NEW DELHI: Finance minister Pranab Mukherjee today presented budget for the financial year FY 2012-13. Though the Budget 2012 pledges reforms, it does little to trim the ballooning fiscal deficit.

Here are some highlights of the Budget 2012 that will have direct and indirect impact on the IT industry:
* Increase in service tax means your monthly phone bills will go up.

* LCD and LED panels exempted from custom duty. To impact prices of TVs, laptops and PC monitors positively.

* Mobile phone parts exempted from basic customs duty. May have a positive impact on prices of low-end handsets being manufactured in India.

* Restrictions on venture capital investment removed. Likely to help tech start-ups.

* No change in corporate tax. Status quo for IT Inc who feared an increase in tax outgo.

* Defence budget raised to Rs 1.93 lakh crore. Will partially help telecom software, signalling equipment companies.

* Aadhar platform to drive Public Distribution system. Digitisation of PDS to help IT sector.

* Tax law amended, seems to be eying Vodafone-like transactions

* Share of manufacturing in GDP will be increased. Will partially go towards telecom manufacturing too.

* Telecom towers made eligible for viability gap funding

* Mobile-based fertilizer management system for transparent transfer of subsidy. Fertiliser subsidies implementation to change by using more.