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Budget 2013: Highlights

Posted: 28 Feb 2013     Print Version  Bookmark and Share

Keywords:Union Budget  tax policy  electronics sector  set-top box  semiconductor 

Finance Minister P. Chidambaram unveiled the 'Union Budget 2013-14' in the Parliament today. EE Times India highlights a list of announcements focussed on tax reforms, corporate tax policy, India's electronics sector, and more:

 • FY 2013 Plan expenditure was too ambitious

 • FY 2014 Planned expenditure to be 29.4% more than FY 2013

 • Getting back to 8% growth rate is challenge for the country

 • India needs to encourage foreign investments

 • Zero customs duty for equipments required for setting up semiconductor plant in the country. "I propose to provide appropriate incentives to semiconductor wafer manufacturing facility including zero custom duty for plant and machinery," said Chidambaram.

 • Set-top box import duty hiked. To up import duty on set-top boxes to 10% from 5%

 • Mobile phones above Rs.2,000 to cost more. 6% tax hike on all mobile phones above Rs. 2,000

 • Funds provided by corporates to technology incubators at recognised universities to qualify as their corporate social responsibility (CSR) initiatives.

 • Indian Institute of Biotechnology to be established at Ranchi, Jharkhand. It will serve as a centre of excellence for agricultural biotechnology

More articles on Budget 2013-14
 •  'Budget 2013 average-good for ESDM sector': F&S
 •  Budget 2013: What industry wants?
 •  Hike customs duty on phones, tablets: F&S
 •  IESA seeks speedy implementation of GST
 •  MAIT recommends measures to boost IT hardware.

 • Generation-based incentives for wind energy projects

 • Budget propose to allocate Rs.65,867 crore to HRD ministry; 17% hike in allocation to education

 • Allocated Rs.1,000 crore for skill development of ten lakh youth to enhance their employability and productivity.

 • Tax administration reform commission to be set up to strengthen the system

 • Imposes 5-10% surcharge on local companies income above Rs.10 crore

 • No revision in personal Income Tax slabs

 • Surcharge on Super Rich. Those with taxable income exceeding Rs.1 crore a year will have to pay a surcharge of 10% additional surcharges only for one year

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