Budget 2013 Highlights:
No service tax on vocational courses run by institutesaffiliated to state governments
Service tax on all air conditioned restaurants regardless ofwhether or not they serve alcohol
No service tax on agricultural testing procedures
Rs.9,000 crore allocated for compensating state fordifferential in central sales tax and GST
Import duty on high-end vehicles raised from 75 percent to100 percent
Concessions for encouraging MRO (maintenance repairoverhaul) sector
Excise duty on cigarettes to be increased 18 percent
No change in customs duty on non-agricultural products
No change in service tax of 12 percent
Modified law to prevent tax avoidance to come into effectApril 1, 2016
100 percent tax deduction for contributions to NationalChildren's Fund
Education cess to continue at 3 percent
11 lakh people have benefited from direct cash transfers;scheme to be rolled out across the country during UPA-2 term (May 2014)
Property transactions skewered; TDS of one percent wheretransaction exceeds Rs.50 lakh
Tax on mutual fund redemptions reduced from .25 percent to.001 percent
No revision of personal income tax slabs; relief in firstbracket through tax credit of Rs.2,000 for earnings up to Rs.5 lakh
Ten percent surcharge on income exceeding Rs.1 crore a year;only 42,800 people have declared such income
Tax Administrative Reforms Commission to be set up
Collective responsibility to ensure dignity and safety ofwomen; recent incidents have cast a dark shadow; stand in solidarity with ourgirl children and women; will keep them safe and secure
Rs.1,000 crore allocated for establishing Nirbhaya Fund
Defence allocated Rs.2 lakh 3,672 crore
Cities to be encouraged to promote waste to energy projects
Low interest funds to be provided for promoting clean energy
Rs.800 crore provided to promoting wind energy
Two new ports to be set up in West Bengal and Andhra Pradeshto add 100 million tonnes handling capacity
Gas handling terminal at Dabhol in Maharashtra to be fullyoperational during 2013-14
State governments urged to sign restructuring plans withelectricity discoms
Tax-free infrastructure bonds of Rs.50,000 crore to beissued
Textile ministry allocated Rs.50 crore for establishingapparel parks
Handloom sector allocated Rs.96 crore to benefit 150,000weavers
Infrastructure debt funds to be encouraged
Regulator to be appointed for road projects; 3,000 km ofroad projects to be awarded in first six months of 2013-14
Incentive allowance of 15 percent over and above permitteddepreciation to those investing over Rs.100 crore in infrastructure projects
Rajiv Gandhi Equity Scheme to be liberalised
Seven new cities identified along Delhi-Mumbai IndustrialCorridor
Preliminary work begun on Bangalore-Mumbai Industrialcorridor
Foodgrain production during 2013-13 estimated at 250 milliontonnes
Rs.500 crore allocated for promoting crop diversification
Rs.200 crore allocated for promoting nutrient-rich crops
Rs.50 crore allocated for farmer-producer organisations
National Livestock Mission to be launched with allocation ofRs.307 crore
Hope parliament will pass food security bill; Rs.10,000crore allocated for initial expenditure on implementation
Human resource development ministry to get Rs.65,867 crore
Rs.13,250 crore allocated for midday meals scheme
Rs.17,700 crore allocated for Integrated Child DevelopmentScheme
Drinking water and sanitation ministry allocated Rs.15,260crore
Allocation of rural development ministry allocation raisedby 46 percent to Rs.80,294 crore; Rs.33,000 crore for rural jobs scheme
Budget expenditure for 2013-14 at Rs.16 lakh 65,297 crore;plan expenditure at Rs.5 lakh 55,224 crore
Rs.41,000 crore for Scheduled Caste plan
Rs.97,000 crore for women's development
Rs.110 crore for department of disabilities
Rs.37,330 crore for health ministry
Average growth during UPA-1 was 8 percent; high growth not anovelty
Current account deficit a worry because of high oil and goldimports
Will need $75 billion to finance current account deficit
Need to encourage FDI in consonance with economic priorities
WPI inflation down to 7 percent; food inflation worrying.