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Income tax exemption limit raised to Rs 2 lakh from Rs 1.8 lakh |
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Rs 2-5 lakh income taxed at 10% |
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Rs 5-10 lakh income at 20% |
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Income above Rs 10 lakh taxed at 30% |
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STT reduced by 20% on delivery-based transactions |
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Standard excise duty hiked from 10% to 12% |
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Service tax hiked from 10% to 12% |
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Fiscal deficit target set at 5.1% of GDP in Budget 2012-13 |
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Duty on large cars raised to 27% |
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ECBs proposed for aviation sector with a cap of $1bn |
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Direct, indirect tax reforms to miss deadline
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Rural housing scheme to be upgraded |
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Branded silver jewellery fully exempt from excise duty |
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Customs duty on gold, platinum raised to 4% from 2% |
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Duty on handrolled beedis increased |
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Diamonds emerald and ruby prices will increase |
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Ad valorem duty on some cigarettes |
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Import of aircraft parts exempt from basic customs duty |
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Basic customs duty on cigarettes reduced |
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Customs duty cut on rail equipment to 7.5% from 10% |
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To allow external commercial borrowing to part finance rupee debt in power projects |
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Proposes to remove sector-specific restriction on venture capital fund investments |
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Mobile phone parts exempted from basic customs duty |
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Automated shuttle looms exempted from customs duty |
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School education exempt from service tax |
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12% excise duty imposed on branded retail garments |
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LCD and LED panels exempted from custom duty |
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Government hikes defence spending to Rs 1,93,407 crore |
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Customs duty reduced from 7.5% to 2.5% for iron ore equipment |
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Thermal power companies exempted from customs duty for 2 years |
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5% customs duty exempted on equipment for fertiliser plants |
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Govt sees expenditure rising 29% in 2012-13 |
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LNG exempted from customs duty |
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Full exemption on customs duty on coal |
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Some infra construction services exempt from service tax |
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FY13 net market borrowing at Rs 4.8 lakh crore |
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Rs 18,660 crore will result from service tax rise |
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