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Tuesday, 13 March 2012

Union Budget 2012-13 Expectations and Highlights

Highlights:

1.The government may motivate the pharma sector to boost the higher spending in research and development. The central government also planing to lower the taxes and duties on life saving drugs and active pharmaceutical ingredients(API).
2.The micro,small and medium enterprises(MSMES) sector is seeking separate consultation 
3.Ministry of Petroleum and Natural Gas has requested the Union Finance Ministry to lower the excise duty on branded diesel due to the strong decline in the sale of the fuel.
4.Association of Biotechnology led Entrepreneurs (ABLE) has demanded various fiscal and tax incentives from the Union Budget
5.Agricultural ministry has demanded lowering of interest rate on crop loans to 3% for those farmers who pay in time, from the existing 4%.
6.The tax exemption slab is expected to be increased from the present Rs.1.8 lakhs to Rs 3 lakhs in case the proposed recommendation of Yashwant Sinha led parliamentary standing committee on finance get cleared in the union budget for the year 2012-13.
7.Finance minister Mr.Pranab mukherjee attempt to push the entrepreneurs for more investment by introducing major investor-friendly policies.
8.Centre may reveal a series of measures in the union budget 2012-13 to help the export sector and also the micro,small and medium Enterprises(MSMES)in India.
9.Central Government is planing to increase the income tax exemption for up to Rs.3 lakhs paid as interest on housing loans in one year as compared to the current limit of Rs.1.5 lakhs with the aim to strengthen housing sector credit.

Expectations:

1.Tax reforms like implementation of GST(goods and service tax) and DTC(direct tax code).
2.Relaxation in service taxes.
3.Subsidies in FDI norms in sectors like Retail, media and BFSI etc.
4.Subsidies on Gas ,iol,fertilizer,food etc.

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