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Union budget highlights 2010

Posted on 3:44 AM by Cybex

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

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

Import Export Trade: Get Daily Indian Customs Shipment Records

Union budget highlights 2010

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