Highlights of Union Budget 2013

Union Budget 2013, Indian Finance Minister P Chidambaram has presented his 8th Budget in the parliament today. Over all it was not the economy changing budget. 

Budget 2013 presented by Mr FM was the most boring budget of recent years.There are few smiling benefit given to people but that was nothing.

Check out the highlights of Union Budget 2013

• Mobile Phones, SUVs to get more expensive: On mobile phones priced at more than Rs.2000, excise duty hiked to 6%. Excise duty on SUVs raised from 27% to 30%

• Duty free limit for Gold raised to Rs. 50,000 in case of a male passenger and Rs. 1 lakh for female passengers

• Some tax credit of Rs. 2000  for every person who has an annual income of upto Rs. 5 lakh
• Tax Administration Reforms Commission to be set up to review tax laws
• In 2007-08 Tax GDP ratio touched a peak; in short term we must regain that peak
• The current slabs were introduced last year. Hence there is no case of revising them 
• But will give some tax relief of Rs. 2000  for every person who has an annual income of up to Rs.5 lakh

• Rss. 1000-crore Nirbhaya Fund announced for the empowerment of women
• PSU banks to have ATMs at all their branches by March 31, 2014
• Rs. 6,000 crore to be allocated for rural housing fund in 2013-14 
• Tax-free infrastructure bonds of Rs.50,000 crore to be issued
• Rajiv Gandhi Equity Scheme to be liberalised
• Seven new cities identified along Delhi-Mumbai Industrial Corridor
• Preliminary work begun on Bangalore-Mumbai Industrial corridor
• Foodgrain production during 2013-13 estimated at 250 million tonnes
• Household sector must be incentivised to save in financial instruments rather than gold. 
•  To provide 140 billion rupees capital infusion in state-run banks in 2013/14 
•  To allocate 801.94 billion rupees to rural development in 2013/14 
• To allocate 2.03 trillion rupees to defence in 2013/14  
• Mobile phones above Rs. 2,000 set to cost more

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