India’s Union Budget 2010 has been announced and the All India Gems & Jewellery Trade Federation (GJF) has identified some of its key highlights. %% {{Important highlights:}} %% Import duty on gold has been raised to Rs 300 per gm from Rs. 200 per gm. %% Import duty on silver has been raised to Rs 1,500 per kg from Rs. 1,000 per kg. %% Central Excise will be imposed on locally refined gold bullion from ore imported @ Rs. 28/- per gm. Duty on Rhodium is reduced. %% MAT has been increased to 18 percent from 15 percent. %% Excise duty on petrol & diesel increased by Re 1/ litre. Nett increase in retail price will be about Rs. 2.65 per litre. %%{{ Other highlights:}} %% Goods & Services Tax and Direct Tax Code will be introduced on April 01, 2011. %% RBI will issue additional banking licenses to private companies and NBFCs. %% FDI policy will be user friendly by compiling all guidelines into one document. %% Focus will be on infrastructure, rural development and education. %% Fiscal deficit is pegged at 6.9 per cent in 2009-10, as against 7.8 per cent in the previous fiscal. Fiscal deficit is seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13, respectively. %% Government committed to ensure continued growth of Special Economic Zones development. %% Repayment of loan by farmers extended by six months to June 30, 2010. %% Rs 1,900 crores have been allocated for Unique Identification Authority of India. %% A unique identity symbol would be provided to the Indian Rupee in line with US Dollar, British Pound Sterling, Euro and Japanese Yen. %% Individual income tax slabs have been shuffled. Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers, over and above Rs. one lakh, provided already.