Union Budget 2010: Indian Budget Highlights, Economic Survey, Live Budget News

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Economy has turned around: Pranab

The government has claimed that the economy has turned around and there was no longer uncertainty, despite the deficit monsoon.

FM speaks to Prannoy Roy on Budget

RBI action expected on inflation: experts

Banks flush with surplus liquidity: Pranab

'Automakers may hike prices in April'

Export-oriented units shifting base to SEZs

No more controlled fuel pricing?

SEBI extends ambit of employees quota

Budget and its impact on your life

Iron ore prices to rise by up to 50%

It was a good Budget: Shankar Sharma

'India likely to see double digit growth'

Direct tax fetches Rs 2.78 lakh cr till Feb

RBI grants infra status to cold storages

Outlook is turning positive: ICICI Sec

FM promises revised draft of tax code

Highlights

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Petrol prices to rise by Rs 2.71/litre
To decide on pricing after assessing tax impact
Duty hike steep, evaluating impact on costs
Excise on filter cigarette below 70 mm hiked by 18%
Excise on all non-smoking tobacco hiked
Margins seen under pressure on excise duty rejig
General excise duty raised to 10% from 8%
Spending in education sector at Rs 31,600 crore
No extension of STPI beyond FY'11
Demand side push needed for all housing segments
Supply pressures likely to keep housing prices up
Measures needed to tackle supply pressures in housing
Govt needs to do lot more to revive housing sector
Budget oriented towards growth and economic revival
MAT hike to 18% may impact cos with SRA projects
Demand from salaried consumers to increase
Expect demand for mid income housing to improve
Hike in income tax limit to raise affordability
MAT rate hiked to 18% vs 15% earlier
Subvention to be upto Rs 10 lk for units upto Rs 20 lakh
Subvention would be in effect till March 30, 2011
Effective tax rates may rise to 21% from 16-19% in FY'12
Extension of subvention of 1% on housing loans
MAT to be raised to 18% vs 15% earlier
RBI mulling additional licenses to Pvt bks, NBFCs
Subsidy for timely farm loan repayment up to 2%
Farm loan repayment period extended by 6 months to Jun 30
Allocate Rs 16500 cr for PSU recapitalisation
Hike in income tax limit to raise affordability
RBI may approve more banking licenses
MAT rate hiked to 18% vs 15% earlier
Interest subsidy of 1% on housing loans upto Rs 10 lakh
To set Rs 50/tonne cess on domestic coal
Parts of wind energy rotor exempted from exicse
Concessional 5% customs duty on solar power unit
Nil CVD on tunnel boring machines for hydro power
Nil excise on cap goods sold to mega power units
30% tax on income above Rs 8 lakh
20% tax on income between Rs 5 lakh and 8 lakh
10% tax on income between Rs 1.6 lkh to Rs 5 lkh
No income tax up to an income of Rs 1.6 lakh
Weighted deduction on R&D hiked to 200% vs 150%
Auto Cos pass on excise hike to consumers
Excise on large cars, MUVs and SUV hiked by 2% to 22%
General excise rate rolled back to 10% vs 8%
Diesel price hike by Rs 2.55/litre
Partial rollback of excise on petrol products to 10%
Excise duty on petrol and diesel hiked by Rs 1/litre
Duty on petrol and diesel hiked to 7.5%
Customs duty on crude restored to 5%
April-Dec GDP growth at 6.7% vs 7.1% (YoY)
Q3 GDP growth at 6% vs 6.2% (YoY)
Diesel by Rs 2.58/lt
Q3 GDP growth at 6% vs 7.9% (QoQ)
GDP growth slowed in Q3 due to decline in farm output
Cut in surcharge would be made up by rise in MAT
Bottom line of Cos like RIL, RCom, TCS to be impacted
MAT increasse to impact the Road & Power sectors
MAT had been increased from 10% to 15% last year
Minimum Alternative Tax hiked from 15% to 18%
Certain news agencies exempted from service tax payment
Customs duty on key inputs for microwaves cut to 5%
5% Customs Duty cut on setting up of solar power plant
Excise duty on CFL products reduced to 4%
Excise duty on photovoltaic & solar panels waived
For wind power making rotors
5% service tax exemption for cold storage units
To grant project import status for Monorails
Road transportation of pulses & cereals
Govt keeps service tax levies unchanged at 10%
Custom duty hike to raise rev loss by Rs 1800 Cr
Revenue losses on auto fuels seen at Rs 20,000 c/yr
Price hike triggered by duty on petrol & diesel
Petrol price to be raised by Rs 2.67/lt: Srcs
Govt to raise retail price of petrol and diesel
Govt to spend Rs 1.16 lakh cr on subsidies
Revenue from corporate tax seen at Rs 3.01 lakh cr
Revenue from income tax seen at Rs 1.21 lakh cr
Minimum Alternative Tax raised to 18% vs 15% earlier
Partial stimulus rollback, excise duty upped by 2%
Central excise duty of Rs 1/ltr on retail petrol & diesel
GST and Direct Tax Code rollout from April 1, 2011
Disinvestment target of Rs 40,000cr for 2010-11
2009-10 budget deficit estimated 6.9% of GDP
Fiscal deficit target of 5.5% for 2011-12
IT Dept to notify with Saral 2 for individuals
Interest subsidy up to Rs 10 lk on housing loans by 1-yr
Deduction of Rs 20,000 for invst in infra bonds
30% tax on income above Rs 8 lakh
20% tax on income between Rs 5 lakh and 8 lakh
10% tax on income between Rs 1.6 lkh to Rs 5 lkh
No income tax up to an income of Rs 1.6 lakh
Duty on large cars,SUV & MUV raised to 22%
Hike in excise duty to 10% vs 8% earlier
Petrol price hike by Rs 2.67/litre:NW
Diesel price hike by Rs 2.58/Litre: NW
Govt's push for infra development to boost GDP growth
NMDC, SJVN stake sale to fetch Rs 25000 cr in FY'10
Expect govt to push for disinvestment
FM has kept the impetus on disinvestment
Fiscal expansion was not sustainable for long
Limit for tax credit increased from Rs. 40 to Rs. 60 lks
Reduction in surcharge on domestic cos from 10% to 7.5%
Commitment to rollout DTC
Lower tax burdens on individuals
To give Rs.16500 cr to PSU banks in FY'11
Govt to keep service tax unchanged at 10%
To raise duty on gold imports to Rs 300/10 grams
To raise duty on gold and silver imports
To grant project import status for HITS
To grant project import status for monorails
Excise duty on CFL halved to 4%
Imposed 4% excise duty on electric cars
To waive excise duty on photovoltaic panels
To restore 7.5% duty on petrol and diesel
To restore 5% duty on crude petroleum
Rollback in excise duty to 10%
Govt announces partial rollback in excise duty
Investment linked deduction benefit for 2-star hotels
Weighted deduction on R&D raised to 200%
To reduce current surcharge on companies to 7.5%
MAT to be raised to 18% vs 15%
10% tax on income between Rs 1.6 - 5 lakh
20% tax on income between Rs 5-8 lakh
No tax on income up to Rs 1.6 lakh
Rollout of GST needs consensus among Centre & States
To broaden current tax slabs
Borrowing plan to be decided in consultation with RBI
To bring subsidy related liability into fiscal accounting
Economy can absorb hike in excise and customs duty
Net market borrowing pegged at Rs 3.45 lakh cr
FY'12 Fiscal Deficit seen at 4.8%
Fiscal Deficit for 2010-11 at 5.5%
FM has tried to balance prices and growth
Rs 60000 cr as capex for defence sector
Allocation of Rs 1900 cr for UID project
UIDA to roll out 1st set of IDs by end of this year
Resource mobilisation not to trigger inflation
National Social Security Fund for unorganised sec
Govt to contribute Rs 1000/month for Pension Security
Rs 5400 cr allocated for urban development
FM has exercised moderation in rollback of stimulus
Rs 48000 cr allocated for Bharat Nirman
Rs 66100 cr allocated for rural development
Allocation to NREGA raised to Rs 41000 cr
To allocate Rs 22300 cr to Health Ministry
Social sector spending in FY'11 seen at Rs1.38 lakh cr
25% of plan allocation for rural infra
Govt ready with Draft Food Security Bill
To provide 1 time grant for Tirupur exports
To establish National Clean Energy Fund
Plan outlay for renewable energy raised to Rs 1000 cr
IIFCL disbursements at Rs 9000 cr by March 2010
Allocation to road infra raised to Rs 19894 cr
Govt to extend interest subvention of 2%
RBI considering additional banking license to pvt players
Tax saving of Rs.51,500 for income of Rs.10 lakhs
RBI considering additional banking license to pvt players
To raise Rs.25,000 cr in FY'10 from PSU disinvestment
Hope to rollout GST by April 1, 2011
To implement Direct Tax Code from April 1, 2011
Hope to reach 10% GDP in near future
Review of stimulus for fiscal consolidation
Budget has to signal policies for the future
Budget not a mere statement of accounts
India faces challenges of reviving double digit growth
Challenges not any less than 9 months ago
Need to provide food security, healthcare for all
Economy has weathered the recent economic crisis
Indian economy faced grave uncertainty in 2009
Need to move to high GDP target of 9%
Budget to reflect govt's vision for development
Weakness in govt system still a challenge
Need to make development more inclusive
Expect roadmap for reduction in subsidy for oil sector
Issues of subsidy need to be addressed
Expect a partial withdrawal of stimulus in the budget
More clarity on growth in H2 CY'10
Indian markets to trade sideways to negative
Real GDP growth of 8-9% next fiscal
Govt needs to address deficit concerns
Monetary tightening likely to continue
Rising inflation a challenge for budget
No hike expected in IT exemption limits
Likely roll-back in tax cuts on excise duties
Depreciation rate to be aligned for accounting
Expect fiscal deficit at 5.3% in FY'11 vs 6.3% of GDP
Overall deficit may come down from 10% of GDP to 8.5%
Expect govt to begin unwinding of softer fiscal stance
Infrastructure push to continue
Hike in Excise duty likely
Announcement of divestments unlikely
Govt must look at reducing corporate tax rates
Expect fiscal deficit to be cut to 5.5% of GDP in FY'11
Expect budget to withdraw certain stimulus measures
Expect budget to start process of fiscal consolidation
Need for policy intervention for initiating infra projs
Expect to see relief for SPV structure
European sales up 2% (YoY) to $80mn
Guidance based on product exclusivity in U.S
2010 PAT seen at Rs.460cr vs Rs.310cr (YoY)
Expect 2010 sales at Rs.7800cr vs Rs.7340cr (YoY)
Inflation remains a concern
Outline a stable disinvestment plan for few years
Must look for clearer tax reforms in 2011
Expect govt to take back some stimulus measures
Excise rollback not to affect industrial growth
Expect some support for export oriented sector
Govt should focus on reviving investment demand
Key triggers: Borrowing program and monetary stance
South-based players may go slow on price hike
May pass on hike in excise duty to customers
No impact on Marico since products are tax exempt
Marginal impact on Nestle and Britannia
Difficult for HUL to pass on hikes due to shrinking share
HUL: Major chunk of production attracts excise
Competition will make it difficult to hike prices
CV makers M&M, Tata Motors less sensitive to hikes
Maruti, Hero Honda unlikely to pass on entire excise hike
Prices may be increased if excise duty is hiked
Auto, FMCG, cement likely to take a hit on margins
Hike will impact cement, auto and FMCG
Excise duty is expected to increase by 2-4%
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Expect to see R&D reforms for education sector
Strong case for impetuos measures to be reduced
Hope to see partial rollback of the stimulus
Nifty March Put-Call ratio at 1.26
Lower than average rollover shows nervousness ahead
Nifty starts the March series at 2.15 cr shares
Nifty rollovers at 68.1% vs 76.5%
Feb 23: Rs 634.2 cr Feb 22: - Rs 56.8 cr
Feb 25: - Rs 594.78 cr Feb 24: Rs 566.4 cr
FIIs Net Buy at Rs.645.02 cr in F&O
FIIs Net Buy at Rs 321.48 cr in Stock Futures
FIIs Net Sell at Rs.242.72 cr in Index Futures
DIIs Net Buy at Rs 325.92 cr
Reverting to path of fiscal responsibility
FY'10 fiscal deficit is seen at 6.8% of GDP
Total deficit, including states’ is 10.2% of GDP
Widening of Tax net to include base not taxed earlier
To ensure tax evasion gets more difficult & expensive
Simplifying tax procedures that lead to tax evasion
Need for a simple tax system with reasonable rates
Short-term revenue loss must not hold up tax reforms
Speedy implementation of GST desirable
Disinvestment proceeds of Rs1120cr insufficient
Govt should aim at raising Rs4000cr through disinvestment
Funds collected can be invested in public sector
Funds to be used for financing long term investments
Shift from cash account to accrual budgeting beneficial
Accrual budgeting will ensure resource utilisation
Accountability with delivery time key to efficiency
Third party monitoring for each project
FIIs Net Sell at Rs 594.78 cr
Third party monitoring will ensure resource utilisation
Monitoring cell to include Govt, and industry experts
Reforms needed in property, tax and import procedures
Sustaining domestic level of prices not viable
Administrative reforms can help cut transaction costs
Govt should provide flexibility in labour laws
Labour laws must enable industry to compete with China
Risk of food inflation cascading to other sectors
Long pending labour reforms have hindered investments
A sound regulatory framework needed
Sharp increase in food prices cause for concern
Transparency in bidding process for PPP projects
Issues delaying roll-out of PPP need to be addressed
Recommends bringing down deficit to 5.7%
Govt intervention needed to expedite PPP process
Conducive eco-system for SMEs needed
Recommends calibrated exit move from current stand
Systems should provide supply of man power, branding
Simplify process of land acquisition
Tax benefits for companies which source from SMEs
SME stock exchange will help raise equity capital easily
Continue with concessional excise duty of 8%
Reduce excise duty gap between large and small cars
Large cars attract 20% + Rs 20,000 excise, small cars 8%
Recommends fiscal consolidation by eliminating deficit
Reduce excise duty on MUVs from 20% to 8%
Remove anomalies in input and output duty structures
Tyres can be imported at 10% duty, natural rubber at 20%
Reduce excise duty on carbon black from 14% to 8%
GDP growth expected to breach 9% in 2011-12
Classify ATF as a 'declared good' attracting 4% VAT
States presently tax ATF at varying rates, going up to 16%
Scrap 10% service tax on intl travel in first class
Increase the FDI limit in aviation to 49% from 26%
Extend repayment period on farm debt waiver
Increase FDI cap in insurance from 26% to 49%
GDP seen at 8.5% ( +/- 0.25%)
Allow power finance companies to float tax free bonds
GDP growth expected to be 1% higher in FY'11
Recapitalise PSU banks or permit raising stake dilution
Increase cap on FII stake in PSU banks from 20%
Correct input and output duty anomalies
Cement attracts no import duty, but pet coke attracts 5%
Simplify MRP based excise duty structure for cement
Excise duty is Rs 230/tn for MRP below Rs 190/50kg bag
Allow abatement for manufacturing expense for MRP excise
Continue with the concessional excise duty of 8% now
Increase the income tax slab to drive consumption
Increase allocation to NREGS and other welfare schemes
Yen declines, export stocks trade positive
Japan industrial production rises 2.5% (MoM)
Japanese stocks trade marginally higher
Mixed trade across Asian markets
Bernanke: Fed to investigate trader betting against Greece
Orders for durable goods rose 0.6% in January
Increase depreciation rate for hotels to 20%
Jobless claims hit 22,000 for the latest week
Increase tax holiday period from 5 years to 10 years
Early sell off triggers by concerns on Greece, eco data
Make LTC tax free every year vs for 2 years in block
Make VAT rate for hotels uniform across the country
Exempt cakes made in hotels from 8% excise
Bring STPIs on par with SEZs on tax benefits
Increase outlay for higher education
Allocate 2-3% of GDP for e-governance projects
GDP growth expected to be 1% higher in FY'11
Formulate the PPP process for roads and infra projects
Exempt infra cos from 15% dividend distribution tax
Exempt all infra cos from payment of MAT @ 15%
Govt should ensure free flow of credit to infra sector
De-regulate oil sector,adopt Parikh Committee’s suggestion
Increase subsidies from Rs 0.83/lt for kerosene
Provide infrastructure status to E&P and refining
Extend 80 IB benefit to pre-NELP & NELP I-VII gas blocks
Give a tax holiday to city gas distribution networks
Exempt power companies from 15% distribution tax
Exempt power companies from MAT @ 15%
Allow power companies to isssue tax-free bonds
Increase subsidy for solar energy to Rs 16/unit
Exempt carbon credit income earned from renewable energy
Increase deduction on housing loan interest to Rs 2.5 lk
Extend tax benefits for affordable housing beyond Mar '12
Allow fund raising via ECBs through the automatic route
Allow separate deduction for housing loan repayment
Cut long term capital gains period to 1 year for realty
Increase duty on iron ore exports to 20% from 15%
Continue with excise duty rate of 8%
Accord infrastructure status to the steel sector
Extend the 10 (B) benefit to export from SEZs from Mar '10
Extend 2% interest rate subvention to March 2011
Biggest challenge in removing impediments
Targets in infrastructure sector achievable
Capacity addition in power and roads behind target
Inflation primarily driven by food products
Slowdown in agriculture affecting some segments
Industrial outlook bright in the medium term
Growth in credit to industry fell from 37% to 14.2%
Automobiles, rubber manufacturing recover strong
Inflows were down 2% at $19.38 bn (YoY)
Recovery in industrial sector is evident
Inflows at Rs 93,354 cr, a growth of 9% (YoY)
Growth in consumer durables drove industry revival
Reversal in downward trend in IIP growth
Food coupons must replace existing PDS system
Capital inflow creating a supply demand imbalance
Portfolio investment rush fuel rise in markets
Portfolio investment not backed by strong fundamentals
Capital inflows into economy to have negative impact
Oil, food bonds need inclusion in fiscal accounting
Consumption more impacted by slowdown
Tax receipts down due to excise rate cut
Expenditure restraint to keep deficit at 6.8%
Receipts down due to indirect tax shortfall
Likely shortfall in revenue receipts
Cut Cap goods tariffs to 3%, abolish EPCG scheme
Lower peak duties from 10% to 7.5% merchandise sector
Large inflows crucial for countries with deficit
Policy changes needed to promote exports
Legislation enabling states to levy service tax proposed
Centre to reduce share in gross tax revenue
Centre to review levy of cess and surcharge
Fiscal consolidation by reducing revenue deficit
Rs 30000 cr compensation if GST introduced in 2014
Rs 40000 cr compensation if GST introduced in 2013
Rs 50000 cr compensation for states' revenue loss
Binding agreement of GST rates between Center-States
GST to contribute significantly to tax revenues
Proposes to reduce debt, GDP ratio to 68%
GST seen as a game changer in tax reform process
Increasing fuel prices may increase inflation
Sustaining domestic fuel prices not viable
Food inflation entails risk of transmitted
Sharp increase in food price cause for worry
Fundamentals of economy improving
GDP growth expected to breach 9% in 2011-12
GDP seen at 8.5% (+/-0.25%)
GDP growth expected higher by 1% over 2009-10

Statistics

Budget Simplified

Petrol prices to rise by Rs 2.71/litre
To decide on pricing after assessing tax impact
Duty hike steep, evaluating impact on costs
Excise on filter cigarette below 70 mm hiked by 18%
Excise on all non-smoking tobacco hiked
Margins seen under pressure on excise duty rejig
General excise duty raised to 10% from 8%
Spending in education sector at Rs 31,600 crore
No extension of STPI beyond FY'11
Demand side push needed for all housing segments

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