Home / Knowledge / News / Textiles / Finance Minister presents Union Budget 2010-2011
Finance Minister presents Union Budget 2010-2011
26
Feb '10
Today, Finance Minister Pranab Mukherjee tables UNION BUDGET 2010-11 in Parliament.

Fibre2fashion is privileged to bring his announcements and declarations on the Budget for the coming fiscal, live

Following are the highlights of the entire Budget Speech:

* Scope for gradual pullback of stimulus due to economic recovery

* Second quarter to emerge with over 500,000 jobs

* VAT introduction to boost states' tax revenues

* Direct Tax Code from April 2011 to be implemented

* Execution of GST by April 2011

* Govt to raise Rs.35,000 crore through disinvestment

* FDI regime has been simplified

* Need to review public spending with the recovery in economy

* RBI to provide more licenses to NBFCs

* Extension of stimulus package

* 2 percent Interest Subvention extended upto March 2011

* The interest subvention extension for exports includes handicrafts, carpets, handlooms and SMEs

* Khadi Institute receives Rs.400 crore

* Additional funds to upgrade rural and urban areas infrastructure

* A total plan of 46% for infrastructure

* GOI signs $150mn pact with ADB to execute Khadi program

* Fiscal deficit pegged at 5.5% of GDP

* Fiscal deficit seen at 4.8% in FY12 & at 4.1% in FY13

* An apex level Financial Stability and Development Council to be set up

* Automation of excise, service tax rolled out

* Minimum Alternate Tax up from 15% to 18% on book profits

* Cutback in current surcharge on domestic comp to 7.5 % from 10%

* Total expenditure is within target

* Personal income tax: Above Rs 8 lakh, tax at 30%

* Professionals with Rs 15 lakh income need account audit

* Advanced tax receipts anticipated at Rs 7.46 lakh cr

* Announcement of new Tax Structure

* Hike in Peak excise duty from 8% to 10%

* Reduction in personal tax rate savings between Rs 50,000- 80 lakhs

* No service tax on agricultural seeds

* Service Tax rates remains at 10%

* Peak customs duty unchanged at 10%

* Customs duty on gold, platinum imports wnt up to Rs.300 from Rs.200

* Service tax to GDP ratio is 1%

* Proposal to provide one-time grant of Rs.200 crore for Tirupur knitwear cluster

* Proposal to exempt ready-made garments from special additional duty

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search