General Budget 2010-11

 

· The Finance Minister Shri Pranab Mukherjee Lays Emphasis On Consolidated Growth, Improving Investment Environment, Inclusive Development And Strengthening  Transparency And Public Accountability In Budget 2010-11.

· The Total Expenditure Proposed In The Budget Estimates Is Rs.11,08,749 Crore, An Increase Of 8.6 Per Cent Over Last Year.

· The Plan And Non-Plan Expenditure Estimated At Rs.3,73,092 Crore And Rs.7,35,657 Crore Respectively, An Increase Of 15 Percent In Plan Expenditure And 6 Per Cent In Non-Plan Expenditure Over The Be Of Previous Year.

· Fiscal Deficit At  5.5 Per Cent Of Gdp Works Out To Be Rs. 3,81,408 Crore.

· Rolling Targets For Fiscal Deficit Pegged At 4.8 Per Cent And 4.1 Per Cent For 2011-12 And 2012-13.

· Net Market Borrowing Would Be Of The Order Of Rs. 3,45,010 Crore Leaving Enough Space To Meet Credit  Needs Of Private Sector.

· Against A Fiscal Deficit Of 7.8 Per Cent In 2008-09, Inclusive Of Oil And Fertilizer Bonds, The Comparable Fiscal Deficit Is 6.9 Per Cent As Per Re 2009-10.

· Gross Tax Receipts Estimated At Rs.7,46,651 Crore And Non-Tax Receipt Estimated At Rs. 1,48,118  Crore.

· Status Paper Giving Road Map For Curtailing  The Overall Public Debt To Be Brought Out Within 6 Months.

· About Rs. 25,000 Crores To Be Raised Through Disinvestmet Programme

· To Simplify The Fdi Regime, For The First Time Both Ownership & Control Recognised As Central To The Fdi Policy.

· Rs. 16,500 Crore To Be Provided To Public Sector Banks To Achieve A Minimum 8 Per Cent Tier-I.

· Growth Of 127 Per Cent Recorded In Exports From Sezs Till December, 2009.

· A Four-Pronged Strategy To Spur The Growth In Agriculture Sector Envisaged. Which Includes Agricultural Production, Reduction In Wastage Of Produce  Credit Support  To Farmers And Thrust To The Food Processing Sector.

· Agriculture Credit Flow Target Raised To Rs. 3,75,000 Crore  From  Rs.3,25,000 Crore

· Subvention For Timely Repayment Of Crop Loan Increased From 1 Per Cent To 2 Per Cent.

· Infrastructure Development  Gets An Allocation Of Rs. 1,73,552 Crore, 46  Per Cent Of Total Plan Allocation, An Increase Of 13 Per Cent  In Road  Transport Sector.

· India Infrastructure Finance Company Limited's Disbursements To Reach Rs. 20,000 Crore By March 2011.

· Allocation For Power Sector Increased  By More Than Doubled To Rs. 5,130 Crore.

· New Tax Incentives Announced For Infrastructure Sector.

· National Clear Energy Fund For Funding Research And Innovative Projects In Clean Energy Technologies To Be Set Up.

· Spending On Social Sector To Account For 37 Per Cent Of Total Plan Outlay At Rs.1,37,674 Crore

· Allocation For Rural Development Enhanced To Rs.66,100  Crores. Allocation For Nrega Stepped Up To 40,100 Crore.

· Rs. 48,000 Crore Allocated For Bharat Nirman  Programme

· Backward Region Grant Fund  Allocation Enhanced To Rs. 7,300 Crore.

· Rajiv Awas Yojna For Slum Dwellers And Urban Poor To Get Rs. 1,270 Crore , An Increase Of Over 700 Per Cent

· National Social Security Fund For Unorganised Sector Workers To Be Set Up With An Initial Amount Of Rs. 1,000 Crore.

· Mahila Kisan Sashaktikaran Pariyojna With A Provision Of Rs.100 Crore Launched

· 80 Per Cent Increase In The Allocation  For Ministry Of Social Justice & Empowerment  At Rs 4,500 Crore.

· Minority Affairs To Get  Rs.2,600 Crore, An Increase Of 50 Per Cent. 

· To Rewrite And Clean Up The Financial Sector Laws, Financial Sector Legislative Reforms Commission To Be Set Up.

· Unique Identification Authority Of India To Get An Allocation Of Rs. 1,900 Crore. A Technology Advisory Group For Unique Proect To Be Set Up.

· Allocation  For Defence Increased To  Rs.1,47,344 Crore.

· National Mission For Delivery Of Justice And Legal Regorms To Be Set Up To Provide Timely Justice To All.

· Income Tax Slabs Broadened  -  10 Per Cent On Income Above  Rs 1.6 Lakh To 5.00 Lakh, 20 Per Cent   On Income Above 5.Oo Lakh  To 8.00 Lakh , 30 Per Cent On Above Rs. 8.00 Lakh.

· Additional Deduction Of Rs. 20,000 For Investment In Infrastructure Bonds.

· Surcharge Of 10 Per Cent On Domestic Companies Reduced To 7.5 Per Cent.

· Mat Increased From 15 Per Cent To 18 Per Cent.

· Wighted Deduction Non Expenditure Incurred On In-House  R&D From 150 Per Cent To 200 Per Cent.

· Limit Of Turnover For Presumptive Taxation Of Small Business Enhanced To Rs. 60 Lakh.

· Limits Of Turnover Needing Audit Enhanced To 60 Lakh For Businesses And Rs. 15 Lakh For Professions.

· Proposal Of Direct Tax To Result In Revenue Loss Of Rs. 26,000 Crore Where As Indirect Taxes  To Result  In A Revenue Gain Of Rs. 46,500 Crore.

· Service Tax Proposals To Result In Net Revenue Gain Of Rs.3,000 Crore.

· Accredited News Agencies Which Provides News Feed Online Exempted From Service Tax.

· Saral -II For Individual salary Taxpayers Ready For Notification.

· Service Tax Retained At 10 Per Cent.

· Certain New Services To Be Brought Within Service Tax Purview.

· Micro-Wave Ovens, Pre-Packaged Imported Goods,  Mobile Phones, Watches, Readymade Garments, Toy Baloons, Long Pepper, Replaceable Household Water Filter To Be Cheaper.

· Infotainmet Sector To Benefit From Concessional Custom Duty.

· Indian Rupee To Get A Symbol, Join The Select Club Of Currencies.

· Special Duty Concessions To Promote Clean Environment Clean Energy Cess @ Rs. 50 Per Tonne On Coal.

· Rate Reduction In Central Excise Duties Partially Rolled Back Ad Valorem On Non Petro Products & Cars Increased By 2 Per Cent.

· Uniform Basic Duty Of 5 Per Cent And Cvd Of 4 Per Cent On Import Of Medical Equipmnet.

· Scientified Inputs For Orthopaedic Implants Exempted From Import Duty.

· Central Excise On Petrol & Diesel Raised By Rs. One Per Litre.

· Major Tax Relief To Agriculture & Related Sectors.

· Project Import Status For The Setting Up Of Cold Storages.

· Full Exemption From Excise Duty To Trailers & Semi -Trailers.

Bsc/Gg/L/38

Fiscal deficit targets paired with tax and spending measures to boost infrastructure, social programs and investment climate. Budget 2010-11 projects a phased reduction in the fiscal deficit, sets net market borrowing to preserve private sector credit, and commits a public debt curtailment roadmap. It combines increased allocations to infrastructure, power, rural and social sectors with banking capital support and a disinvestment programme. Tax policy adjustments include revised personal income slabs, reduced corporate surcharge, increased MAT, enhanced R&D deductions, higher turnover thresholds for presumptive taxation and audits, service tax changes, and targeted customs and excise concessions to incentivise investment and clean energy.