Finance Minister Mr. P. Chidambaram Presented The Union Budget For 2013-14 on Thursday, 28th February.
This is India's 82nd & Chidambaram's 8th Union Budget.
Rail Budget was also Presented 2 days ago by Rail Minister Pawan Kumar Bansal.
Whole India was looking for a Budget that will put them in ease as at present, due to Inflation, Price Hikes & Recession, Common Man is struggling to survive a Life by completing all his necessities. Rail Budget disappointed people to an extent.This time, the Union Budget was prepared keeping LokSabha Elections in the mind which will be held next year.
FM P. Chidambaram proposed his speech for budget in Loksabha at 11 in the morning. Madam Speaker,I rise to present the Budget for the year 2013-14.I recall my last tenure as Finance Minister and acknowledge with gratitude the splendid support that I received from all sections of the House as well as the people of India. Today, more than ever, I seek the same support as we navigate the Indian economy through a crisis that has enveloped the whole world and spared none.I intend to keep my speech simple, straight forward and reasonably short.
Read: Complete Speech of Finance Minister P. Chidambaram on Union Budget 2013
Finance Minister P Chidambaram on Thursday presented his eighth annual budget in Parliament, the second highest by anyone in the country after a record ten by former Prime Minister Morarji Desai. Overall, it was 82nd Union Budget in the Indian history, including interim and special-situation budgetary proposals, since the first one of independent India was presented by then Finance Minister R K Shanmukham Chetty on November 26, 1947. Resisting the temptation of election-year populism, the general Budget on Thursday offered no major tax sops but slapped a surcharge on the super-rich, raised duties on mobile phones, cigarettes and imported luxury vehicles and introduced TDS on property sale above Rs 50 lakh.
Read More: Complete Highlights of Union Budget 2013
Presenting UPA-II's last full-fledged Budget ahead of net year's general elections to net in an additional Rs 18,000 crore, finance minister P Chidambaram did a tightrope walk balancing growth needs with fiscal prudence by stepping up expenditure in social sectors and cutting subsidies. In a Budget that pegs fiscal deficit at 4.8 per cent of GDP, defence allocation has been stepped up by 14 per cent over the revised expenditure in the current year to Rs 2,03,672 crore in the next.
Read: Union Budget 2013 - Complete News
There are only 42,800 people in India who admit to having a taxable income of over Rs. 100 crore a year, Finance Minister P Chidambaram noted today as he imposed a surcharge of 10 per cent on the income of the super-rich.
Some other highlights of Union Budget 2013
- Leather products get cheaper
- Mobile phones, dinning out, cigarettes, SUVs, motorbikes, set-up boxes get expensive
- Excise duty on cigarettes raised by 18 per cent
- Mobile Phones, SUVs to get more expensive: On mobile phones priced at more than Rs.2000, excise duty hiked to 6%. Excise duty on SUVs raised from 27% to 30%
- Duty free limit for Gold raised to Rs. 50,000 in case of a male passenger and Rs. 1 lakh for female passengers
- The current slabs were introduced last year. Hence there is no case of revising either
- Some tax credit of Rs. 2000 for every person who has an annual income of upto Rs. 5 lakh
Read: Union Budget 2013: What Goes Costlier & What Goes Cheaper - Complete List
Political reactions after the Budget 2013-14 was announced by Union Finance Minister P. Chidambaram.
Ram Gopal Yadav, SP leader"There is decline in prices of imported shoes only. No relief to any class...Now 1 per cent tax has been imposed on flats too."
Read: Union Budget 2013 - Reactions of Political Leaders - Complete
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