news/