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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


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