2. Budgeting is the technique in which we
identifying our income and expenditure and
allocate the income for different expenditure.
Davit Thomas
3. With modernization and acquisition projects
like126 fighter aircraft deal lined up the defense
ministry allocation was 13.1% . Rs193407 core
.The allocation made in the Budget for the
financial year 2012-13 is about 1.9% of the GDP.
Finance minister pranab Mukherjee said the
allocation was based on the present need and
any further requirement for the security of the
nation.
4. In the Budget finance minister pranab Mk has
proposed an allocation of Rs 10 core for
building houses for economically weaker
section under Rajiv Awas Yojna . A separate
allocation of Rs 242 core has been made for
the NCR Planning board which functions
under the ministry of urban development . The
NCR board is responsible for implementing
the projects in the NCR cities.
5. The finance minister has proposed to reduce
basic custom duty on soya protein concentrate
and isolated soya protein to 10 % from the
present 30% and basic custom duty on iodine
has been reduced from 6 to 2.5% . The basic
custom duty has been brought down to 5%
from 10% on the import of probitics .
6. The service tax rate has been marginally raised
from 10 % to 12% presenting the Budget in lok
sabha on Friday the finance minister said to
maintain a Healthy fiscal situation the
government had raised the service tax with
consequent changes in the rate from services
that have individual tax rates .
7. The tax exemption limit for individuals has
been hiked to 2 lakh from the current Rs 1.8
lakh while the tax slabs have been re-jigged to
provide relief to tax payer. Presenting the
union Budget for 2012-13 in lok sabah said the
upper limit it for the 20% tax slab would be
increased to 10 lakh .from 2 to 5 lakh 10% and
20% for income above 5 to 10 lakh .30% for
income above 10 lakh.
8. Cement prices are likely to go up after the
government proposed hike in excise duty on
the building material from 10%to12% . The
duty will be on the retail sale price after of 30
%.The proposal to raise excise duty is in sharp
contrast with the expectation of the industry
which was demanding to slash it down to 6to8
%.
9. Luxury cars will become more costly up to 3
lakh as disappointment such as Mercedes Benz
and Audi deciding to pass on increased duties
imposed in the Budget to consumer . This
companies are planning to put an additional
burden to the customer between 2 to 3 lakh .
This is due to increase in excise and custom
duty on large cars.
10. There is a big hole in yours pocket as pranab
has hiked excise duty on daily use product like
soaps shampoos detergent diaper cosmetic
and toiletries and other FMCG goods 12%.
Company are reeling under cost pressure the
increase in excise duty could futher squeeze
margins .
11. Cigarette smoking will now be be even more
injurious to tobacco consumer. The Budget has
increased excise duty on some cigarette hand
made bidis pan masala gutka and chewing
zarda . The duty hike will make cigarette above
65mm costlier with an duty will be chargeable
on of the retail sale price declared on the pack.
12. Pranab mukherjee exempt the industry from
service tax on copyrights related to recording
of films. Indian industry is the only on
industry in the world which pay more than
50% in taxation . This time they get some relief
from taxation .
13. Presenting the Budget in the lok sabha FM
announced a multispectral nutrition program
to combat malnutrition . Two hundred high –
burden district have been selected for the
program . FM announced a hike of 58% in the
Budgetary allocation for this scheme compared
to last year.Rs10380 core in 2011-2012 To Rs
11931 core in 2012-2013. He also provide 750
core for Rajiv Gandhi scheme for
empowerment of adolescent girls.
14. 1. Economic growth estimated at 6.9% in
current fiscal .Growth momentum to pick up
to 7.6% in 2012-13 and 8.6% in 2013-14.
2. RBI expected to lower the interest rate .
3.Export grew by 40.5% in the first half of this
fiscal and Import by 30.4% .
4.Forien trade performance to remain key
driver of growth .
15. 5. Food grain production likely to cross 250.42
million tones . Largely on back of increase in
rice production.
6. Agriculture and service sector expected to
perform well.
7. Industry growth pegged at 4-5% and
improve further as economic recovery resume
.