Promise for India's most revolutionary tax reform, the GST, remains a promise
GST, which will eliminate excise, customs, service tax and sales tax will actually eliminate the annual budget making exercise itself!
Mr Chidambaram meets expectations-- at least in the speech
Excise on SUVs up from 27 to 30 per cent.
Someone needs to define SUV. Is Bolero one?
Sin economy hit again: excise duty on cigarettes hiked again.
Mr FM attempts humour too! Thankfully, no news on alcohol yet.
Import duty on set top boxes and raw silk hiked by 5% to 10%.
The most obscure part of Budget speech is underway.
No news on DTC again other than that it is still work-in-progress.
This work-in-progress has been continuing for 8 years as our income tax laws remain rooted in 1961.
Commodities Transaction Tax introduced on non-agricultural commodities.
You can rely on Chidambaram to think up new taxes nearly every Budget.
Commodity transaction tax on non agricultural futures contracts @0.1% of trade price, same as security transaction tax.
Gold and other metals trading to get more expensive but the measure is good as it increases the tax base.
Dividend distribution tax raised from 5%to 10%.
Could affect returns of some mutual fund schemes.
Super rich tax becomes reality: people with annual taxable income of Rs 1 crore and above to pay an additional surcharge of 10%.
In a country where only 42,800 have a taxable income of Rs 1 crore or above, this is really a super super-rich tax.
10% surcharge on those earning more than Rs 1 crore a year.
Most important, we now have a definition of the much-debated "Super Rich" category. Secondly, 10% surcharge is not as bad as it was feared.
Tax credit of Rs 2000 for taxpayers with annual taxable income up to Rs 5 lakh.
Small benefit to smallest category of taxpayers.
Starts tax proposal by announcing the setting up of a commission.
Old quote: Where there is a will there is a way, where there is no will, there is survey (commission).
Radio FM channels to be set up in cities with 1 lakh population.
Boost to employment opportunities for youth in small towns.
Nirbhaya fund set up for safety of women. Ministry of Finance to contribute Rs 1000 crore.
Good policy that factors in national sentiment. But more details needed to know what the money will be spent on.
An hour later, no walk-outs, no major protest.
This is the benefit of taking controversial decisions well before the budget.
TISS Guwahati, BHU, Aligarh Muslim University and INTAC get combined assistance of Rs 100 crore.
Good to make targeted institution-specific allocation than general sector allocations.
Not a major hike in defence expenditure of the country.
Not a bad move at a time when most defence purchases are already stuck for one reason or another, including the latest chopper deal.
Incentives to help municipal corporations convert up to 7,000 tonnes of garbage that India generates every year into energy.
Good news not just for environment and pollution impact, but also for clean energy companies.
FM proposes widespread tinkering of capital market rules in consultation with SEBI.
This is better than stray sops and may yield long-term benefits.
New definition for FDI and FII. If foreign investment is less than/equal to 10%, then it is FII. More than 10% is FDI.
Proposal could redefine caps and limits on foreign investment in almost every sector.
FII investment over 10% to be counted as FDI.
This will throw sectoral FDI caps out of kilter.
Group insurance cover extended to self-help groups, teachers in schools and nurses in hospitals
If successful, this will bring real inclusive growth even to urban India.
New public sector bank only for women, perhaps the first in the world.
Walks on the thin line between intelligence and absurdity... wouldn't it be better to make all existing banks women-friendly?
Rider on home loan interest exemption. It has been raised only for first home loan and for loans up to Rs 25 lakh.
This rules out benefit to home loan takers in metros where cost of houses is much higher
Rs 10,000 crore for the Food Security Bill, which is still a bill.
Sonia Gandhi's favourite legislation is getting ready to be an election plank.
Uncertainties in gas pricing will be removed.
Better days ahead for RIL.
Revenue sharing model for oil exploration companies, in place of profit sharing model in the works so far
Could help settle the biggest dispute between Reliance Industries and the petroleum ministry--watch out for RIL share prices
Home loan interest exemption limit raised by Rs 1 lakh a year to Rs 2.5 lakh. Biggest increase in recent years
Good news not only for home loan takers but also for finance companies like HDFC and all listed real estate companies
Housing loan and equity investment made more liberal to discourage people from investing in gold
With gold import duty already hiked two months ago, more people will shift to financial savings. Good news for stock markets
Rajiv Gandhi equity schemes liberalised and expanded...investors can invest upto 3 years, instead of 1 year till now
First time investors will benefit a lot since they can invest in mutual funds too, and not just equity shares
10,000 new buses for hill states under JNNURM
Great news for TATA Motors stocks: price already going up
Food security bill to be passed at the earliest
Here comes another vote catcher
We need $75 billion to fund our current account deficit account next year.
Ambitious goal Mr FM, but where is the money?
Getting back to higher growth rate a challenge.
Yes, yes, Mr. Finance Minister. Isn't that what the opposition has been telling you too?
CAD high due to high imports in coal and oil
Mr Chidambaram forgot all about the gold imports
Only China might grow faster than India.
Comparing growth with China: we are second again!