Budget 2011: What's cheaper, what's costlier!

Finance Minister Pranab Mukherjee has taken a number of steps that will take the Indian economy forward in the long term. He announced a slew of measures to boost investment in the infrastructure sector with a view to propel the economy on an over 9 per cent growth trajectory in the coming years.
Following are the highlights of the budget:

BORROWING

* Gross market borrowing for 2011-12 seen at 4.17 trillion rupees (Reuters forecast 4.5 trillion rupees)
* Net market borrowing for 2011-12 seen at 3.43 trillion rupees (Reuters forecast 3.77 trillion rupees)
* Revised gross market borrowing for 2010-11 at 4.47 trillion rupees

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 4.41 trillion rupees in 2011-12, up 18.3 percent

REVENUE

* Gross tax receipts seen at 9.32 trillion rupees in 2011-12
* Corporate tax receipts seen at 3.6 trillion rupees in 2011-12
* Customs revenue seen at 1.52 trillion rupees in 2011-12
* Factory gate duties seen at 1.64 trillion rupees in 2011-12
* Non-tax revenue seen at 1.25 trillion rupees in 2011-12
* Service tax receipts seen at 820 billion rupees in 2011-12
* Revenue gain from indirect tax proposals seen at 113 billion rupees in 2011-12
* Service tax proposals to result in net revenue gain of 40 billion rupees 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 kept at 10 percent
* To widen scope of service tax
* To raise minimum alternate tax to 18.5 percent from 18 percent
* Iron ore export duty raised to 20 percent
* Personal income tax exemption limit raised to 180,000 rupees
* To reduce surcharge on domestic companies to 5 percent

SUBSIDIES

* Subsidy bill in 2011-12 seen at 1.44 trillion rupees
* Food subsidy bill in 2011-12 seen at 605.7 billion rupees
* Revised food subsidy bill for 2010-11 at 606 billion rupees

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