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Tuesday, July 6, 2010

Normal Monsoon brigtens hopes for decrease in prices :)

(posted under - Monsoon updates, Economy of India) -As the country is now completely witnessing normal monsoons all over, The monsoon is ahead of schedule by 9 days according to metrological department, The Inflation will surely come down in couple of months from now on..

The revival of monsoon rains, the main source of water for 60 per cent Indian farms, will lift soybean and groundnut crops in the world's top vegetable oils importer and help the cane crop in the Uttar Pradesh state, which produces half the cane in the world's top sugar consumer.

The weather office expects total June-September rainfall to be normal despite the June deficit.

Indian Economy booming - Direct tax collection up 15 percent

(posted under Direct tax collection, Indian economy updates) - collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.

The higher realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore, as against Rs 59,465 crore during the corresponding period last fiscal.

According to the figures released by the Finance Ministry here today, corporate tax collection, which is a reflection on the performance of India Inc, soared 21.65 per cent to Rs 43,439 crore during the reporting period. The government expects to mop up Rs 4.3 lakh crore by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.

Monday, July 5, 2010

Is budget 2010 provisions on track??

It has been 4 months since Pranab Mukherjee presented the Union budget 2010 in Parliament. Now the big question is that Are budget provisions on track.

The list of announcements made during budget speech is as following ans I will soon update the present growth of these provisions in reality.

1. Pranab cuts surcharge for corporate, ups MAT
2. First challenge is to get to the high GDP growth path
3. Oil & gas: Budget 2010 low on reforms, high on tax
4. Actual net market borrowing for 2010/11 seen at Rs3.45 trillion
5.15% increase in plan expenditure in 2010/11
6. Defence allocation raised to 1.47 lakh cr
7. Customs duty on silver at Rs1500/kg
8. Pranab Mukherjee allots Rs 173 crore for infra development
9. Service tax remains unchanged at 10%
10. India received FDI worth $20.9 bn in April to Dec 2009 period
11. New Corporate Tax rate at 33.21%
12. FM says economy now is in far better position
13. Rs50/tonne cess on Indian coal
14. Cut in Personal Tax Rate Savings of Rs50,000-8lac
15. Excise duty on CFL halved
16. FM’s Budget makes tobacco cos cough
17. Waive excise duty on solar panels
18. Govt will implement direct tax code by April 1, 2011
19. Agricultural seeds exempted from service tax
20. RBI to release additional licenses to pvt sector banks and non-banking financial institutions
21. Raise excise duty on non-petro products to 10%
22. Implementation of GST and DTC by April 2011
23. Opposition walks out of the Budget session
24. Sets aside Rs 16500 cr for PSU banks to get minimum 8% tier 1 capital by March 2011
25. Restore 5% basic customs duty on crude petroleum
26. Partial roll back of excise duties of large cars
27. Explicit reduction in domestic public debt equity ratio: FM
28. Excise duty raised on all non-smoking tobacco
29. Centeral Excise Tax on petroleum products raised by Re1
30. Raises excise duty from 8% to 10%
31. R&D deduction increased
32. Surcharge for companies cut to 7.5% from 10%
33. MAT increased form 15% to 18%
34. 30% tax on income above 8 lac
35. 20% tax on salary between 5-8lac
36. Govt to set up apex level Financial Stability and Development Council
37. 10% tax for income between 1.6-5 lac
38. No income tax on salary up to of Rs1.6 lac
39. Fiscal deficit seen at 4.8% in FY12
40. FY11 fiscal deficit pegged at 5.5% of GDP
41. Increase in non-planned expenditure is only 6%
42. Planning Commission to plan development of Maoist affected areas
43. Rs 1,900 cr to authorities working to implement UID number
44. UID number to come into effect the coming year
45. Fuel prices to go up from tonight
46. 15% priority lending to minority sector to be maintained
47. Gradual phasing out of stimulus: FM
48. Plan outlay for welfare of women and children doubled
49. Smart card extended to NREGA scheme
50. Raises allocation for health ministry to Rs22,300 crore
51. Bharat Nirman plan for FY11 has outlay of Rs48,000cr
52. Indira Awaas Yojana allocation at Rs1,000 cr
53. More power to aam aadmi; FM cuts tax rates
54. Raises allocation for urban development by 75% to 5400cr
55. NREGA allocation at Rs40,100 cr
56. Social sector spending at Rs1.38 trillion for FY11
57. Stocks/sectors you should bet on post Budget
58. Increase allocation for school education from to 31,036 cr from 26,800 cr
59. Hike allotment to renewable energy by 61%
60. Doubled allocation for power sector
61. Hope to breach 10% mark in GDP in near future: FM
62. Road development allocation raised to 19,894
63. FM doubles allocation, solar power gets boost
64. Proposes to extend interest subvention for export for 1 yr
65. Will reduce fertilizer subsidies
66. Aims to implement GST and Direct Tax Code in April 2011