|UNION BUDGET 2012-13|
The Railway Budget will be presented on February 14 and the Economic Survey, outlining the government’s assessment of the economy, will be tabled on March 15.
FACTOR OF UNION BUDGET 2012-13:-
Gift For salary Class:-Union Budget 2012-13 may bring cheer to the salaried class as the Centre is said to be mulling a restructuring of the income tax slab.
Union Finance minister Pranab Mukherjee may announce a rejig in income tax slabs and also increase the income tax exemption limit from the existing Rs 1.8 lakh to at least Rs 2 lakh.
No change in tax rates in 2012-13 Budget For Companies:-Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.
In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that healthcare services be kept outside service tax ambit, and privatization coal mines.
In Budget 2012-13 Hike in iron Ore export duty:-
The iron ore industry is unlikely to face a further hike in export duty on their produce in the upcoming Budget, according to the Steel Ministry.
However, this is unlikely to provide much relief to the miners, whose margins are already under pressure due to the latest hike in export duty on this key steel-making ingredient to 30 per cent.
AAM AADMI exceptions For Union Budget 2012-13:-
a) Relaxation in service taxes.
b) Tax reforms like implementation of GST and DTC.
c) Subsidy on Gas, Oil, Fertilizer, Food etc.
d) Subsidies in FDI norms in sectors like Retail, Media and BFSI etc.
The Central government may incentive the pharma sector to boost the higher spending in research and development and also to lower the taxes and duties on life saving drugs and active pharmaceutical ingredients (API) to offer fillip to the growth of the industry
- Ministry of Petroleum & Natural Gas has requested the Union Finance Ministry to lower the excise duty on branded diesel in the upcoming Budget due to the strong decline in the sale of the fuel.
- Union Budget 2012 is expected to witness Union Finance Minister Mr Pranab Mukherjee attempt to push the entrepreneurs for more investment by introducing major investor-friendly policies.
- Centre may unveil a series of measures in the Union Budget 2012-2013 to help the export sector and also the micro, small and medium enterprises (MSMEs) in India.
- Association of Biotechnology Led Entrepreneurs (ABLE) has demanded various fiscal and tax incentives from the Union Budget.