Mar 02, 2013, 06.20 PM IST
It is not a flamboyant or even a populist Budget, as many would have expected, for the simple reason that early next year the country goes for the General Elections and Finance Minister P. Chidambaram's chief concern seemed to be reducing fiscal deficit than curbing inflation.
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Budget Reactions: Hail increase in defence allocation says Zicom Electronic
It is not a flamboyant or even a populist Budget, as many would have expected, for the simple reason that early next year the country goes for the General Elections and Finance Minister P. Chidambaram's chief concern seemed to be reducing fiscal deficit than curbing inflation.
Like this story, share it with millions of investors on M3
Budget Reactions: Hail increase in defence allocation says Zicom Electronic
It is not a flamboyant or even a populist Budget, as many would have expected, for the simple reason that early next year the country goes for the General Elections and Finance Minister P. Chidambaram's chief concern seemed to be reducing fiscal deficit than curbing inflation.
Zicom Electronic
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"It is not a flamboyant or even a populist Budget, as many would have expected. And this is for the simple reason that early next year the country goes for the General Elections and Finance Minister P Chidambaram's chief concern seemed to be reducing fiscal deficit than curbing inflation. There was also not much for the capital markets to rejoice even though the FM indicated that he was looking for growth and looking forward to attract capital and investment in roads, highways and ports etc. The FM also thinks that inflows of funds are crucial as the country needs USD 75 billion during the fiscal year.
One good thing is that the FM has thought about the country's security and raised defense allocation from last year's Rs 1.93 lakh crore to Rs 2.03 lakh crore. Another good thing is that there is no raise in excise and customs duty which has been impacting the Rs 11, 000 crore security industry. While thinking about country's defense the FM could have also given a thought to the security of the society and created some sops for the electronics security industry, which is growing at a high rate, but is still not getting the attention it deserves and pays high taxes and duties on imports of electronic security equipment. One would have also expected tax holiday for our industry and some kind of impetus to start manufacturing units within the country."
Also, I would like to welcome the Finance Minister's move on promoting of manufacturing of electronic goods in India under The National Electronics Policy 2012. The proposal of introducing an investment allowance of 15 % will surely attract new high value investments. This will benefit small & medium enterprise. It's quite encouraging to see FM's proposal on enhancing the refinancing capability of SIDBI from the current level of 5,000 crore to 10,000 crore per year. One would have also expected tax holiday for our industry and some kind of impetus to start manufacturing units within the country."
highlights
- No case to revise direct tax rates, slabs
- Super rich tax: 10% surcharge on income above Rs 1 cr
- Modified provisions under GAAR effective April 1, 2016
- No change in standard rate of excise duty, service tax
flashes
- FM speaks to CNBC TV18
- Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
- Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
- Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
InterpretationS
- GAAR-Presumes tax benefit unless proved contrary
- MFs covered for deductions u/s 80CCG
- Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
- ED on readymade garments exempted: positive textile sector
SECTOR IMPACT
Select Sector to see impact
- Auto - Cars & Jeeps
- Auto - LCVs/HCVs
- Banks - Private Sector
- Banks - Public Sector
- Cigarettes
- Computers - Hardware
- Computers - Software - Training
- Construction and Contracting - Real Estate
- Electricals
- Engineering - Heavy
- Finance - General
- Finance - Investments
- Infrastructure - General
- Leather Products
- Media & Entertainment
- Mining/Minerals
- Miscellaneous
- Personal Care
- Pesticides/Agro Chemicals
- Power - Generation/Distribution
- Refineries
- Shipping
- Sugar
- Textiles - Denim
- Textiles - General
Textiles - General
18:52 pm
Exice Duty on readymade garments exempted +ve for textile sector
TAX AND YOU
Salaried Person
REACTIONS
reaction on: Markets
Mukesh Kumar
Head - Strategic Planning | HDFC ERGO General Insurance
reaction on: SME
Snehdeep Aggarwal
Founder & Chairman | Bhartiya International
reaction on: Policy
Sanjay Sanghvi
Partner | Khaitan & Co
reaction on: Business
Govind Shrikhande
MD | Shoppers Stop
reaction on: Business
Gaurav Gupta
Sr Director | Deloitte
What got Cheaper / costlier?
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