Union Budget 2012 HIGHLIGHTS

Exemption limit for the general category of individual taxpayers enhanced to Rs 2,00,000
Service & Exise tax rate raised from 10% to 12% ie.12.36%
Standard rate of excise duty to be raised from 10% to 12%
No change proposed in the peak rate of customs duty of 10 per cent on nonagricultural goods.
For 2012-13, Rs 30,000 crore to be raised through disinvestment
Reduction in securities transaction tax by 20 per cent on cash delivery transactions
Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 directly in equities
Need to address black money issue
Will encourage private investment
Government will raise Rs 30,000 cr via divestment in FY13

No change in corporate tax rate
Exemption up to Rs 2 lakh for taxpayers
India\'s GDP estimated to grow at 6.9% in 2011-12
Expect headline inflation to moderate in next few months
Current account deficit likely to be at 3.6% for FY12
Average crude price likely to exceed USD 115 per barrel in 2012
DTC not effective this year
STT reduced from 0.125% to 0.1%
No tax return upto Rs 5 lakh
Rs 50,000 tax exemption for retail investors

Fiscal deficit pegged at Rs 5.13 lakh crore for FY13

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