Showing posts with label Union Budget. Show all posts
Showing posts with label Union Budget. Show all posts

Thursday, February 28, 2013

Budget 2013: P Chidambaram's 8th and India's 82nd

Individually, Chidambaram presented the Union Budget for the eighth time, the second-highest by any Finance Minister.
The maximum number of 10 Budgets have been presented by Morarji Desai, while Pranab Mukherjee (currently President of the country), Yashwant Sinha, Y B Chavan and C D Deshmukh have presented seven Budgets each in the past.
Prime Minister Manmohan Singh and the country's fourth Finance Minister T T Krishnamachari have presented six Budgets each during their tenures in the Finance Ministry.
Among others, R Venkatraman and H M Patel have presented three Budgets each, while Jaswant Singh, V P Singh, C Subramaniam, John Mathai and R K Shanmukham Chetty have two Budgets each to their credits.
Besides, Jawahar Lal Nehru, Indira Gandhi, Rajiv Gandhi, Charan Singh, N D Tiwari, Madhu Dandwate, S B Chavan and Sachindra Chaurdhuri have presented one Budget each.
Nehru, Indira and Rajiv Gandhi had presented Budget in their capacity as Prime Minister and Minister of Finance.
Charan Singh (once) and Morarji Desai (on four occasions) presented Budget as Deputy PM and Minister of Finance.
So far, the country has seen 66 normal annual Budgets, while there have been 12 interim Budgets and four special-occasion Budgetary proposals, also known as mini Budgets.
The first such mini-Budget was presented by T T Krishnamachari on November 30, 1956 in form of fresh taxation proposals through Finance Bills, demanded by the prevailing domestic and international economic situation.
The step was also required to tackle issues like rising inflation and dwindling forex reserves at that time.
The second mid-year Budget taxation proposals were also presented by Krishnamachari in August 1965, while the third mini-Budget was presented by Y B Chavan in December 1971 wherein he proposed additional measures for mobilisation of resources for defence requirements.
The last mini-Budget proposals in Parliament was also made by Chavan in July 1974, wherein he made fresh taxation proposals to tackle inflation-related issues after only five months of the regular annual Budget.

Union Budget Highlights

1. Custom duty on imported motor vehicles hiked; import duty on luxury cars increased to 100% from 75% 

2. Cigarettes and SUVs to be costlier; excise duty on SUV's increased from 27% to 30% 

3. 1 per cent TDS on sale of immovable property, which is not applicable to agricultural land 

4. In 2011-12, tax-GDP ratio was 5.5 per cent for direct taxes and 4.6 per cent for indirect taxes.

5. 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gangrape incident.

6. All AC restaurants will have to pay service tax whether or not they serve alcohol.

7. Gold duty free limit raised to Rs 50,000 for men and to Rs 1 lakh for women travellers.

8. No changes in Income Tax rates or slabs, Rs 2000 credit for those earning up to Rs 5 lakh per annum.

9. 10 per cent surcharge on those earning above Rs 1 crore.

10. Non plan expenditure pegged at Rs 11,09,975 crore for 2013-14

11. FY14 fiscal deficit seen at 4.8% vs 5.2% in FY13

12. Revenue deficit at 3.9% for FY13

13. Fiscal deficit for FY 13 at 5.2%.

14. PSU banks to have ATMs at all their branches by March 31, 2014.