Union  general Budget 2011-2012   Union Finance Minister Pranab Mukherjee presented the 'Union Budget 2011' in Lok Sabha on Monday, 28 February 2011 and announced a slew of measures focusing on agriculture, growth and infrastructure and  Incometax   Highlights of Union Budget 20011-12  NEW DELHI, February 28, 2010: Following are the highlights of Budget 2011-12

Finance minister     Pranab Mukherjee

* 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 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 DISINVESTMENT * Disinvestment in 2011-12 seen at Rs 400 billio

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