India's Union Budget 2022-23: Highlights
India's Budget 2022 Highlights: Presenting the Indian Union Budget 2022, Finance Minister Nirmala Sitharaman said that the country is expected to grow at 9.27 per cent in the coming year. The Finance Minister also said that the Budget gives a blueprint of economy from India at 75 to India at 100, citing the four pillars of development — inclusive development, productivity enhancement, energy transition and climate action.
The Indian Finance Minister also said that there was a sharp increase in public investment and capital expenditure in Budget 2021-22. This Budget (2022-23) will benefit the youth, women, farmers, and the backward classes. The PM Gati Shakti master plan will guide the process, she added.
Here are Budget 2022 highlights:
# Sitharaman, while presenting the Budget, said that the country is expected to grow at 9.27 per cent.
# The Finance Minister also said that there was a sharp increase in public investment and capital expenditure in Budget 2021-22…This Budget (2022-23) will benefit the youth, women, farmers, and the backward classes. The PM Gati Shakti master plan will guide the process, she added.
# In a major push for digital currency, Sitharaman stated that digital rupee will be issued using blockchain technology by the RBI starting 2022-23. This will give a big boost to the economy, the Finance Minister said.
# Income from the transfer of any virtual digital asset shall be taxed at the rate of 30 per cent, plus 1% tax on transaction.
# This Union Budget seeks to lay foundation & give blueprint of economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100, the FM said.
# The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017 — the Finance Minister said.
# Income from Long Term Capital Gains will be taxed at 15%, the Finance Minister said.
# Corporate surcharge to be reduced from 12% to 7%, says Finance Minister Nirmala Sitharaman.
# Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23
# Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.
# Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June this year.
# Coming to agriculture, the FM said procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts.
# Any cess or surcharge on income not allowed as business expenditure, says FM.
# Moving forward on this parallel track, we lay the following four priorities — PM Gati Shakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action and financing of investments, she added.
# Sitharaman also said that Production Linked Incentive Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during the next five years.
# A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up. States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture, Sitharaman added.
# The Finance Minister also said that PM Modi’s development initiatives for the North East will be implemented by the North Eastern Council. This will enable livelihood activities for the youth and women. This scheme is not a substitute for the existing Centre or state schemes, she added.
Courtesy: The Indian Express, click here to read the full story.