Budget 2012 Highlights

Income tax exemption limit raised to Rs 2 lakh from Rs 1.8 lakh    No tax pp to Rs 2 lakh income   Rs 5-10 lakh at 20%   Above Rs 10 lakh taxed at 30%  STT reduced by 20% on delivery-based transactions  Standard excise duty hiked to 12%  Duty on large cars raised to 27%  ECBs proposed for aviation sector with a cap of $1 billion  Rs 2-5 lakh taxed at 10%   Rs 2-5 lakh taxed at 10%   Direct, indirect tax reforms to miss deadline  Excise duty raised to 12% from 10%  Branded silver jewellery fully exempt from excise duty  Customs duty on gold, platinum raised to 4% from 2%  Duty on handrolled beedis increased  Excise duty raised to 12% from 10%  Diamonds emerald and ruby prices will increase  Advalorem duty on some cigarettes  Import of aircraft parts exempt from basic customs duty  Customs duty on some gold and platinum products increased  Cuts customs duty on rail equipment to 7.5% from 10%   To allow external commercial borrowing to part finance rupee debt in power projects   Proposes to remove sector-specific restriction on venture capital fund investments    Mobile phone parts exempted from basic customs duty   Automated shuttle looms exempted from customs duty   School education exempt from service tax   Oil firms seek 7-yr tax holiday in Budget    LCD and LED panels exempted from custom duty   Government hikes defence spending to Rs 1,93,407 crore   Customs duty reduced from 7.5% to 2.5% for iron ore equipment   Thermal power companies exempted from customs duty for 2 years   Govt sees expenditure rising 29% in 2012-13   Thermal power companies exempted from customs duty for 2 years   Thermal power companies exempted from customs duty for 2 years   LNG exempted from customs duty   Full exemption on customs duty on coal   Full exemption on customs duty on coal   Fiscal deficit target set at 5.1% of GDP in Budget 2012-13   Some infra construction services exempt from service tax   FY 13 net market borrowing at Rs 4.8 lakh crores   Rs 18,660 crore will result from service tax rise