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Budget 2011
Budget 2011
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* Tax receipts in 2010-11 at Rs.932,440 crore, an increase of 24.9 percent; non-tax receipts at Rs.125,435 crore.
* Growth at 8.75 percent to 9.25 percent in 2011-12. Economy could have performed better in 2010-11.
* Goods and Services Tax rollout on April 1, 2012; bill for this in parliament this year; GST will improve compliance; setting up strong IT network
for implementation.
* Setting up independent debt management office; public debt management bill to be introduced in parliament.
* Tax exemption limit raised from Rs.160,000 to Rs.180,000; for senior citizens, qualifying age reduced from 65 to 60 years.
* Age for below poverty line old age pension scheme to be reduced from 65 to 60 years.
* Twenty-four percent increase in educational outlay; Rs.21,000 crore for Sarva Shiksha Abhiyan.
* Rs.54 crore each for AMU (Aligarh Muslim University) centres at Murshidabad and Mallapuram.
* Mahatma Gandhi National Rural Employment Guarantee Scheme wage rates linked to consumer price index; will rise from existing Rs.100 per
day.
* Food storage capacity to be augmented - 15 more mega food parks to be set up in 2011-12; of 30 sanctioned in previous fiscal, 15 set up.
* Had option to rollback indirect tax rates to 2008 levels but will maintain standard rate of central excise duty at 10 percent.
* Five-fold strategy against black money; 13 new double taxation avoidance agreements; foreign tax division of CTBT strengthened; strength of
Enforcement Directorate increased three-fold.
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* Economy has shown remarkable resilience to external and internal shocks; back to pre-crisis trajectory; set pace for double digit growth.
* Service tax payers with turnover of Rs.60 lakh exempt from government audit.
* Works of art exempt from customs when imported for exhibition in state-run institutions; this now extended to private institutions.
* Housing loan limit for priority sector lending raised to Rs.25 lakh.
* Agriculture growth key to development: Green Revolution waiting to happen in eastern region.
* Electronic filing of TDS returns at source stabilised; simplified forms to be introduced for small taxpayers.
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