Union budget highlights 2010

Union budget 2010 highlights & India budget 2010 highlights: This is going to be death knell for poor. Pranab Mukherjee seems to have failed the poor people of the country. The new budget that is more on promises than anything else is going to be better for the people whole live in the shining India.

But for the poor who make ninety five percent of the billion plus population the budget has dashed hopes for any change in their fortune.

By not raising the minimum tax slab the finance minister has told the people in clearest terms that he and his government don’t give a damn to these people.

During the last more than five years of continued rule of the United Progressive Alliance (UPA) government in New Delhi, inflation has gone through the roof. The price of everything have multiplied from anywhere between four to six times.

When this government first came to power the sugar was being sold for rupees 17, now the sugar is being sold for at least 45-50 rupee per kilo.

Pulses that were being sold for rupees thirty to thirty five are now available in the market for no less than ninety to hundred rupees. Edible oil, petrol, flour and everything that a poor man uses in a daily life have become so much expensive that he thinks twice before buying even essentials.

This has broken the back of the general people.

So the poor thought that with inflation so high and food grains inflation still higher they would be given a break from paying the taxes or at least the burden will be reduced, but here there is no promise for him.

Yes the government has reduced tax for higher slab.

This will further push the poor to poverty and will force him to withdraw his kids from schools. Kids are going to be more malnourished and parents will be forced to take their kids out of schools.

• To waive excise duty on solar panels
• Opposition walks out of Parliament over petrol price hike
• Petrol prices to go up
• Fresh services to be brought under service tax
• Service tax to GDP ratio 1%
• Service tax to result in net revenue gain of Rs 3000 cr
• Customs duty on silver at Rs 1500/kg
• Custom duty on gold to be reduced
• Mobile phones to be cheaper
• No capital gains tax on conversion of a business entity into Limited Liability Partnership
• To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
• 5% customs duty on crude petroleum back
• Peak customs duty unchanged at 10%
• FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
• Revenue loss of Rs 26,000 crore on direct tax proposals
• Stimulus-led excise duty rollback partially reversed
• FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
• One-time interim relief to housing and real estate sector
• Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
• Uproar in Parliament over petrol price rise
• To levy excise duty of Re 1/litre on petrol
• New tax rates would offer relief to 60 per cent of tax-payers
• CET on petroproducts hiked by Re 1
• Uniform Direct tax receipts to fall by Rs 56,000 cr
• Standard excise rate up from 8 to 10%
• Large cars, SUVs excise up to 22% from 20%
• Sops for real estate, housing projects extended by a year
• Partial roll back the rate reduction in central excise
• Direct tax scheme to result in revenue loss of Rs 26,000 cr
• Compliance burden reduced on professionals and entrepreneurs
• Corporate tax surcharge down from 10 to 7.5%
• New income tax slabs will bring relief to the middle class
• Rs 20,000 additional tax break for infra bonds
• Minimum Alternate Tax hiked to 18%
• R&D allocation increased 200%
• To unveil new Saral 2 form for salaried individuals in two pages
• Deduction of additional 10% for investment on infrastructure bonds
• Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
• 5-8 lakh- 20% above 8 lakh- 30%
• Tax paying interface to be de-cluttered
• States to be offered assistance to computerise commercial taxes
• Greater transparency in tax administration targeted
• Centralized Tax Centre at Bengaluru fully functional
• Fiscal deficit at 5.5% for FY'11
• Rolling target for fiscal deficit 4.2%
• Gross tax receipts at Rs 7.46 lakh cr
• New symbol for Indian Rupee
• Tech advisor group under Nandan Nilekani
• Allocation for development of micro and small scale sector raised from Rs 1,794 cr to Rs 2,400 cr
• Rs 2,600 cr for Minority Affairs Ministry
• To create 50 cr skilled workers by 2022
• Rs 1,900 cr to UID authority allocated
• First set of UID to be issued by this year
• Rs 19,484 cr allocated for road development, to build 20 km of highway every day
• Subsidy for affordable housing extended
• Skill development programme for textile and garment sector
• Pvt sector to meet deficit in grain storage
• 50% increase in women & child development allocation
• Development of rural infra remains high priority area
• Power sector allocation doubled to Rs 5130 cr
• Rs 400 cr corpus for micro-finance scheme
• National pension scheme allocation increased
• States to get Rs 3,675 crore for primary education at rural level
• Rs 400 cr corpus for micro-finance scheme
• NREGA allocation to Rs 40,100 crore
• National Social Security fund to be set up for unorganized sector
• Urban Development allocation to be raised by 75 per cent
• 20,000 mw of solar power by 2022
• Rural development allocation to Rs 61,000 cr
• Indira Awaas Yojana allocation raised in proportion to plain and hill area housing
• Development of rural infra remains high priority area
• Social sector spending at Rs 1.38 lakh cr for FY11
• Rs 500 cr for Clean Ganga Mission
• Rs 66, 100 cr for rural development in FY10-11
• Allocation for school education up from Rs 26, 800 crore to Rs 31, 036 cr
• Rs 22, 300 crore allocated for Health Ministry
• Coal regulatory authority proposed
• Rs 300 cr for Rashtriya Krishi Vikas Yojana
• Bank farm loan target: Rs 3.75 lakh crore
• Rs 200 cr To Tamil Nadu for textiles
• Need to take firm view on opening up of the retail sector
• National clean Energy Fund to be set up
• Rs 200 crore to Goa as a special golden jubilee package to restore beaches and increase green cover
• To provide 2% loan subsidy to farmers
• Extend loan payment by calamity hit farmers
• Rs 400cr for four-part strategy for agriculture
• 2% interest subvention for exports extended
• Additional banking licenses for pvt players
• 4 pronged strategy for agriculture
• Rs 16,500 cr capital support for PSU banks
• Will consider Parikh report on fuel pricing
• Goods and services tax to be introduced in 2011
• Fertiliser subsidy to be reduced
• GDP growth for FY'10 is seen at 7.2 pc
• Rs 25,000 cr disinvestment target this year
• India weathered economic crisis well
• Direct tax code to be implemented from April 1, 2011
• Gradual phasing out of economic stimulus
• Pvt investment can sustain 9 pc growth
• First challenge: Return to GDP growth
• Manufacturing growth highest in the past 2 years
• Indian economy is in a far better position today
• FM is expected to simplify tax laws in 2010
• Biggest challenge is to make the growth all inclusive
• Need to strengthen food security
• Pranab: Indian economy has stood through the test of time
• Economic growth slows down to 6 pc in Q3
• Finance Minister presents Budget 2010
• Pranab Mukherjee presents his 5th Union Budget
• Finance Minister Pranab Mukherjee reaches Parliament
• Inflation is forecast to reach 10 percent in coming weeks
• Government borrowing was forecast to rise by another 2.2 percent
• Economists forecast India may cut its fiscal deposit to 5.6% of GDP

Consumers to pay more for petrol, diesel, cars, cigarettes

Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government today announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.

On the other hand, mobile accessories, medical equipment energy efficient CFL lamps, set top boxes, compact disc, toys and books will be cheaper on account of some tax concessions offered on these items by Finance Minister Pranab Mukherjee in the Union Budget for 2010-11.

"Symptoms of economic recovery are widespread and more clear now," he said.

Before announcing the tax measures, Mukherjee substantially cut income tax rates along with other direct tax concessions that would result in a net loss of Rs 26,000 crore to the exchequer.

How to start buying direct from manufacturers and suppliers?

At GetaWholesaler.com, we have created a database of over 5000 wholesale suppliers and manufacturers from worldwide. These suppliers can offer you unbeatable wholesale prices on the most popular goods. In the market today, it is impossible to operate a business that does not import wholesale goods from international countries. Whether you intend to run a full time lucrative business or generate a healthy second income, GetaWholesaler.com has already done the research for you.

How To Import Goods From China:Chinese Suppliers

Dear Importing from China Entrepreneur,

We are living in challenging times. Thousands of jobs are being shed daily as companies consolidate operations. Manufacturing, and now service jobs are being off shored. It has come to a point where you don't know if you'll have your job next month-- a tenuous situation, indeed!

These sign-of-the-times are causing many people to go into business for themselves, for the sake of security and peace of mind. After all, why wait for the inevitable? It's better to invest in your education, hire yourself, and make yourself rich, not some other fellow.

And since you found this site, you know that starting your own importing business can be your ticket to this dream.

In the early days of commerce, the most common way to make money was to sell something for more than you acquired it. The Old World merchants would buy spice from farmers for pennies on the ounce; repackage it, and sell it to consumers across the oceans at a marked-up price. These early entrepreneurs understood the concept of mark-up and scaling to realize astronomical profits.

You can engage in this ancient strategy of buying low and selling high, and make yourself a modern-day wealthy merchant, able to buy the finer things in life like this brand-new Mercedes Benz Mclaren:

Read More>>>Click Here

Export sops may remain, excise benefit may go

Dinesh Thakkar, Chairman and Managing Director, Angel Broking talks to Rex Cano on expectations from the Union Budget 2010-11.

What are you expectations from the Union Budget from the stock markets perspective?

From the stock market perspective, I do not expect any tinkering with the securities transaction tax and the short-term and/or long-term capital gains tax rate in the Budget. However, I expect the FM to lay out a roadmap for the timely control of the fiscal deficit situation in the country. I do not expect any significant announcements pertaining to the progress of the Direct Tax Code unveiled last year nor on the implementation of GST, which will seemingly be postponed to 2011. Export sops announced in the face of the global turmoil last year could continue as the exports market has yet to rebound in a substantial and sustainable manner. Further, there could be some additional focus towards agriculture on account of the huge drought the country witnessed this monsoon season. Apart from this, I expect the focus on healthcare, education and infrastructure to continue unabated.

Do you expect any stimulus withdrawal happening in the Budget?

Considering that the Indian economy is back on a reasonable growth path, some withdrawal of the stimulus provided earlier may be withdrawn in terms of a partial rollback of the excise duty (a hike by 2%). However, considering that demand has been robust in the past under much higher excise duty rates, I do not expect this rollback to dent demand. Restoration of the service tax to 12% from the current 10% may also be on the cards.

You have already mentioned that there could be partial rollback of the excise duty, which will impact the auto sector. How about other sectors such as financials, infrastructure and IT in particular?

As far as the banking sector is concerned, we expect the government to announce capital infusion in PSU banks. However, overall the Budget is expected to be negative on account of concerns related to fiscal deficit.

Then there could be some increase in allocation for inevitable areas like irrigation, roads etc as well as tinkering with matters that would ease the process of accessing capital for the infra sector.

The IT-BPO sector is expecting extension of fiscal benefits under the STPI (10A/10B) scheme by three-five years in order to boost investments in Tier-II and Tier-III cities as these places are unable to avail benefits of SEZ.

Do you expect the government announcing any special measures to tackle the inflation?

I do not expect any significant specific measures in terms of changes in import and/or export duties by the government to tackle inflation. However, control over fiscal deficit will indirectly help in controlling inflation. Further, continued focus on agriculture will help in tackling the long-term supply side issues, which play an important role in determining inflation trends.

Which way will the markets react post Budget?

While much of the adverse Budget expectations seem to have been priced in at the current juncture, if the FM delivers otherwise, it could provide a short-term boost to the markets. As far as the long-term India story is concerned, the Indian demographics and the expected growth in Indian corporate earnings have already destined the future course for our markets.

Sources: smartinvestor

JNPT Sea Port India: The major imported/exported products list

JNPT Port is also known as Jawaharlal Nehru Port trust. The seaport which is named after the India's first Prime Minister, Pt. Jawaharlal Nehru, is the largest export import trading port in India. The JNPT port also known as Nhava Sheva, is handling close to 50% of the India's port traffic.



The major exported products at JNPT seaport are

- Knitted t-shirts'
- Sporting products
- Cotton shirts
- Carpets and other home textile.
- Embroidery equipments
- Frozen meat
- Medicaments etc.



The major imported products at JNPT seaport are

- Chemicals
- Machinery
- Plastics
- Vegetable oils
- Electrical equipments
- Aluminum
- Non-ferrous metals etc.



It has access to neighboring Mumbai and to the surroundings of Maharashtra, Madhya Pradesh, Gujarat, Karnataka and most of North India.

The seaport was built to mitigate pressure of the port of Mumbai in (Bombay) proper and has three terminals:

- JNPCT
- NSICT
- GTI (Gateway Terminal of India)

NSICT is India's first privately run container terminal. It is operated by Dubai Ports World. Currently it is handling under a Build-Operate-Transfer agreement set up with the Jawaharlal Nehru Port Trust (JNPT) of the Government of India.

The JNPT port is dedicated to meeting the requirements and expectations of its clients through:

- Equipping itself with state-of-the-art technology, equipment and well-organized, proficient and computer integrated terminal operation systems.

- Compliance to global standards and offering services at economic rates.

- Ensuring safety and security of life, equipment and cargo.

- Perceiving the guidelines of sustainable growth.

- Courteousness to patrons

- Continuously improving the proficiency, responsiveness, skills and enthusiasm of the Port personnel to bring about unremitting development in the physical effectiveness parameters.

Indian PC market: Export sales touch 19.7 lakh

The overall India PC market shipment sales touched 19.7 lakh units in the October-December 2009 quarter, recording a 25.7 per cent year-on-year growth pointing to a strengthening recovery, according to market researcher IDC.



Desktop PC sales accounted for nearly two-third of total sales at 12.7 lakh units, representing a 14.6 per cent increase on year-on-year basis, it said in a statement.

However, on quarter-on-quarter basis (over July-September 2009) there was a decline of 12.8 per cent in sales (shipments) due to "seasonality factor".

The Notebook PC sales grew at 52.8 per cent year-on-year clocking 6.9 lakh units in Oct-Dec 2009.

The desktop PCs recorded sales of 12.91 lakh units, representing a year-on-year growth of 14.6 per cent.

Total India personal computer shipments have grown for the last four consecutive quarters of 2009 after dropping sharply from a peak of 22.

Source: ptinews

India's gem, jewellery exports gain 62% in January 2010

Exports of gems and jewelry from India, the world's largest supplier, advanced 62 percent in January to US$2.6 billion, an industry group said.

Shipments rose from US$1.6 billion in the same period a year earlier, according to preliminary data published by the Gem & Jewellery Export Promotion Council on its Web site.

Exports in the April-Jan. period climbed to US$22.5 billion, up 7.4 percent from US$21 billion a year earlier.

Source: chinapost

Indian Jewellery Exporters Sample List

Export Import Shipment Data of India, China, USA, UK

Get the Latest Buyers Suppliers Shipment Records from different ports of India is now available on www.cybex.in. 5.40 Crore online Import Export shipment data available for downloading from Jan 2008 onwards. Grab Daily Exporters Importers Shipment Data Online, In Excel Format with Approx 5.40 Crore Customs Records with Key People contact name, address, FOB value, shipping ports, Contact Numbers, Email Etc. It’s 99.999% Genuine Data of buyer’s suppliers. For sample data visit http://www.cybex.in/Demo-Search

With the help of Daily Buyers Suppliers Shipment Records you can keep track on Export Import Trade of your commodity. Exim Data also helps you in Maximizing your Drawback Rates, Saving Custom Duty, Finding what is being imported or exported, and at what rates

Cybex Exim Provides customs shipment data from all Indian sea ports, air ports & icds:

Callcutta Sea (Haldia)

Kolkata Air

JNPT – Nhavasheva

Bombay Sea (BPT)

Mumbai Air (Sahar Air)

Mulund CFS

Goa (Marmagoa)

Kandla

Mundra

Ahmedabad ICD (Sabarmati)

Ahmedabad Air

Jaipur ICD

Delhi TKD ICD (Tuglakabad)

Delhi PPG ICD (Patparganj)

Delhi Airport (IGI)

Ludhiana ICD

Hyderabad ICD

Hyderabad Air

Madras Sea

Chennai Air

Cochin Sea

Kochi Air

Mangalore

Bangalore ICD

Bangalore Air

View Export Import Sample Shipment Data Country wise

*India Import Data Sample

*India Export Data Sample

*China Import Data Sample

*China Export Data Sample

*UK Import Data Sample

*USA Import Data Sample

*Export Import Data India – Portwise

For Cybex Exim Subscription Plans

Online Plan - India Trade Data

Description	Trial	Basic	Standard	Premium	Corporate	Freedom
Records	400	2000	4000	10000	20000
Validity	1 Week	3 Month	1 Year	1 Year	1 Year	1 Year
Data Access	All	All	All	All	All	All
Cost INR	Rs. 400	Rs. 2000	Rs. 3500	Rs. 7500	Rs. 12000
Cost USD	$10	$50	$90	$190	$300

Online Data is available as per customs notification no. 128/2004

Please Visit http://www.cybex.in/Subscription-Plans.aspx

Export Strategy For Exporters

The importance of securing and protecting intellectual property (IP) rights often only becomes apparent for Malaysian exporters when it is too late, i.e. when faced with an infringer or when an infringement suit has been filed against them. Such problems usually arise because of the lack of awareness of the value and importance of IP rights and the role they play in modern day commerce. When planning their export strategy, many exporters either omit the step of protecting their IP rights abroad or list it as the last step in their strategy.

This article intends to raise awareness among Malaysian exporters on the methods and importance of securing their IP rights abroad, how to ensure exporters' products do not infringe the IP rights of third parties and how exporters can even gain additional revenue streams by exporting their IP without the accompanying product.

DO NOT UNDERESTIMATE THE IP RIGHTS IN YOUR PRODUCT

IP subsists in almost every aspect of a product. There is IP in the packaging of the product, in the know-how and technology behind the design and manufacture of the product and in the labels and booklets accompanying the product. If these IP rights subsisting in the product and the trade name are not protected, unnecessary costs and risks could threaten the company's survival or the sales of the product in the overseas market.

TIMELY ACTION REQUIRED

If the product is successful abroad, it is likely that another party would manufacture a similar or identical one and try to make a profit. Or if the exporter advertises extensively abroad and their trade name becomes well known among the locals, another party may attach the exact or similar name onto their products, thus taking an unfair ride on the reputation of the trade name. Without IP protection, it would be time-consuming and more costly to stop these offending acts, if at all possible. In some cases, it may be too late. For instance, when an invention is exhibited or sold abroad prior to any application for patent rights in that country, the early disclosure results in loss of novelty, one of the criteria for patentability of an invention. This would render the invention non-patentable and the exporter would have lost 20 years of potential monopoly on that invention. Exporters should adopt the golden rule in IP - apply for IP rights before the product is introduced into the market and NOT when the product is successful and infringers have appeared.

To avoid the possibility of infringing the rights of other parties abroad, exporters can conduct a search on the database of registered trademarks, patents and industrial designs in the country they intend to export their products to. A search for trademarks, industrial designs and patents will reveal whether a similar brand name, industrial design or invention exists. As IP rights are strictly territorial, a search should be done in the national IP office or the regional IP office, if the country has one. The search report from the IP office assists in determining the availability and registrability of a trademark and industrial design and the patentability of a product.

If there is a similar trademark, the exporter can change his mark and then distribute his products to the overseas market. For patents, if there is a similar granted patent or industrial design registered, the exporter should consider exporting his product to other countries where a similar patent or industrial design did not exist. Alternatively where possible it should innovate upon its product further to enable it to be patentable or design registrable. Exporters should seek the professional advice of patent agents in this respect, as the issues concerning the patentability of innovated products are quite complex.

ISSUES TO CONSIDER WHEN CREATING A TRADEMARK

In the case of trademarks, care should be taken in choosing a name that is suitable in relation to the country the products are being exported to. What may be a meaningless word in Malaysia may be an offensive word abroad. Or the word may be unpronounceable to the people of that country.

Also worth considering is whether you should register your trademark in its translated version, i.e. in the local language as a preemptive measure against the infringement of your trademark. A good example would be one global giant in the beverage industry registering "ke kou ke le", the Chinese version of their famous trademark in China, while Nestlé has a Chinese version of the "KIT KAT" mark.

Starbucks could have avoided unnecessary legal expenditure had they registered the Chinese version of their world famous trademark. Their mark was infringed in China by a local coffee chain, which was using the mark "XINGBAKE". The word "XING" means "star" in Chinese and the word "BAKE" sounds like "Buck". Fortunately for Starbucks, the Chinese courts ruled in their favour at the end of the two year legal battle.

Exporters need to carry out appropriate research before creating a mark for the overseas market. A mark which is not descriptive of the products it applies to in one country may be descriptive in another country. Whether a mark is descriptive depends on how the term is understood by the traders in the same course of business or consumers of the specified products. A recent case in Spain is an apt example of this. There, the mark 'MATRATZEN' was allowed registration for mattresses and related products despite the fact that the word 'Matratzen' means mattresses in German and was not allowed registration in Germany.

PROTECTION OF COPYRIGHTS

There is an almost global protection for copyright work. In most countries, including Malaysia, registration is typically not required and copyright subsists in the work in its expressed form. Ultimately, copyright protection depends on national law. Before publishing a work abroad, one should investigate the scope of protection available, as well as the specific legal requirements for copyright protection in countries in which protection is desired.

IP RIGHTS IN LICENSING, FRANCHISING & JOINT VENTURES

Securing IP rights abroad enables the owner to generate more income from the IP. This is done through the execution of licensing, franchising and joint venture agreements, which gives rise to the owner authorizing a third party to either use their registered trademark/service marks or allow them to manufacture and distribute their products for a royalty fee. As a result, companies earn additional profit while retaining ownership over their inventions, innovative designs, creative works or trademarks. Owning IP rights also gives greater leverage and bargaining power to companies in negotiating deals with other companies or individuals.

OWNERSHIP OF THE IP RIGHTS

Another important aspect of securing IP rights overseas is the issue of ownership of IP rights in a country, which is often overlooked. The importer, distributor, joint venture partner or franchisee often registers the IP rights under their own name as though they own the IP rights. Care should be taken in all agreements with foreign parties to ensure all IP rights subsisting in the product and any improvements/innovation in the product belongs to the Malaysian owner. Exporters need to ensure that their IP rights are not 'hijacked' by their foreign distributor, franchisee or joint venture partner. The Author is personally aware of a case whereby one of the Malaysian distributors of an Indonesian manufacturing company had applied to register the manufacturer's mark in Malaysia despite the fact that ownership in the mark belonged to the Indonesian manufacturer.

ENFORCEMENT OF IP RIGHTS

Mere attainment of IP rights in a foreign company alone is not sufficient. Third parties may often adopt the IP rights without the consent of the owner. Therefore Malaysian exporters need to put in place appropriate measures or extract obligations from their distributors to ensure that there is close surveillance on any infringement or misappropriation of IP rights in the market place. Bear in mind, mere registration of trademarks, industrial designs or patents is not an end in itself. The foreign government is not obliged on its own to monitor any infringing acts; it provides the legal framework under which offending parties can be sued or prosecuted. It is ultimately the responsibility of the IP rights owner to keep surveillance in the market and take the necessary action in a firmly manner.

Prompt action taken when the offending acts are first committed leads to favourable results, often with little costs. Delayed action can be detrimental to the owner of the IP rights as the offender may then find it worthwhile to challenge the validity of the IP rights.

ESSENTIAL STEP IN EXPORT PLAN

The recognition of IP rights subsisting in a product and planned efforts to secure valid IP rights in foreign countries are necessary to obtain enforceable rights. The selection of countries and identification of IP rights to secure must be an integral part of a company's production, marketing and distribution strategies. It should not be an afterthought or last ditch marketing effort. Unfortunately, the laws of all countries do not give the advantage of testing the market before applying for IP rights, so instead, the application of IP rights has to be done at the beginning of the export strategy or even earlier.

Note: The trademarks identified in the article belong to their respective owners. The Author does not claim any proprietary right whatsoever; they are used merely for educational purposes.

Kandiah P, Managing Director of KASS International, has been practicing in the area of Intellectual Property Law since 1987. He has been identified as one of the most highly-acclaimed legal experts in the Intellectual Property field in the Asia-Pacific region by the Asialaw Leading Lawyers survey (2007-2009).