Scribd
Upload
4 views4 pages

2012-13 Union Budget Overview

The budget report for 2012-13 submitted by Subin Raj V.R. contains the following key points: 1. The education sector was allocated Rs. 61,427 crore, and service tax was exempted for school education. 2. Income tax rates were unchanged or reduced for most individuals, while luxury and air travel taxes were increased. Service tax was raised to 12%. 3. Agricultural sector allocation increased by 18%, but economists felt existing policies were continued without radical steps to boost crop production. 4. Defense budget was cut for the first time in recent memory.

Uploaded by

Subin Raj
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
4 views4 pages

2012-13 Union Budget Overview

The budget report for 2012-13 submitted by Subin Raj V.R. contains the following key points: 1. The education sector was allocated Rs. 61,427 crore, and service tax was exempted for school education. 2. Income tax rates were unchanged or reduced for most individuals, while luxury and air travel taxes were increased. Service tax was raised to 12%. 3. Agricultural sector allocation increased by 18%, but economists felt existing policies were continued without radical steps to boost crop production. 4. Defense budget was cut for the first time in recent memory.

Uploaded by

Subin Raj
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1

Budget Report 2012-13

Submitted by: Subin Raj V.R

CONTENTS

Education sector

3 3 4 4

Tax. Agricultural sector.... Defense Automobile Telecom.. Health Service..

Pranab Mukherjee, finance minister, presented the Union Budget for the year 2012-13 on Friday.

Education sector

Budget seems positive for education. Good amounts allocated to higher education and school education exempted from service tax. Government will spend Rs 61427 crore on education.

Tax
Zero income tax on income upto 2 lakh. Income between 2 to 5 lakh to be taxed 10% Income between 5 to 10 lakh to be taxed 20% Income above 10 lakh to be taxed 30% Luxury item, air travel became more expensive. Service Tax rate hiked to 12% from 10% Prices of Solar power lamps, LED bulbs are goes down odised salt, match-boxes, soya products to become cheaper Excise duty brought down to 6 % on all processed food. Customs duty on import of aircraft parts, tyres and testing equipment is fully exempted now. Rs 242 crore project with World Bank assistance to improve dairy production.

Agricultural sector

Pranab Mukherjee has been able to appease the farming community through the slew of announcements on agriculture that he had made in the Union Budget 2012 -13.

The budget allocation to agriculture has gone up by 18%. Economists and corporate do not see much in the budget for agriculture as they feel that most of the policies were already in place and there has been no radical step in the budget to increase the crop production significantly.

Defense sector cutting the defence budget for this year. It is the first time in recent memory that the government is cutting the
defence budget.

You might also like