key points on Union Buget 2013-14

7/30/2019 key points on Union Buget 2013-14

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V.M PATEL INSTITUTE OF MANAGEMENT GANPAT UNIVERSITY


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Introduction of Budget:

DEFINITION:

Annual financial statement of the estimated receipts and expenditure of the

Government of India in respect of a financial year.

Budget in India:The Union Budget of India is the annual budget of the Republic of India,

presented each year on the last working day of February by the Finance

Minister of India in Parliament.

The budget has to be passed by the House before it can come into effect onApril 1, the start of India's financial year.

The first Union budget of independent India was presented by

R. K. Shanmukham Chetty on November 26, 1947.



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Government Revenues & Spending:

Terminologies:


Revenue receipt/expenditure:Such as taxes and expenditure, like salaries subsidies and interest payment that in general

do not entail sale or creation of assets, fall under the revenue account.

Revenue/Capital budget:The government as to prepare a revenue budget (detailing revenue receipts & revenueexpenditure) and a capital budget (capital receipts and capital expenditure).

Capital receipt/expenditure:Shows all receipts from liquidating(E.g. selling shares in a public sector company)assets

and spending to create assets(E.g. lending to receive interest).


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Fiscal Deficit :The sum found on calculating the difference of Revenue Receipts and Total

Expenditure.

When a government's total expenditures exceed the revenue that it generates (excluding

money from borrowings). Deficit differs from debt, which is an accumulation of yearly

deficits.

Current Account Deficit:It is when a countrys government, business and individuals imports more goods,

services and capital than it exports.

Or, An imbalance in a nation's balance of payments current account in which payments

received by the country for selling domestic exports are less than payments made by the

country for purchasing imports.Inflation:The rate at which the general level of prices for goods and services is rising, and,

subsequently, purchasing power is falling. Central banks attempt to stop severe inflation,

along with severe deflation, in an attempt to keep the excessive growth of prices to a

minimum.

Continued..


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A. REVENUES:

Gross tax revenue :

The total tax received by the government from which it has to pay the states their share asmandated by the relevant finance commission. the balance is available to the union

government.

Miscellaneous capital receipts :These are primarily receipts from PSUs disinvestment.

Capital receipts :These include recoveries of loans & advances.

Non-tax revenue :The main receipts under this head are interest on loans given by the government, and

dividends and profits received from PSUs . The government also earns from variesservices, including public services, it provides of this, only the railways is a separate

department, though all its received and expenditure are routed thorough the consolidated

fund of India.


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Non-plan expenditure:

This is in the nature of consumption expenditure broadly corresponding to revenue

Expenditure:Interest payment, subsidies, salaries, defense & pension. Its capital component is small,

the largest chunk being defense.

Plan expenditure :This is essentially the budget support to the annual plans. This typically considereddevelopments spending ( on health, education, infrastructure and social goals). Like all

budget here it is also split into revenue and capital components

Gross budgetary support :The five year plans are split into five annual plans. The funding of the plan is split almost

evenly between government support (from the budget) and internal and extra budgetary

resource of state-owned enterprises. The government support to the plan, which includes

state plan, is called gross budgetary supports.

B. Expenditure:


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Balance Sheet:

ANNUAL FINANCIAL STATEMENT:This document details the Govts receipt and expenditure for the financial year. This 16-

page document is actually the annual budget, as stated in the constitution. It is divided

into three part: consolidated fund, contingency fund and public account-each of which

provides a statement of receipts and expenditure. Expenditure from the consolidated fundand contingency fund requires the nod of parliament.


CONSOLIDATED FUND:This fund is the governments lifeline. All the revenues, money borrowed and receipts

from loans it has given flow into this account. All government expenditure is made from

this fund.


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CONTINGENCY FUND:As the name suggests, any urgent or unforeseen expenditure is met from this 500 Crore

fund, which is at the disposal of the president. The amount withdrawn is returned from the

consolidated fund.

PUBLIC ACCOUNT:This is an account where the government acts more like a banker, as this is a collection of

money belonging to other such as public provident fund.

FINANCE BILL:For most of us, this is the all important budget document. all tax measures are included in

it. The memorandum, another document, explains the provisions of the bill in simple

terms.


Continued..


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The Social Agenda

BHARAT NIRMAN:BHARAT NIRMAN IS UPAs ambitious plan to build infrastructure in rural India

i.e. irrigation, road , water supply, housing, rural electrification and rural telecom

connectivity.

AADHAAR :It is a 12 digit individual identification number that services as a proof of identity and

address, anywhere in India.

SWAVALAMBAN:This is a co-contributory scheme to promote voluntary retirement saving towards

pensions.

The government makes a contribution to NPS account of unorganized sector workers.



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SWABHIMAN :This is a government campaign to extend banking facilities through business

correspondents to habitation having population in excess of 2000.

DIRECT CASH TRANSFER OF BENEFITS :It is a poverty alleviation initiative under which welfare benefits are given directly to the

poor in cash rather than in the form of subsidies.


FOOD SECURITY ACT:The government plans to provide highly subsidized food grain to majority of the population,

it is expected to be rolled out in the next fiscal.

Continued..


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Some More:

QULIFIED FOREGN INVESTORS:

Foreign individuals, groups or associations that are eligible to invest directly in India.

DISINVESTMENT :The process of sale of government shares in state-owned entities

RESOURES TRANSFERRED TO THE STATES :

The center gives funds to states in two ways: a share n taxes and budget support for their

plans. These are largely in the nature of grants, and include those given to states for

managing centrally-sponsored schemes.

ABATEMENT :

This is like a discount with reference to taxes. Abatement is given when the tax is not

levied on full amount but on a portion of the transaction.

DIRECT TAXES CODE(DTC) BILL :

This is a comprehensive revamp of the income tax law that has been the works for many

Years.



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Process how Union budget is formulated:

Budget Formulation

Budget Enactment

Budget Execution

Legislative review of Budget Implement



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Impact on Sectors:


The ministry of health& family welfare allocation

in `.37330 cr. Medical allocated in education,

provide `.4727 cr. in training & research.

The Health care of elderly is being in the Rashtriya Madhyamik Abhiyan

(RMSA). To provide `.3983 cr. an increase of 25.6% Rural Education in

2012-13.

TheHuman Resources Development

allocation`

.65867 cr.. to increasein 17% for 2011-12 in Rural Education.

At last Backward Classes & minorities , girl

children in 2013-14 of allocated `.5284.

1. Health & Education:


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2. Agriculture:

The agriculture rate is the 11th plan was 3.6%

as well as on another rate is lower the 2.5% &

2.4% respectively.

Agriculture will exports from April to

Dec,2012 have crossed `.138403 cr.

Agriculture provide `.3415.

(1)Agriculture Credit:

Agriculture target is of`.575000crore fixed for 2012/2013.

F.M. proposed to increased the target to `.700000 cr. 2013.

(2)Green Revolution:F.M. propose to continue to support the eastern Indian States with an allocation of

`.1000 Cr. in 2013-14.

F.M. propose to increase the allocation for the integrated watershed programmers

from `.3050 cr. in 2012-13(BE)to `.5387 cr.



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(3)Farmer Producer Organization

Agriculture Business Corporation with `.100 cr. divided in people.

FPO to working capital from Financial institutes to proposed on `50 cr.

(4)National Livestock Mission

The NLM will be lunched in 2013-2014 to investment `.307 cr. for the mission.

A mission for increasing the availability of feed and fader.

(5)Food Security

Agriculture is human right to education to health care.

The parliament was about the condition for the `.10000 cr.

for provision food subsidy And incremental cost the food security.

Continued..



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3. Investment, Infrastructure And Industry:

The two infrastructure were tax free bond

`.30000 cr. in 2011-12 and expected to `.25000 Cr.

in 2012-13.

(1)Road construction

Road construction first six month of investment in

2013-14 awarded in the 3000 km, of road project in

Gujarat, Maharashtra, Madhya Pradesh, Rajasthan& Uttar Pradesh.

(2)New Investment

A Company investing `.100crore mere in plant

& Machinery during the period of 1/4/2013 to

31/3/2015 will be the entitled to deduct an investment allocation of 15% of the

investment.


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(3)Saving

The Gross domestic saving fell by 6% points in

2011-12 and higher 36.8% for 2007-08.

Private sector less then the corporate,

household & corporate, to saving.Investment service for poor & middle classes

saving the RBI.

Continued..



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4. FINANCIAL SECTOR

(1)BANKING

Corporation/corporative bank on CBS

(CORE BANKING SOLUTION) andE-Payment system by 31/12/2013.

Also, public sector banks have branches

will have an ATM in place by 31/3/2014.

RBI consultation with RBI allocated in`

.2000 cr. to the fund in 2013-14.

(2)INSURANCE

Insurance companies will be empowered to open branches in Tier Cities & below

with out prior approval of IRDA.

Bank will be permitted to act as insurance brokers so that the entire network of

bank Branches will be utilized to increase products.

The banking and insurance for financial sector we can evolve a comprehensive

social security Package.



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Women, children & the minorities as possible toallocate `.41561 cr. to the scheduled caste sub plan

& ` 24598 cr. to the tribal sub plan.

`1,000 crore allocation towards setting up ofIndias

firstWomens public sector Bank.

A fund - Nirbhaya Fund - to be setup with Government contribution of ` 1,000crore.

Women & Widows, must be able to live with self esteem and dignity.

The gender budget has `.97134 Cr. And the child budget has `.77236 Cr. In 2013-14.

The welfare and progress of the scheduled castes and the

scheduled tribes for

whom the budget has sub plans.

Additional sum of`.200 Cr. To that ministry to begin work

in this regards.

5. WOMEN:



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Direct taxes:

F.M. propose to provide a tax credit of 2000 to every

person who has a total income upto

`.5 lakh.

1.8 crore tax payers are expected to benefits to the

value of rs.3600 crore.

There are 42,800 persons who admitted to a taxable income

Exceeding `1 crore per year. F.M. propose to impose a surcharge of 10 percent on them thiswill apply to individuals, HUFs, firms and entities with similar tax status.

F.M. also propose to increase the surcharge from 5 percent to 10 percent on domestic

companies Whose taxable income exceeds `.10 crore per year. In the case of foreign

companies, who pay the higher rate of corporate tax, the surcharge will increase from 2

percent to 5 percent. The additional surcharges will be in force for only one year, that is

financial year 2013-14

The education cess for all tax payers shall continue at 3 percent.

The tax proposals on the direct taxes side are estimated to yield `.13,300 crore.V.M PATEL INSTITUTE OF MANAGEMENT GANPAT UNIVERSITY


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INDIRECT TAXES

There is no change in the peak rate of basic

customs duty of 10 percent for non agricultural

products, also no change in the normal rate of

excise duty of 12 % rate of service tax of 12 %.

F.M. propose to reduce the duty on specified

manufacture of leather and leather goods, including

footwear, from 7.5 percent to 5 percent.

F.M. propose to totally exempt

handmade carpets and textile floor

covering of coir or jute from exciseduty.

The tax proposals on the Indirect taxes

side are estimated to yield `.4,700

crore.V.M PATEL INSTITUTE OF MANAGEMENT GANPAT UNIVERSITY


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Impact on different Persons:

TAXPAYERS:

Rebate of`.2000 for those with income up to `.5 lac, resulting in tax saving of`.2,060.

Deduction up `.1 lac for interest on first home

loans up to `.25 lac for property worth up

to`

.40 lac. Unused part can be carried forwardto next year.

Surcharge of 10% on those with taxable

incomes exceeding Rs.1 core, making effective

marginal rate 33.99%.

Transfer of immovable property at lower than stamp valuation to be taxed as gift in

hands of recipient. TDS at 1% on transfer of immovable property sold for over`.50 lac

except where it is agricultural land.



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Investors:

RGESS to be liberalized: tax deduction

allowed for 3 yrs instead of 1 yr, qualifying

individuals income limit raised from `.10 lakh

to `.12 lakh.

Securities Transaction tax reduced

Commodity Transaction Tax (CTT) lower at 0.01% of trade introduced on non-agricultural

commodities.

Tax on income distributed by non-equity orientedMutual Funds units hiked from 12.5% to 25%



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Customs duty-free allowance for jewelry

for Indian passengers transferring residence up

from ` 10,000 to ` 50,000 for males and from

` 20,000 to ` 1 lakh for females.

Excise duty on mobiles costing over` 2,000 increased from 1% to 6%.

Service tax on construction of new residential complexes of` 1 crore or more or with carpet

area of 2,000 square feet or more up from 3.09% to 3.71%.

Duty on imported automobiles exceeding ` 4,000 (capacity over 3 liters for petrol and 2.5

liters for diesel) hikes of over 800cc up from 60% to 75%, on SUVs from 27% to 30%

Excise duty on cigarettes increased to 18%.

CONSUMERS:



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Additional deduction of 15% for investments of

over` 100cr on new assets over next 2 years for

manufacturing companies.

Company need not pay dividend distribution tax on income from foreign

subsidiary.

Surcharge on domestic firms with income

above ` 10cr raised from 5% to 10%;effective rate 33.99%;

for foreign firm it is up from 2% to 5%

effective rate 43.26%.

Businessmen:



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Impact on different Industries:

Air Line Industry:

Passenger traffic has been hit by the economic

slow-down and higher airfares.

Consequently, domestic traffic fell 6%

year-on-year and international traffic grew

only 2.8% during April-November 2012

BUDGET IMPACTThere have been no major proposals for the airline services industry in this Budget.

However in order to give a fillip to the Indian aircraft manufacture, repair and overhaul

(MRO) industry, certain concessions have been for aircraft maintenance to help Indian

carriers lower their aircraft maintenance costs and improve the viability of MRO units in

India.V.M PATEL INSTITUTE OF MANAGEMENT GANPAT UNIVERSITY


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Banking & Finance Industry:

Aggregate bank credit is expected to grow 17-18% year-on-year in 2013-14, driven by

improvement in agriculture growth, consumption-led recovery in the economy and pre-

election welfare spending.

BUDGET IMPACT

The Budget proposed to provide ` 14,000 core

as capital support to all public sector banks in

2013-14.The government also intends to help

public sector bank comply with Basel-III

regulation. For 2013-14,bank have been directed to lend ` 7,00,000 core to the

agriculture sector, 21.7% higher than the 2013-14



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Cement Industry:

Recovery in construction activity and infrastructure spending by the government could

help cement demand grow 7% year-on-year in

2013-14 against a muted 5% in 2012-13.

Average Pan-India cement prices are expected

To rise by approximately 15% year-on-year in

2012-13, mainly driven by higher prices in the

eastern parts of the country. In 2013-14, prices

are estimated to grow by a moderate 4-5%.

BUDGET IMPACT

The Budget has proposed several schemes to boost infrastructure and housing segments.This is expected to aid demand for cement. However, this upside is likely to be offset by

the increase in freight costs for cement companies, due to the proposed hike in railway

freight. The railway Budget 2013-14 has proposed fuel adjustment component linked

revision for freight rates.



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Domestic fertilizer demand is estimated to fall 12%

year-on-year to 59.9 million tone in 2012-13, owing to a

sharp decline in complex fertilizer demand in southern

and western parts of the country.

In 2013-14, overall domestic fertilizer demand is expected to grow 8% year-on-year assuming a

normal monsoon, stable urea prices and fall in retail prices of complex fertilizers.

BUDGET IMPACT

In 2013-14 fertilizer subsidy is expected to study constant

last years level of` 65,900 core. Subsidy on complex

fertilizer is budgeted to decline by ` 1,000 core eventhough demand is likely to improve as nutrient-based subsidy

rates are expected to be reduced due to softening in international prices.

The increase in budgeted subsidy of` 1,000 core on indigenous urea for 2013-14 implies thatthe government is not expected to like retail urea prices during the year.

Fertilizers:



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A total of` 1,30,000 core is likely to

be pumped into the development ofports and airports-77% for ports and

33% for airportsbe- teen 2012-13

and 2016-17. Public-Private Partnership

(PPP) projects are expected to account for more than 75% of these investments. In 2013-

14, traffic at airports and ports is expected to grow at a subdued 3-5% and 4-6%,respectively.

BUDGET IMPACT

The proposals to develop a major

port each in sagar, West Bengal andAndhra Pradesh will add 100 million

tone of capacity. Further, a new outer harbor in the Chidambaranar port in Tamil

Nadu through the PPP will add another 42 million tone. Both hose measures will

lead to an increase in port capacities in a phased manner over the next five to six

year.

Ports & Airports:



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The healthy growth in awarding of national highways projects slowed down significantly in

2012-13. Several BOT (build-operate-transfer) projects have not been able to attract private

participation, given the highly leveraged financial profile of developers and concerns overfunding.

Since bidder interest for

BOT projects remains lackluster,

NHAI (National Highways Authority

of Indian) plans to awaked a higherproportion of projects on the EPC

model.

BUDGET IMPACT

Issue of tax-free infrastructure bonds raised by the government agencies (including NHAI

and Hudco) for infrastructure has been allowed once again in 2013-14, up to a total limit of

` 50,000 core. This is expected to provide additional funds to the NHAI for executing

national highway projects.

Infrastructure & Roads:



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Optional spending has taken a hit due to the inflationary

environment, resulting in moderation of volume growth.

Large FMCG players are less affected, though.

Medium-term prospects for the sector remain healthy, lad by

rising per capita consumption and continued focus on rural

pockets and rise in the standard of living would help product

penetration and consumption.Even a small rise in disposable incomesof India's 350 million

middle income consumers will aid growth.

BUDGET IMPACT

The overall impact of the budget is expected to beneutral. There has been no increase in the normal

rate of excise duty. Allocation of resources towards

Mahatma Gandhi Rural Employment Guarantee

Scheme, a key driver of demand , has remained unchanged too.

FMCG Industry:



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Car and utility vehicle sales are expected to moderate to 8-10% in 2013-14. Demand for cars

has been hit by rising petrol prices, high interest rates and income uncertainty. However,

model launches and preference for diesel vehicles have propelled UV sales.

Lower rural incomes have affected two-wheeler sales, which are estimated to grow 3-5%.

Medium and heavy commercial vehicle sales have been hit by lower freight availability, and

are estimated to plummet by over 25%.

BUDGET IMPACTDemand for non-taxi sports utility vehicles

with engine capacity above 1500cc will be

marginally affected by the increases in

excise duty to 30%. Sales of such vehicles,

which account for10-12% of total

passenger vehicle sales, grew 16% in April2012-December 2013.

Demand for high-end imported luxury cars will be affected as well, as basic customs duty has

been raised to 100% from 75%. Similarly, motorcycle sales will be impacted by a rise in basic

customs duty to 75% from 60%.

Automobile Industry:



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Lack of fuel availability has led to lower plant load

factors and delayed commissioning of projects.

Implementation of coal price pooling is seen

increasing coal supply.

BUDGET IMPACT

Extension of the sunset clause to avail of the 10-year tax holiday by a year would benefit18-20GW of capacities expected to be commissioned in 2013-14.

Funding will improve with the issuance of tax-free bonds of` 50,000 core and credit

enhancement through IIFCL. The proposal to adopt a PPP framework for coal production

will improve domestic coal supply in the long term.

Power Industry:



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Crude oil prices averaged $111 per barrel between April 2012

and February 2013, mainly due to sanctions imposed on Iran

by the US and EU and geo-political tensions in Middle-East

and North Africa region. Under-recoveries rose 28.4%

year-on-year to ` 1,24,900 core in April-December 2012.

BUDGET IMPACT

Change in exploration policy and review of the current natural gaspricing policy to be positive. The proposed change in the exploration

policy, to revenue- sharing from profit-sharing for exploration and

development contracts, is marginally positive for upstream companies.

Oil & Gas Industry:



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Lower exports due to a slump in global off take and

sluggish domestic market hit textile demand in 2012-

-13. Robust yarn exports benefitted spinners, though.

Demand is expected to rise moderately in 2013-14,

aided by improved global and domestic economy.

BUDGET IPMACT

Removal of the 3.6% excise duty on readymade garments

and extension of the Technology Up gradation funds

scheme (TUFS) is positive for the sector. Garment

manufacturers are expected to earn higher margins,

despite partially passing on the benefit to consumers.

TUFS has been expected for the 12th five-year plan, with an

investment target of` 1,51,000 core compared with `

1,51,600 core under the 11th five-year plan. Budgetary

allocation under TUFS has been increased to ` 2,400 core in

2013-14 from ` 2,200 core in 2012-13.

Textile Industry:



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Hit by the slowdown in automobiles, constructionand infrastructure industries, domestic steel demand

is expected to grow at a subdued rate of3-5% in2012-13.

Weak demand and lower realizations, coupled withan acute shortage in and high prices ofiron ore in 2012-13, are expected to keep marginsunder pressure.

BUDGET IPMACT

The export duty on certain galvanized steel

sheets has been reduced to nil from 7.5%,

with full exemption from export duty beingprovided, with effect from March 1, 2011,

retrospectively. This move will benefit

galvanized steel exporters, such as Tata steel,

JSW steel and Bhushan steel, among others.

Steel Industry:



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Demand for residential real estate was downcast in

in 2012-13 due to weak consumer sentiment and

rising interest rates. Most realty firms were unable

to sell their inventories. Consequently, project

launches were slow.

BUDGET IMPACT

First-time home buyers availing of an up to ` 25 lakh loan

in 2013-14 can get an additional interest deduction of` 1 lakh

in the fist year, over and above the existing ` 1.5 lakh benefit.

This is likely to boost new home sales.Allocation towards the Rural Housing Fund has been increased

50% to ` 6,000 core for 2013-14, An Urban Housing Fund of

` 2,000 core in 2013-14 has also been proposed.

Real Estate Sector:


R il I d


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Organized retail revenues are expected to grow at

a subdued 8-10% in 2012-13 owing to a slowdown

in consumer spending.During April-December 2012, same store sales of

value retail grew at a slower pace visa vis lifestyle

retail, which increased 9%. In spite of a low revenue

growth, aggregate operating margins of large retailers

are estimated to remain stable at 8% in 2012-13 ona year-on-year basis.

Organized retail revenues are expected to improve

to 14-15% in 2013-14 following an expected revival

in consumer sentiment.

BUDGET IMPACT

The overall impact is positive. In 2012-13, the excise

duty levied on apparels was 3.3%. Margins of retail

companies with a larger share of private labels could

benefit more.

Retail Industry:


Wh ill b Ch


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What will be Cheaper:

PRODUCTS/

SERVICESCHANGE PRICE/DUTY

IMPACTPrecious and

semi-precious

stonesReduced from

10% to 2% Decreased

Baggage relief

For jewelleryMale passengers: increased

from`

.10,000 to`.50,000

Female passengers: increased

from ` 20,000 to `1,00,000Decreased

Readymade

garments Excise duty exemptionscheme restored,Subject to certain conditions Decreased


Wh t ill b C tli


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What will be Costlier:PRODUCTS/

SERVICES

CHANGE PRICE/

DUTY

IMPACT

Set-top box Custom duty up from

5% to 10% Increased

Luxury vehicles

Cars

Motor cycles

(exceeding

800 cc)

Yachts

Import duty up from

75% to 100%

Import duty up from

60% to 75%

Import duty up from

10% to 25%

Increased

Cigarettes

Cigars,etc.

Specific excise duty

Increased by about

18%(similar changes in cheroots)

Increased

Marble slabs

And tiles

Excise up from ` 30/sq.m to ` 60/sq.m

Increased

Mobile phone(of value exceeding ` 2000) Excise duty up from

1% to 6% Increased

Sports utility

Vehicles(SUVs of

More than 1500 ccNot being used as taxis)

Excise up from

27% to 30% Increased

All AC restaurants,

Including those not having liquor licences

Effective service [email protected]% made applicable

Increased

Vehicle parking by general public Service [email protected]%

Made applicable Increased

Premium residential apartments(with carpet

area of over 2,000 sq.ft

And value of `1 crore or more)

Effective service tax

Rate increased from

3.09% to 3.71%

Increased



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Income & Expenditure

B.E: Budget estimates R.E: Revised estimates

O i i f V i I d t L d


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Kishore Biyani (Future Group)

The FM has taken various small, yet significant measure, it is great to see the

focus coming back on clothing and food , the two sectors that have been the

backbone of the Indian economy.

Opinion of Various Industry Leaders



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Kumar Mangalam Birla:

In extremely difficult year where the FM had literally space to maneuver, he has

presented a responsible even though conservative budget. There is promise of

reducing the fiscal deficit, and the numbers while challenging seem credible



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N. Chandra sekharan:

T.C.S (MD & CEO)

The focus on using technology to drive inclusion program have been continued.

The FM also give the fillip to tech. based innovation by allowing funding for

tech. incubators locate within academic institution qualifying as CSR

expenditure.

This will increase the engagement of the corporate sector with the start ups.



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Documents

key points on Union Buget 2013-14