While delivering the Union Budget, Finance Minister Nirmala Sitharaman stated that the economy is likely to develop at a rate of 9.27 percent in the coming year. The Budget focuses on four pillars of development: inclusive development, productivity enhancement, energy transition, and climate action, according to Sitharaman.
While delivering her fourth Budget to Parliament, the Union Minister stated, "I want to take a moment to express my empathy for those who had to bear adverse health and economic effects of the pandemic."
For the second year in a row, a tablet made in India has supplanted the traditional 'Bahi Khata.' After a meeting with Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, Union Home Minister Amit Shah, and Defense Minister Rajnath Singh, among others, the Union Cabinet adopted the Budget.
The Economic Survey 2021-22 was tabled in Parliament on Monday, setting the tone for the Union Budget 2022-23. It predicted that the economy will expand by 8.0-8.5 percent in 2022-23, down from the 9.2 percent expansion estimated by the National Statistical Office (NSO) in its first advance estimates of Gross Domestic Product for 2021-22. (GDP).
"During Amrit Kaal, our government aims to achieve the vision for India at100 set out by the Prime Minister in his Independence Day Address," she further said.
She said, “We are marking Azadi ka Amrit Mahotsav, our focus is on: Complementing micro and macro economy; Promoting digital economy; Private and public investments."
In a big push for digital currency, Sitharaman indicated that the RBI will begin issuing digital rupees in 2022-23, using blockchain and other technologies. According to the Finance Minister, this will provide a significant boost to the economy.
Long-term capital gains will be taxed at 15%, according to the Finance Minister.
According to Finance Minister Nirmala Sitharaman, the corporate fee will be decreased from 12 percent to 7%.
FM proposes a 30% tax on digital asset transfers, plus a 1% transaction tax.
In the year 2022-23, Rs 48,000 crores have been allotted for the completion of 80 lakh dwellings under the PM Awas Yojana in rural and urban areas: FM Sitharaman
To enhance state government employees' social security benefits and bring them in line with those of central government employees, the tax deduction maximum for both federal and state government employees will be raised from 10% to 14%: FM Nirmala Sitharaman is an Indian politician.
To provide an opportunity to amend an error, taxpayers can now file a revised return within 2 years from the relevant assessment year: FM Nirmala Sitharaman is an Indian politician.
States will be given Rs 1 lakh crore to help with investments, according to the Finance Minister.
For the fiscal year 2022-23, the government has set aside Rs 1 lakh crore to help states catalyze overall economic investment. These interest-free loans for 50 years are in addition to what states are allowed to borrow for normal purposes. It will be used to finance PM Gati Shakti-related projects as well as other productive capital investments by states: FM
The Finance Minister suggested in the Budget to develop a Digital Rupee using blockchain and other technology, which will be issued by the RBI starting in 2022-23.
Impact: The government lays forth a comprehensive plan to establish a public digital currency, as well as the introduction of central bank digital currency to strengthen the digital economy. More of these types of inputs can be found at.
According to an expert, the budget focuses on long-term growth support
“The union Budget underlined the government’s focus on long-term growth support. Focus on increasing capital expenditure as well as on future growth drivers, such as clean energy, are the key positives of the budget. The fiscal deficit targets, as well as the budgeted receipts and expenditures, are in line with our expectations” According to an expert, the budget focuses on long-term growth support.
In response to the Budget, Suvodeep Rakshit, a senior economist at Kotak Institutional Equities, said.
The Finance Minister announced a reduction in the surcharge on unlisted shares from 28.5 percent to 23 percent, which will make it easier for entrepreneurs and unicorns to exit.
Impact: Investor exits and investment churn are expected to be facilitated as a result of this.
Sundara Rajan TK, Partner at DVS Advisors LLP, commented following the Budget, “The clarity on tax of digital assets is long due and was expected to be provided this year. The announcement of tax at 30% on the digital asset, coupled with the government launching its own digital currency, is an indication that the government intends to discourage the same and would intend that only the HNIs make such investments and that the government shall not permit cryptos as currency. The caping of surcharge at 15% is welcome and though no separate relief was given to HNIs, this would also be favourable to such HNIs with high capital gains income.”
Starting in 2022-23, the Reserve Bank of India will issue a new digital rupee based on blockchain technology. Finance Minister Nirmala Sitharaman made the announcement today during the Union Budget 2022. Blockchain technology is also used to power cryptocurrencies and non-fungible tokens (NFTs), and it is a real-time distributed ledger. The transaction records on a blockchain can't be modified, and the ledger is transparent and legitimate, which is why it's employed in cryptocurrency.
Diamond customs tax to be cut to 5%: Nirmala Sitharaman
Customs on polished diamonds and gemstones trimmed to 5% of their original size. Diamonds that have been sawn will be exempt. Simplified laws will be in place by June this year to allow the export of jewelry via e-commerce.
Adil Shetty believes it is good that the taxation on virtual assets has now been clearly established
In response to the Budget, Adhil Shetty, CEO of BankBazaar.com, said, "The taxation of virtual assets is now clearly defined. So, we now at least know what tax filers can expect this year. Individuals might have wanted lower LTCG taxes and carry forward losses similar to equity or housing. But this is at least a start."
January's gross GST collection was the greatest since the tax's inception: FM
The gross GST collections in January 2022 were Rs 1,40,986 crore, the highest since the tax was introduced: Nirmala Sitharaman, the Finance Minister.
PN Sudarshan believes that a focus on deep technology will give the country strategic depth.
"The taxation of virtual assets is now clearly defined. So, we now at least know what tax filers can expect this year. Individuals might have wanted lower LTCG taxes and carry forward losses similar to equity or housing. But this is at least a start."
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