Indian Budget 2011 Highlights

Here are the highlights:

TAXES

* Standard rate of excise duty held at 10 percent

* Service tax rate held at 10 percent

* Scope of service tax to be widened

* Minimum alternate tax raised to 18.5 percent from 18 percent

* Iron ore export duty raised to 20 percent

* Personal income tax exemption limit raised to Rs 180,000

* Surcharge on domestic companies raised to 5 percent 
* Net market borrowing for 2011-12 seen at Rs 3.43 trillion.

* Revised gross market borrowing for 2010-11 at Rs 4.47 trillion

FISCAL DEFICIT

* Fiscal deficit seen at 5.1 percent of GDP in 2010-11

* Fiscal deficit seen at 4.6 percent of GDP in 2011-12

* Fiscal deficit seen at 3.5 percent of GDP in 2013-14

SPENDING

* Total expenditure in 2011-12 seen at 12.58 trillion rupees

* Plan expenditure seen at Rs 4.41 trillion in 2011-12, up 18.3 percent

REVENUE

* Gross tax receipts seen at Rs 9.32 trillion in 2011-12

* Corporate tax receipts seen at Rs 3.6 trillion in 2011-12

* Tax-to-GDP ratio seen at 10.4 percent in 2011-12; seen at 10.8 percent in 2012-13

* Customs revenue seen at Rs 1.52 trillion in 2011-12

* Factory gate duties seen at Rs 1.64 trillion in 2011-12

* Non-tax revenue seen at Rs 1.25 trillion in 2011-12

* Service tax receipts seen at Rs 82,000 crore in 2011-12

* Telecom fees, auction of broadband spectrum to raise Es 296.5 billion in 2011-12

SUBSIDIES

* Subsidy bill in 2011-12 seen at Rs 1.44 trillion

* Food subsidy bill in 2011-12 seen at Rs 605.7 billion

* Revised food subsidy bill for 2010-11 at Rs 606 billion

* Fertiliser subsidy bill in 2011-12 seen at Rs 500 billion

* Revised fertiliser subsidy bill for 2010-11 at Rs 550 billion

* Petroleum subsidy bill in 2011-12 seen at Rs 236.4 billion

* Revised petroleum subsidy bill in 2010-11 at Rs 384 billion

* State-run oil retailers to be provided with Rs 200 billion cash subsidy in 2011-12

GROWTH, INFLATION EXPECTATIONS

* Inflation seen at 5 percent in 2011-12

* Economy expected to grow at 9 percent in 2012, plus or minus 0.25 percent


DISINVESTMENT

* Disinvestment in 2011-12 seen at Rs 400 billion



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