“Kalangathu Kanda Vinaikkan Thulangkathu
Thookkang Kadinthu Seyal”
(What clearly eye discerns as right, with steadfast will
And mind unslumbering, that should man fulfil)
- Saint Tiruvalluvar
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Key Features of Budget 2013-2014
THE ECONOMY AND THE CHALLENGES
Getting back to potential growth rate of 8 percent is the challenge facing the
country.
Slowdown in Indian economy has to be seen in the context of slowing global
economic growth from 3.9 per cent in 2011 to 3.2 per cent in 2012.
However, no reason for gloom or pessimism. Of the large countries of the world
only China and Indonesia growing faster than India in 2012-13. In 2013-14, only
China projected to grow faster than India.
Between 2004 and 2008, and again in 2009-10 and 2010-11 the growth rate was
over 8 per cent and crossed 9 per cent in four of those six years.
11th Plan period had average growth rate of 8 percent, highest during any Plan
period, entirely under the UPA Government.
High growth rate can again be achieved through cooperation.
‘Higher growth leading to inclusive and sustainable development’ to be the
mool mantra.
Government believes in inclusive development with emphasis on improving
human development indicators specially of women, the scheduled castes, the
scheduled tribes, the minorities and some backward classes. This Budget to be a
testimony to that commitment.
Fiscal Deficit, Current Account Deficit and Inflation
The purpose of Budget to create economic space and find resources to achieve
the objective of inclusive development.
Dr Vijay Kelkar Committee made its recommendations to Government
in September 2012. A new fiscal consolidation path with fiscal deficit at
5.3 per cent of GDP this year and 4.8 per cent of GDP in 2013-14 announced by
the Government.
Foreign investment in an imperative in view of the high current account deficit
(CAD). FII, FDI and ECB three main source of CAD Financing. Foreign
investment that is consistant with our economic objectives to be encouraged.
Development must be economically and ecologically sustainable and
democratically legitimate.
Battle against inflation must be fought on all fronts. Efforts in the past few months
have brought down headline WPI inflation to about 7 per cent and core inflation
to about 4.2 percent.
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Food inflation is worrying but all possible steps to be taken to augment the supply
side to meet the growing demand for food items.
Government expenditure has both good and bad consequences and trick is to
find the correct level of Government expenditure.
Faced with huge fiscal deficit, Government expenditure rationalised in 2012-13.
Some economic space retrieved. Space to be used to further Government’s socioeconomic
objectives.
THE PLAN AND BUDGETARY ALLOCATIONS
Revised Estimates (RE) of the expenditure in 2012-13 at 96 per cent of the Budget
Estimates (BE) due to slowdown and austerity measures.
During 2013-14, BE of total expenditure of ` 16,65,297 crore and of Plan
Expenditure at ` 5,55,322 crore.
Plan Expenditure in 2013-14 to grow at 29.4 per cent over Revised Estimates for
the current year.
All flagship programmes fully and adequately funded and sufficient funds
provided to each Ministry or Department consistent with their capacity to spend
funds.
Budget for 2013-14 to have one overarching goal of creating opportunities for
our youth to acquire education and skills that will get them decent jobs or selfemployment.
SC, ST, Women and Children
Allocations for Scheduled Caste Sub Plan and Tribal Sub Plan increased
substantially over the allocations of the current year. Funds allocated to these
Sub Plans cannot be diverted.
` 97,134 crore allocated for programmes relating to women and ` 77,236 crore
allocated for programmes relating to children.
Ministry of Women and Child Development to design schemes that will address
the concerns of women belonging to the most vulnerable groups, including single
women and widows. An additional sum of ` 200 crore proposed to be provided
to the Ministry to begin work.
Minorities
An increase of 12 per cent over the BE and 60 per cent over the RE of 2012-13 to
Ministry of Minority Affairs.
Allocation of ` 160 crore to the corpus of Maulana Azad Education Foundation
to raise its corpus to ` 1,500 crore during 12th Plan period.
Disabled Persons
A sum of ` 110 crore to the Department of Disablity Affairs for ADIP scheme in
2013-14 against RE 2012-13 of ` 75 crore.
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Health and Education
Health for all and education to all remains priority.
` 37,330 crore allocated to the Ministry of Health & Family Welfare.
New National Health Mission will get an allocation of ` 21,239 crore.
` 4,727 crore for medical education, training and research.
` 150 crore provided for National Programme for the Health Care of Elderly.
Ayurveda, Unani, Siddha and Homoeopathy are being mainstreamed. Allocation
of ` 1,069 crore to Department of AYUSH.
` 1,650 crore allocated for six AIIMS-like institutions.
Allocation of ` 65,867 crore to the Ministry of Human Resource Development,
an increase of 17 perent over the RE of the current year.
` 27,258 crore provided for Sarva Shiksha Abhiyaan (SSA).
An increase of 25.6 per cent over RE of the current year for investments in
Rashtriya Madhyamik Shiksha Abhiyan (RMSA).
` 5,284 crore allocated to Ministries/Departments in 2013-14 for scholarships to
students belonging to SC, ST, OBC, Minorities and girl children.
Mid Day Meal Scheme (MDM) to be provided ` 13,215 crore.
Government committed to the creation of Nalanda University as a centre of
educational excellence.
ICDS
` 17,700 crore allocated for ICDS in 2013-14 representing an increase of
11.7 per cent over 2012-13.
Allocation of ` 300 crore in 2013-14 for a multi-sectoral programme aimed at
overcoming maternal and child malnutrition. Programme to be implemented in
100 districts during 2013-14 to be scaled to cover 200 districts the year after.
Drinking Water
` 15,260 crore allocated to Ministry of Drinking Water and Sanitation.
` 1,400 crore provided for setting-up of water purification plants in 2000 arsenic
- and 12000 fluoride-affected rural habitations.
Rural Development
Allocation of ` 80,194 crore in 2013-14 for Ministry of Rural Development
marking an increase of 46% over RE 2012-13.
Proposal to carve out PMGSY-II and allocate a portion of the funds to the new
programme that will benefit States such as Andhra Pradesh, Haryana, Karnataka,
Maharashtra, Punjab and Rajasthan.
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JNNURM
` 14,873 crore for JNNURM in BE 13-14 as against RE of ` 7,383 crore. Out of
this, a significant portion will be used to support the purchase of upto 10,000
buses, especially by the hill States.
AGRICULTURE
Average annual growth rate of agriculture and allied sector was 3.6% during XI
Plan against 2.5% and 2.4% in IX and X plans respectively.
In 2012-13, total food-grain production will be over 250 million tonnes. Minimum
support price for every agricultural produce has increased significantly under the
UPA Government.
` 27,049 crore allocated to Ministry of Agriculture, an increase of 22 per cent
over the RE of current year.
Agricultural research provided ` 3,415 crore.
Agricultural Credit
For 2013-14, target of agricultural credit kept at ` 7 lakh crore.
Interest subvention scheme for short-term crop loans to be continued scheme
extended for crop loans borrowed from private sector scheduled commercial
banks.
Green Revolution
Bringing green revolution to eastern India a remarkable success. ` 1,000 crore
allocated in 2013-14.
` 500 crore allocated to start a programme of crop diversification that would
promote technological innovation and encourage farmers to choose crop
alternatives.
Rashtriya Krishi Vikas Yojana and National Food Security Mission provided
` 9,954 crore and ` 2,250 crore respectively.
Allocation for integrated watershed programme increased from ` 3,050 crore in
2012-13 (BE) to ` 5,387 crore.
Allocation made for pilots programme on Nutri-Farms for introducing new crop
varieties that are rich in micro-nutrients.
National Institute of Biotic Stress Management for addressing plant protection
issues will be established at Raipur, Chhattisgarh.
The Indian Institute of Agricultural Bio-technology will be established at Ranchi,
Jharkhand.
Pilot scheme to replant and rejuvenate coconut gardens implemented in some
districts of Kerala and the Andaman & Nicobar extended to entire State of Kerala.
Farmer Producer Organizations
Matching equity grants to registered Farmer Producer Organization (FPO) upto
a maximum of ` 10 lakhs per FPO to enable them to leverage working capital
from financial institutons.
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Credit Guarantee Fund to be created in the Small Farmers’Agri Business
Corporation with an initial corpus of ` 100 crore.
National Livestock Mission
National Livestock Mission to be set up.
A provision of ` 307 crore made for the Mission.
Food Security
Additional provision of Rs. 10,000 crore for National Food Security Act.
INVESTMENT, INFRASTRUCTURE AND INDUSTRY
Communication with investors to be improved to remove any apprehension or
distrust, including fears about undue regulatory burden.
Need of new and innovative instruments to mobilise funds for investment in
infrastructure sector. Measures such as:
* Infrastructure Debt Funds (IDF) to be encourged,
* IIFCL to offer credit enhancement.
* Infrastructure tax-free bond of ` 50,000 crore in 2013-14,
* Build roads in North eastern states and connect them to Myanmar with
assistance from WB & ADB,
* Raising corpus of Rural Infrastructure Development Fund (RIDF) to ` 20,000
crore and
* ` 5,000 crore to NABARD to finance construction for warehousing. Window
to Panchayats to finance construction of godowns.
Road Construction
A regulatory authority for road sector.
3000 kms of road projects in Gujarat, Madhya Pradesh, Maharashtra, Rajasthan
and Uttar Pradesh will be awarded in the first six months of 2013-14.
Cabinet Committee on Investment
The Cabinet Committee on Investment (CCI) has been set up. Decisions have
been taken in respect of a number of gas, power and coal projects.
New Investment
Companies investing ` 100 crore or more in plant and machinery during the
period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance
of 15 per cent of the investment.
Incentives to semiconductor wafer fab manufacturing facilities, including zero
customs duty for plant and machinery.
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Savings
Need to incentivise greater savings by household sector in financial instrumnets.
Following measures proposed:
Rajiv Gandhi Equity Savings Scheme to be liberalised.
Additional deduction of interest upto ` 1 lakh for a person taking first
home loan upto ` 25 lakh during period 1.4.2013 to 31.3.2014
In consultation with RBI, instruments protecting savings from inflation
to be introduced.
Industrial Corridors
Plans for seven new cities have been finalised and work on two new smart
industrial cities at Dholera, Gujarat and Shendra Bidkin, Maharashtra will start
duing 2013-14
Delhi Mumbai Industrial Corridor (DMIC) to be provided additional funds during
2013-14 within the share of the Government of India in the overall outlay, if
required.
Chennai Bengaluru Industrial Corridor to be developed.
Preparatory work has started for Bengaluru Mumbai Industrial Corridor.
Leh-Kargil Transmission Line
Government to construct a transmission system from Srinagar to Leh at a cost of
` 1,840 crore.
Ports
Two new major ports will be established in Sagar, West Bengal and in Andhra
Pradesh to add 100 million tonnes of capacity.
A new outer harbour to be developed in the VOC port at Thoothukkudi,
Tamil Nadu through PPP at an estimated cost of ` 7,500 crore.
National Waterways
A bill to declare the Lakhipur-Bhanga stretch of river Barak in Assam as the
sixth national waterway to be moved in Parliament.
Preparatory work underway to build a grid connecting waterways, roads and ports.
Oil and Gas
A policy to encourage exploration and production of shale gas will be announced.
The 5 MMTPA LNG terminal in Dabhol, Maharashtra will be fully operational
in 2013-14.
Coal
In the medium to long term need to reduce our dependence on imported coal.
One way forward is to devise a PPP policy framework with Coal India Limited
as one of the partners.
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Ministry of Coal to announce Government’s policies in due course.
Power
Guidelines regarding financial restructuring of DISCOMS have been announced.
State Government urged to prepare the financial restructuring plan, quickly sign
MoU and take advantage of the scheme.
Micro, Small and Medium Enterprises
Benefits or preferences enjoyed by MSME to continue upto three years after they
grow out of this category.
Refinancing capacity of SIDBI raised to ` 10,000 crore.
Another sum of ` 100 crore provided to India Microfinance Equity Fund.
A corpus of ` 500 crore to SIDBI to set up a Credit Guarantee Fund for factoring.
A sum of ` 2,200 crore during the 12th Plan period to set up 15 additional Tool
Rooms and Technology Development Centres with World Bank assistance.
Ministry of Corporate Affairs to notify that funds provided to technology
incubators located within academic Institutions and approved by the Ministry of
Science and Technology or Ministry of MSME will qualify as CSR expenditure.
Textiles
Technology Upgradation Fund Scheme (TUFS) to continue in 12th Plan with an
investment target of ` 1,51,000 crore.
Allocation of ` 50 crore to Ministry of Textile to incentivise setting up Apparel
Parks within the SITPs to house apparel manufacturing units.
A new scheme called the Integrated Processing Development Scheme will be
implemented in the 12th Plan to address the environmental concerns of the textile
industry.
Working capital and term loans at a concessional interest of 6 per cent to handloom
sector.
Scheme of Fund for Regeneration of Traditional Industries (SFURTI) extended
to 800 clusters during the 12th Plan.
Foreign Trade
Support to measures to be taken to boost exports of goods and services.
FINANCIAL SECTOR
A standing Council of Experts to be constituted in the Ministry of Finance to
analyse the international competitiveness of the Indian financial sector.
Banking
Compliance of public sector banks with Basel III regulations to be ensured.
` 14,000 crore provided in BE 2013-14 for infusing capital.
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All branches of public sector banks to have ATM by 31.3.2014.
Proposal to set up India’s first Women’s Bank as a public sector bank. Provision
of ` 1,000 crore as initial capital.
` 6,000 crore to Rural Housing Fund in 2013-14.
National Housing Bank to set up Urban Housing Fund. ` 2,000 crore to be
provided to the fund in 2013-14.
Insurance
A multi-pronged approach to increase the penetration of insurance, both life and
general, in the country.
Number of proposals finalised, in consultation with IRDA such as empowering
insurance companies to open branches in Tier-II cities and below without prior
approval of IRDA, KYC of banks to be sufficient to acquire insurance policies,
banks to be permitted to act as insurance brokers, banking correspondent allowed
to sell micro-insurance products and achieving the goal of having an office of
LIC and an office of at least one public sector general insurance company in
towns with population of 10,000 or more.
Rashtriya Swasthya Bima Yojana to be extended to other categories such as
rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and
mine workers.
A comprehensive social security package to be evolved for unorganised sector
by facilitating convergence among different schemes.
Capital Market
Proposal to amend the SEBI Act, to strengthen the regulator, under consideration.
Number of proposal finalised in consultation with SEBI.
Designatged depository participants, authorised by SEBI, may register
different classes of portfolio investors, subject to compliance with KYC
guidelines.
SEBI will simplify the procedures and prescribe uniform registration and
other norms for entry for foreign portfolio investors.
Rule that, where an investor has a stake of 10 per cent or less in a company,
it will be treated as FII and, where an investor has a stake of more than
10 per cent, it will be treated as FDI will be laid.
FIIs will be permitted to participate in the exchange traded currency
derivative segment to the extent of their Indian rupee exposure in India.
FIIs will also be permitted to use their investment in corporate bonds and
Government securities as collateral to meet their margin requirements.
SEBI to prescribed requirement for angel investor pools by which they
can be recognised as Category I AIF venture capital funds.
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Small and medium enterprises, to be permitted to list on the SME exchange
without being required to make an initial public offer (IPO).
Stock exchanges to be allowed to introduce a dedicated debt segment on
the exchange.
ENVIRONMENT
Support to municipalities that will implement waste-to-energy projects.
Government to provide low interest bearing fund from the National Clean Energy
Fund (NCEF) to IREDA to on-lend to viable renewable energy projects.
‘Generation-based incentive’ reintroduced for wind energy projects and ` 800
crore allocated for this purpose.
OTHER PROPOSALS
Backward Regions Grant Fund
New criteria for determining backwardness to be evolved and reflect them in
future planning and devolution of funds.
Skill Development
Target of skilling 50 million people in the 12th Plan period, including 9 million
in 2013-14.
Defence
Allocation for Defence increased to ` 2,03,672 crore including ` 86,741 crore
for capital expenditure.
Constraints not to come in the way of providing any addition requirement for the
security of nation.
Science and Technology
Despite constraints substantial enhancements given to Science and Technology,
Space and Atomic Energy.
` 200 crore to be set apart to fund organisations that will scale up S&T innovations
and make these products available to the people.
Institutions of Excellence
A grant of ` 100 crore each made to 4 institution of excellence.
Sports
National Institute of Sports Coaching to be set up at Patiala at a cost of
` 250 crore over a period of three years.
Broadcasting
All cities having a population of more than 1,00,000 will be covered by private
FM radio services.
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Panchayati Raj
Augmentation in the Budget allocation of Rajiv Gandhi Panchayat Sashaktikaran
Abhiyan (RGPSA) to ` 455 crore in 2013-14. An additional ` 200 crore proposed
to be provided.
Post Offices
An ambitious IT driven project to modernise the postal network at a cost of
Rs. 4,909 crore. Post offices to become part of the core banking solution and
offer real time banking services.
Ghadar Memorial
Government to fund the conversion of the Ghadar Memorial in San Francisco
into a museum and library.
Central Schemes
Centrally Sponsored Schemes (CSS) and Additional Central Assistance (ACA)
Schemes to be restructured into 70 schemes. Central fund for the schemes to be
given to the States as part of central plan assistance.
Three promises
Promises made to woman, youth and poor.
We stand in solidarity with our girl children and women. And we pledge
to do everything possible to empower them and to keep them safe and
secure. A fund - “Nirbhaya Fund” - to be setup with Government
contribution of ` 1,000 crore.
Youth to be motivated to voluntarily join skill development programmes.
National Skill Development Corporation to set the curriculum and
standards for training in different skills. ` 1000 crore set apart for this
scheme.
To the poor of India direct benefit transfer scheme will be rolled out
throughout the country during the term of the UPA Government with the
motive “Äapka paisa aapke haath”.
Budget Estimates
Plan expenditure is placed at ` 5,55,322 crore.
Non Plan Expenditure is estimated at ` 11,09,975 crore.
Fiscal deficit for the current year contained at 5.2 per cent and for the year 2013-
14 at 4.8 per cent.
Revenue deficit for the current year at 3.9 per cent and for the year 2013-14 at 3.3
per cent.
By 2016-17 fiscal deficit to be brought down to 3 per cent, revenue deficit to 1.5
per cent and effective revenue deficit to zero per cent.
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PART B — TAX PROPOSALS
Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a
fair mechanism for dispute resolution and independent judiciary for greater
assurance is underlying theme of tax proposals.
Tax Administration Reforms Commission to be set up.
In short term need to reclaim peak of 11.9 per cent of tax GDP ratio achieved in
2007-08.
DIRECT TAXES
Little room to give away tax revenues or raise tax rates in a constrained economy.
No case to revise either the slabs or the rates of Personal Income Tax. Even a
moderate increase in the threshold exemption will put hundreds of thousands of
Tax Payers outside Tax Net.
However, relief for Tax Payers in the first bracket of `2 lakhs to ` 5 lakhs. A tax
credit of ` 2000 to every person with total income upto `5 lakhs.
Surcharge of 10 percent on persons (other than companies) whose taxable income
exceed ` 1 crore to augment revenues.
Increase surcharge from 5 to 10 percent on domestic companies whose taxable
income exceed ` 10 crore.
In case of foreign companies who pay a higher rate of corporate tax, surcharge to
increase from 2 to 5 percent, if the taxabale income exceeds ` 10 crore.
In all other cases such as dividend distribution tax or tax on distributed income,
current surcharge increased from 5 to 10 percent.
Additional surcharges to be in force for only one year.
Education cess to continue at 3 percent.
Permissible premium rate increased from 10 percent to 15 percent of the sum
assured by relaxing eligibility conditions of life insurance policies for persons
suffering from disability and certain ailments.
Contributions made to schemes of Central and State Governments similar to
Central Government Health Scheme, eligible for section 80D of the Income tax
Act.
Donations made to National Children Fund eligible for 100 percent deduction.
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Investment allowance at the rate of 15 percent to manufacturing companies that
invest more than ` 100 crore in plant and machinery during the period 1.4.2013
to 31.3.2015.
‘Eligible date’ for projects in the power sector to avail benefit under Section 80-
IA extended from 31.3.2013 to 31.3.2014.
Concessional rate of tax of 15 percent on dividend received by an Indian company
from its foreign subsidiary proposed to continue for one more year.
Securitisation Trust to be exempted from Income Tax. Tax to be levied at specified
rates only at the time of distribution of income for companies, individual or HUF
etc. No further tax on income received by investors from the Trust.
Investor Protection Fund of depositories exempt from Income-tax in some cases.
Parity in taxation between IDF-Mutual Fund and IDF-NBFC.
A Category I AIF set up as Venture capital fund allowed pass through status
under Income-tax Act.
TDS at the rate of 1 percent on the value of the transfer of immovable properties
where consideration exceeds ` 50 lakhs. Agricultural land to be exempted.
A final withholding tax at the rate of 20 percent on profits distributed by unlisted
companies to shareholders through buyback of shares.
Proposal to increase the rate of tax on payments by way of royalty and fees for
technical services to non-residents from 10 percent to 25 percent.
Reductions made in rates of Securities Transaction Tax in respect of certain
transaction.
Proposal to introduce Commodity Transaction Tax (CTT) in a limited way.
Agricultural commodities will be exempted.
Modified provisions of GAAR will come into effect from 1.4.2016.
Rules on Safe Harbour will be issued after examing the reports of the Rangachary
Committee appointed to look into tax matters relating to Development Centres
& IT Sector and Safe Harbour rules for a number of sectors.
Fifth large tax payer unit to open at Kolkata shortly.
A number of administrative measures such as extension of refund banker system
to refund more than ` 50,000, technology based processing, extension of
e-payment through more banks and expansion in the scope of annual information
returns by Income-tax Department.
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Indirect Taxes
No change in the normal rates of 12 percent for excise duty and service tax.
No change in the peak rate of basic customs duty of 10 perent for non-agricultural
products.
Customs
Period of concession available for specified part of electric and hybrid vehicles
extended upto 31 March 2015.
Duty on specified machinery for manufacture of leather and leather goods
including footwear reduced from 7.5 to 5 percent.
Duty on pre-forms precious and semi-precious stones reduced from 10 to 2 perent.
Export duty on de-oiled rice bran oil cake withdrawn.
Duty of 10 percent on export of unprocessed ilmenite and 5 percent on export on
ungraded ilmenite.
Concessions to air craft maintenaince, repair and overhaul (MRO) industry.
Duty on Set Top Boxes increased from 5 to10 percent.
Duty on raw silk increased from 5 to 15 percent.
Duties on Steam Coal and Bituminous Coal equalised and 2 percent custom duty
and 2 percent CVD levied on both kinds coal.
Duty on imported luxury goods such as high end motor vehicles, motor cycles,
yachts and similar vessels increased.
Duty free gold limit increased to ` 50,000 in case of male passenger and `1,00,000
in case of a female passenger subject to conditions.
Excise duty
Relief to readymade garment industry. In case of cotton, zero excise duty at fibre
stage also. In case of spun yarn made of man made fibre, duty of 12 percent at the
fibre stage.
Handmade carpets and textile floor coverings of coir and jute totally exempted
from excise duty.
To provide relief to ship building industry, ships and vessels exempted from
excise duty. No CVD on imported ships and vessels.
Specific excise duty on cigarettes increased by about 18 percent. Similar increase
on cigars, cheroots and cigarillos.
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Excise duty on SUVs increased from 27 to 30 percent. Not applicable for SUVs
registered as taxies.
Excise duty on marble increased from `30 per square meter to ` 60 per square
meter.
Proposals to levy 4 percent excise duty on silver manufactured from smelting
zinc or lead.
Duty on mobile phones priced at more than `2000 raised to 6 percent.
MRP based assessment in respect of branded medicaments of Ayurveda, Unani,
Siddha, Homeopathy and bio-chemic systems of medicine to reduce valuation
disputes.
Service Tax
Maintain stability in tax regime.
Vocational courses offered by institutes affiliated to the State Council of Vocational
Training and testing activities in relation to agricultural produce also included in
the negative list for service tax.
Exemption of Service Tax on copyright on cinematography limited to films
exhibited in cinema halls.
Proposals to levy Service Tax on all air conditioned restaurant.
For homes and flats with a carpet area of 2,000 sq.ft. or more or of a value of `1 crore
or more, which are high-end constructions, where the component of services is
greater, rate of abatement reduced from from 75 to 70 percent.
Out of nearly 17 lakh registered assesses under Service Tax only 7 lakhs file
returns regularly. Need to motivate them to file returns and pay tax dues. A
onetime scheme called ‘Voluntary Compliance Encouragement Scheme’
proposed to be introduced. Defaulter may avail of the scheme on condition that
he files truthful declaration of Service Tax dues since 1st October 2007.
Tax proposals on Direct Taxes side estimated to yield to `13,300 crore and on
the Indirect Tax side `4,700 crore.
Good and Services Tax
A sum of ` 9,000 crore towards the first instalment of the balance of CST
compensation provided in the budget.
Work on draft GST Constitutional amendment bill and GST law expected to be
taken forward.
Source : http://indiabudget.nic.in/ub2013-14/bh/bh1.pdf