Monday, February 28, 2011

28 Feb 2011 Union Budget Minute by minute Updates

28 Feb 2011 Union Budget Minute by minute Updates 


12:55 PM Net Revenue Loss from Direct Tax- Rs 11,500 cr and Net Revenue Gain from Indirect Tax- Rs 11,300 cr


12:54 PM Basic customs duty on agricultural machinery reduced to 4.5% from 5 per cent 
 
12:50 PM AC restaurants serving liquor under service tax net


12:49 PMTo tax life insurance service providers


12:49 PM Legal representation for businesses under service tax


12:48 PM Servcie tax on hotel accomodatiobn above Rs 1500 per day


12:48 PM Domestic travel to pay Rs 50 service tax, Rs 250 on international travel


12:47 PM AC hospitals with more than 25 beds under service tax


12:47 PM Special incentives for hybrid vehicle makers if manufacturing done in India


12:47 PM Service tax net extended to include health check-ups


12:47 PM Crude palm used in sports exempted from customs duty


12:46 PM Ship owners allowed to import duty free parts


12:46 PM Net revenue gain of Rs 7300 crore from excise, customs changes


12:46 PM Service tax to cover more areas - FM

12:44 PM Base rate on excise duty raised from 4% to 5 percent


12:44 PM Duty reduction on LEDs to promote adoption by more automakers


12:44 PM Focus on green vehicles: Duty reduced on hybrid & electric cars along with batteries imported for such vehicles

12:42 PM No excise duty on UMPP equipment


12:42 PM New category of very senior citizens for those above 80 years introduced, exemption limit Rs 5 lakh


12:41 PM Standard rate of central exercise duty maintained at 10%: FM


12:41 PM Senior citizens exempt up to Rs 2.5 lakh

12:40 PM Excise on LED cut to 5%


12:40 PM No change in CENVAT rates


12:38 PM Unified ad valorem rate of 10% for iron ore


12:38 PM Education firms up 3-5 pc on higher allocation


12:37 PM No new tax exemption limits for women


12:37 PM Swaminathan: No further rollback of 2008 stimulus


12:37 PM To cut customs duty on raw steel


12:36 PM AC, cold chain equipment exempted from excise duty


12:36 PM To levy central excise duty of 10% on branded clothes


12:36 PM No change in peak customs duty rate


12:36 PM Rs 54 crore each for AMU (Aligarh Muslim University) centres at Murshidabad and Mallapuram


12:36 PM Rs 500 crore more for national skill development fund

12:34 PM Base rate on excise duty raised to 5% from 4%


12:34 PM Net tax to Centre will be Rs 6,64,457 cr. Non-tax receipts pegged at Rs 1,25,435 cr


12:33 PM FY 12 fiscal deficit seen at Rs 4.12 lakh crore


12:33 PM Budget estimates for 2011-12 projects Rs 9,32,440 crore - an increase of 24 per cent


12:32 PM To withdraw 130 items from exemption under Central Excise


12:32 PM Central excise duty rate unchanged at 10%


12:32 PM Service tax retained at 10%


12:31 PM Direct Tax proposals net loss estimated at Rs 11,500 crore


12:29 PM Tax sops of Rs 20,000 on Infra Bonds extended for one year


12:29 PM There is a need to define the nature of public expenditure: FM


12:28 PM Foreign unit dividend tax rate cut to 15 percent for Indian companies


12:27 PM Special Economic Zones to come under MAT


12:27 PM Fiscal deficit seen at 4.1% in FY 13, 3.5% in FY 14


12:27 PM Surcharge on domestic companies cut to 5 percent from 7.5 percent


12:26 PM MAT raised to 18.5% of book profits


12:26 PM Reduce surcharge of 7.5 percent for domestic companies to 5 percent


12:25 PM Age for being classified as senior citizen cut to 60 years from 65 years

12:23 PM Tax limit raised from Rs 1,60,000 to Rs 1,80,000


12:23 PM Revenue deficit for FY11 seen at 3.4%


12:23 PM Fiscal deficit down at 5.1% from 5.4%


12:22 PM Fiscal deficit seen at 4.6% for FY 11-12


12:22 PM 11th plan expenditure up 100% in nominal terms


12:21 PM To review discretionary powers of central ministers


12:21 PM To distribute 1 million UID cards per day shortly


12:20 PM To provide Rs 58,000 crore for Bharat Nirman projects


12:20 PM Plan expenditure at Rs 4.14 lakh crore


12:19 PM Gross Tax Receipts at Rs 9.32 lakh crore, up 25%


12:19 PM Disinvestment target of Rs 40,000 cr


12:18 PM Growth rate of services sector expected at 9.3%


12:18 PM High price gap between wholesale and retail prices unacceptable


12:18 PM Age reduced for BPL pension eligibility


12:17 PM Allocation for health sector up 20%


12:16 PM To simplify tax form for small businesses


12:15 PM To amend Indian Stamp Act shortly


12:13 PM Allocation for defence at Rs 1.64 lakh crore


12:13 PM Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500


12:12 PM Direct Tax Code likely to be passed by parliament next fiscal year


12:11 PM Allocation to Department of Justice increased 3 fold to Rs 3000 cr


12:10 PM FY 12 defence capex seen at Rs 69,199 crore

12:09 PM To give Rs 8000 cr to J and K for development needs


12:09 PM Have set up dedicated cell on transfer pricing monitoring


12:07 PM To give Rs 8,000 cr to Northeast and special states

12:07 PM Banks to cover 20,00 villages for opening accounts in FY12


12:06 PM IIFCL disbursement target set at Rs 25,000 cr for FY12


12:06 PM Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000/month. Helpers to get Rs 1,500 from Rs 750


12:06 PM To allocate Rs 26,760 to health sector


12:05 PM 100% salary hike for Anganwadi teachers


12:05 PM DTC after getting Standing Committee Report


12:04 PM FIIs will be allowed to invest in mutual funds schemes


12:04 PM To extend National Health Scheme to workers in mining sector


12:03 PM Economy resilient to external shock


12:01 PM To provide Rs 200 cr grant to IIT Kharagpur, Rs 20 crore to IIM Calcutta


11:59 AM To classify capex of fertiliser sector into infrastructure


11:59 AM To allocation Rs 21,000 cr to primary education, up 40 percent


11:58 AM Education allocation increased to Rs 52,057 cr, increase of 24 percent


11:57 AM Policy on Narcotic drugs is good for Piramal Healthcare


11:56 AM To allocate Rs 58,000 cr to Bharat Nirman projects

11:56 AM GST Bill to be introduced in parliament this year


11:55 AM A new scheme to be introduced for refund of service tax on lines of drawback of duties


11:55 AM To link NREGA wages to CPI inflation


11:54 AM To set up independent debt management office; public debt management bill to be introduced


11:54 AM Plan to spend Rs 1.6 lakh crore on social projects, up 17 percent


11:53 AM Close to finalising food security bill this year: FM


11:52 AM Govt proposes to promote organic farming methods to enable farmers get best from their land


11:52 AM To set up national policy on psychotic drugs, narcotics


11:51 AM Have set up dedicated cell on transfer policy monitoring


11:51 AM To introduce self assessment in customs to facilitate fast clearance


11:50 AM Allocation under Rashtriya Krishi Yojana raised


11:50 AM To classify capex of fertiliser sector into infrastructure


11:50 AM Markets up 1.4% as FM speaks on budget


11:49 AM To introduce self assessment in customs for faster clearance


11:49 AM Five fold strategy to deal with black money


11:48 AM To set up 15 mega food parks


11:48 AM To create infrastructure debt fund to boost infrastructure funding

11:47 AM Infrastructure spending to be raised by 23%


11:46 AM To allow Rs 30K crore tax free bonds for railways, NHAI


11:45 AM Removal of supply bottlenecks in food sector in focus in 2011/12


11:43 AM Farm credit flow raised to Rs 4.75 lakh crore


11:43 AM Allocation under Rashtriya Krishi Vikas Yojana to be raised to Rs 7860 crore


11:43 AM Rs 300 cr provided to promote pulses cultivation in rain-fed areas, another Rs 300 cr to promote farm product cultivation


11:43 AM Inflation remains principal concern, to fall next yr: FM


11:42 AM Cold storage projects classified as infrastructure sector


11:41 AM To infuse Rs 3,000 cr in NABARD in phased manner


11:38 AM Allocation for farm development raised to Rs 7,860 cr


11:37 AM To provide Rs 300 crore to improve oil seed plantations


11:37 AM FIIs allowed to invest in 5-year unlisted bonds


11:36 AM TCI to benefi from Govt support for warehousing


11:36 AM To provide Rs 300 cr for implementing initiatives on vegetables


11:35 AM Edible Oil Gainers: KS Oil up 2.24 percent, Raj oil up 3.45 percent


11:35 AM Allocation for farm development increased to Rs 7860 cr


11:33 AM To provide Rs 300 cr to improve production of pulses


11:33 AM Plan to introduce Companies Bill in current session


11:32 AM Rural housing fund corpus raised to Rs 3,000 cr vs Rs 2,000 cr


11:32 AM To allocate Rs 100 cr to SIDBI for women


11:31 AM To set up Mortage Risk Guarantee fund for rural housing


11:30 AM To provide Rs 5,000 cr to SIDBI to meet priority lending targets


11:29 AM Interest subvention limit raised to Rs 25 lakh


11:27 AM To provide Rs 2,000 cr for manufacturing facilities


11:26 AM To provide Rs 2000 crore for warehousing facilities


11:26 AM Hon.FM proposes to allocate Rs 6000 cr for some PSU banks to help them maintain Tier-I capital at 8 percent


11:26 AM Plan to allow FII limit in infrastructure bonds to $25 bn


11:25 AM To bring legislative amendments for banking licenses this year

11:25 AM FII limit in corporate bonds raised to $ 40 billion


11:25 AM Auto stocks down on profit-booking; Hero Honda down 4%






11:24 AM FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs


11:24 AM Continuing discussions to further liberalise FDI policy


11:22 AM Task force working on oil subsidy plans


11:22 AM visit : www.integrityfinancials.blogspot.com


11:21 AM Govt commited to retain 51 percent stake in PSUs


11:21 AM Retain divestment target of Rs 40,000 crore


11:20 AM To move to direct cash subisdy for kerosene, fertiliser


11:19 AM Nutrient based fertiliser policy for urea under consideration


11:19 AM Working on ensuring better delivery for urea, kerosene


11:18 AM Availability of fertilisers has improved post new policy


11:18 AM GST rounds with states making considerable progress


11:17 AM States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014

11:17 AM To introduce Public Debt Management Bill in 2012


11:17 AM The economy has shown remarkable resilience

11:16 AM DTC to be effective April 1, 2012


11:16 AM Economy to grow at 9 percent, plus or minus 0.25 percent in 2012


11:15 AM Laying down fiscal consolidation map for next five years


11:15 AM Impression of drift in government is misplaced


11:12 AM Average inflation to be lower next year, current account deficit to be better managed


11:12 AM Recovery in developed nations has taken roots


11:12 AM Seen shortcomings in food supply chains


11:11 AM Monetary policy is keeping food inflation in check


11:11 AM Agriculture growth at 5.4%, industry at 8.1% in 2010-11


11:10 AM Must ensure that private investment is sustained


11:10 AM Working on simplifying tax rules, trade and tariff reforms


11:10 AM Must improve supply response in the agriculture sector

11:09 AM Working on simplifying tax rules, trade and tariff norms


11:09 AM Corruption is a problem we have to fight collectively


11:08 AM Cutting bureaucratic delays, improving response times


11:08 AM Don't see resources as a constraint to growth


11:07 AM Agriculture sector has shown significant rebound


11:07 AM Need to improve regulatory standards to fight corruption

11:07 AM Much needs to be done in rural India:FM


11:06 AM To reconcile environment concerns, growth needs


11:06 AM Don't see resources as a constraint to growth


11:05 AM Food inflation declined to less than half to 9.3%


11:05 AM Need to ensure balanced demand and supply


11:05 AM Economy has regained pre-crisis growth momentum


11:05 AM Food inflation is a big concern


11:04 AM High growth trajectory is our aim


11:04 AM Need to make development more inclusive


11:04 AM Economy set for double-digit growth in coming years


11:04 AM Growth in 2011 was broad based


11:04 AM Fiscal consolidation has been impressive: FM


11:03 AM The year was full of challenges for fiscal consilidation: FM


11:02 AM At the start of the speech, Sensex up 152 points, Nifty up 48 points


11:02 AM FM starts presenting Budget in the Lok Sabha

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