General Budget 2013

  • Budget and you, with Subhash Lakhotia February 28, 2013

    With over 35 years of experience in the field of personal taxation, Subhash Lakhotia answers your queries on the Budget and what it has in store for you. ...
  • Budget lacks strategy and vision for India's development: Modi February 28, 2013

    Ahmedabad: Gujarat Chief Minister Narendra Modi on Thursday said that the UPA government's budget lacks a growth strategy and vision to develop India's economy. Coming down heavily on the budget, he said that there is a lack of co-ordination between the 12th Five Year Plan and the budget presented for...
  • Gas pricing policy to be reviewed, uncertainties removed: FM February 28, 2013

    New Delhi: Against the backdrop of oil firms like BP Plc complaining of artificially low gas rates in the country impeding investments, Finance Minister P Chidambaram on Thursday said the pricing policy will be reviewed and uncertainties removed. Majority of the domestically produced natural gas is priced at USD 4.2 per...
  • Imported set top boxes to cost more, DTH operators unhappy February 28, 2013

    New Delhi: Watching cable and satellite TV may turn expensive with the government proposing to double import duty on set top boxes (STBs) to 10 per cent but domestic manufacturers have welcomed the move. Reacting to Finance Minister P Chidambaram's announcement to hike import duty on STBs from the existing...
  • Budget evokes mixed response amongst Kerala industrialists February 28, 2013

    Kochi: The Budget presented by Finance Minister P Chidambaram evoked a mixed response amongst the leading industrialists and bankers of Kerala. At least 30 odd industrialists participated in the budget viewing session organised by the Confederation of Indian Industries (CII) here. CII (Kerala) Vice-Chairman CJ George said that "given the seriousness...
  • Bicycle prices set to go up by 4-5 pc, say manufacturers February 28, 2013

    Chandigarh: Disappointed at not getting incentives like relief on excise duty front in Budget, bicycle manufacturers here today said they have no option but to raise prices by 4-5 per cent within next fortnight due to spiralling input cost. Bicycle manufacturers had delayed the price hike as they were expecting...
  • Hotels and restaurant owners want service tax rolled back February 28, 2013

    New Delhi: Hotels and restaurant owners on Thursday asked Finance Minister P Chidambaram to roll back the service tax proposed on all air-conditioned restaurants. "The Finance Minister should reconsider it. This will have a very bad impact on the hospitality industry," Federation of Hotel & Restaurant Associations of India (FHRAI)...
  • Budget 2013: 6-fold increase for intelligence database NATGRID February 28, 2013

    New Delhi: NATGRID - a pet project of Finance Minister P Chidambaram during his tenure as Home Minister - witnessed a quantum jump in the 2013-14 budget getting a six-fold increase with the allocation pegged at Rs 66.5 crore. The NATGRID, which was set up to link databases of several departments...
  • More decisions, measures during Budget passage: Chidambaram February 28, 2013

    New Delhi: Finance Minister P Chidambaram on Thursday said more "measures and decisions" will be announced during the Budget passage in Parliament. Addressing a post-Budget press conference, he said Budget is not a one-stop or one-step measure and is a continuing process. He further indicated that his hands were tied...
  • Budget 2013 could have delivered more for healthcare February 28, 2013

    New Delhi: Healthcare and pharmaceutical industries on Thursday welcomed steps announced in the Budget to increase allotment on health and medical education. However, private players expressed concern that Finance Minister P Chidambaram could have provided support in the form of tax incentives as well. Commenting on the Budget, Apollo Hospitals Group...
  • Gems, jewellery breathe easy as Budget 2013 spares it of duty hike February 28, 2013

    Mumbai: Gems and jewellery sector on Thursday heaved a sigh of as there is duty hike in gold or jewellery in Budget 2013-14. "We thank the Finance Minister for accepting our demand by not increasing the Customs duty on gold and not levying Excise or any other duty on gold...
  • Modified GAAR provision to be implemented from April 2016 February 28, 2013

    New Delhi: Modified version of controversial General Anti Avoidance Rules (GAAR) provisions will come into effect from April 2016, Finance Minister P Chidambaram said on Thursday. A number of representations were received against GAAR provisions introduced in the last Budget. Following which the government had set up an expert committee...
  • Budget 2013 paves way for lowering twin deficits, says RBI February 28, 2013

    Mumbai: The Reserve Bank on Thursday welcomed the General Budget, saying it has laid the foundation for lowering fiscal and current account deficits, apart from supporting both domestic and foreign investments. The central bank said the government's net market borrowing target of around Rs 5 lakh crore (budget estimate for...
  • Big push to infrastructure with Rs 50,000 cr tax-free bonds February 28, 2013

    New Delhi: Infrastructure got a major thrust in Budget 2013-14 with Finance Minister P Chidambaram on Thursday announcing a slew of measures to boost sector's growth, like raising Rs 50,000 crore through tax-free bonds, setting up of major ports and a road regulator. "While every sector can absorb new investment, it...
  • Duty-free import limit of jewellery via passengers raised February 28, 2013

    New Delhi: To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year...
  • Budget 2013: Rs 5,000 cr plan outlay for Air India February 28, 2013

    New Delhi: Duty concessions on import of spare parts and testing equipment for aircraft MRO industry were granted in the Union budget today, as the government proposed to provide a plan outlay of Rs 5,000 crore in Air India in the next financial year. "The aircraft manufacture, repair and overhaul...
  • Budget 2013: Agro-based companies happy February 28, 2013

    Mumbai: Even as the annual budget brought cheers to Agro-based companies, the edible oil extraction industry expressed disappointed over their issue of import duty structured anomalies on crude and refined palm oil not being addressed. "Total withdrawal of export duty on de-oiled rice bran oil cake will help the industry,...
  • Union Budget: Home Ministry gets Rs 59,241 crore February 28, 2013

    New Delhi: The Home Ministry on Thursday got Rs 59,241 crore in the General Budget, a modest eight per cent increase over last year, with an emphasis on providing new residential quarters and barracks for central armed police forces personnel. However, the Budget for 2013-14 presented by Finance Minister P...
  • Attractive schemes on the anvil to discourage gold buying February 28, 2013

    New Delhi: Aiming to check demand for gold, Finance Minister P Chidambaram on Thursday proposed inflation-indexed bonds and modified Rajiv Gandhi Equity Savings Schemes with a view to make financial instruments more attractive. "The household sector must be incentivised to save in financial instruments rather than buy gold. Increasing savings...
  • Govt to release Rs 9,000 cr to states in CST compensation February 28, 2013

    New Delhi: The government on Thursday said it will release Rs 9,000 crore as the first instalment of compensation for losses incurred by states due to reduction in the Central Sales Tax rate, a precondition for the rollout of GST - the indirect taxes regime. It also expressed the hope...
  • Budget 2013 anti-aam aadmi: Opposition February 28, 2013

    New Delhi: The Opposition and a few allies of the government on Thursday slammed the general budget as anti-aam aadmi and called it "jugglery" of numbers. The Opposition said that the Budget had nothing to offer to the farmers and the common man who was already burdened by price rise....
  • Budget 2013-14 is verbose, but lacks substance: BJP February 28, 2013

    BJP leader Arun Jaitley on Thursday slammed the Budget presented by Finance Minister P Chidambaram. ...
  • Budget 2013: SUVs, cigarettes, eating out to cost more February 28, 2013

    New Delhi: Sports utility vehicles, imported cars and motorcycles, mobile phones, eating out at air-conditioned restaurants and cigarettes will become costlier with Finance Minister P Chidambaram deciding to impose higher taxes on these items. On the other hand, there is good news for ladies as far as jewellery is concerned...
  • Budget 2013: Respite for foreign investors, norms simplified February 28, 2013

    New Delhi: Looking to attract more foreign investment into the stock market, Finance Minister P Chidambaram on Thursday said procedures for overseas investors would be simplified besides having uniform KYC norms for them. "Sebi will simplify the procedure for the Foreign Portfolio Investors and prescribe uniform registration and other norms...
  • 1st time home buyers to get additional tax break of Rs 1 lakh February 28, 2013

    New Delhi: Finance Minister P Chidambaram on Thursday raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector. "...a person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during...
  • Budget 2013: Duty on SUVs hiked; 100 pc duty on luxury vehicles February 28, 2013

    New Delhi: Excise duty on sports utility vehicles has been increased to 30 per cent, while all luxury vehicles, including super bikes will attract 100 per cent import duty. "SUVs occupy greater road and parking space and ought to bear a higher tax. I propose to increase the excise duty...
  • Budget 2013 won't be flashy, but realistic: Sources February 28, 2013

    New Delhi: As UPA II presents its last Union Budget before the Lok Sabha elections, the question is whether Finance Minister P Chidambaram be able to ensure fiscal prudence in an election year or will political compulsions determine his economic choices. Even as the question is raised, sources in the Finance...
  • Budget 2013: Want to see if 'aam aadmi' will be the focus, says Mani Shankar Aiyar February 28, 2013

    Finance Minister P Chidambaram will be presenting the UPA II's last General Budget before the General Elections on Thursday. ...