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budget 2022

Budget 2022-23 : Big announcement of Finance Minister

The Finance Minister Nirmala Sitharaman presented a growth-oriented fourth budget to the parliament today, with a focus on four pillars – Productivity, Climate Action, Financing Investment and PM Gati Shakti Yojana. In order to encourage private investment and development, capital expenditure has been increased by 35.4 percent to Rs 7.50 lakh crore in this budget. No change in tax slab as the previous year budget, disappointment for middle class, relief for corporates.

The Finance Minister announced that the Reserve Bank (RBI) will introduce digital currency during the financial year 2022-23. Nirmala Sitharaman has also announced the imposition of a nefty tax at the rate of 30 percent on the income from virtual digital assets i.e. crypto currency and NFT.

As expected, the Finance Minister gave a lot of importance to the farmers in her speech. She announced that an amount of Rs 7 lakh crore would be given to the farmers of the country as Minimum Support Price (MSP). This amount will be deposited directly into the accounts of farmers in the form of Direct Benefit Transfer (DBT).

Let’s know here some special highlights of Budget 2022 for you. These are the big announcements during the Budget 2022 so far.

1. 30% tax on income from cryptocurrencies and NFTs.

2. Import duty of 7.5% will be levied on import of capital goods.

3. Surcharge not more than 15% on LTCG tax.

4. Big relief on NPS account, Now the tax deduction limit on the amount going to the NPS account has been increased from 10% to 14% for state government employees as well.

5. 48000 crores for PM Awas Yojana.

6. 100 new generation Vande Bharat trains will be developed.

7. Possibility of 60 lakh new jobs from PLI scheme.

8. Will develop 100 PM Gatishakti Cargo Terminal.

9. 16 lakh jobs will be given through Aatmnirbhar Bharat.

10. Big announcement for Digital India.

11. No relief in personal income tax.

12. In the defense sector, 68 percent of the capex will be reserved for Indian companies.

13. 30% tax on virtual digital assets.

14. Fiscal deficit equal to 6.9% of GDP in 2021-22.

15. Spectrum auction for 5-G will be done in 2022.

16. Rs 1500 crore allocated for development of Northeast.

17. Target to build 25000 km highway every year.

18. Corporate tax reduced.

19. States will get interest free loan.

20. Battery swapping policy will be introduced.

21. E-passports will be issued from 2022-23.

22. Digital University will be established.

23. Digital ecosystem for skilling and livelihood to be launched.

24. Launch of blockchain-bassed digital rupee starting 2022-23

25. 7 Engines have been suggested for unison growth of India – Roads, Railways, Airports, Ports, Mass Transports, Waterways and Logistics Infrastructure.

PM Modi said on Budget 2022 :- An important aspect of this budget is the welfare of the poor. Every poor person should have a pucca house, water from tap, toilet, gas facility, all these have been given special attention. Simultaneously there is an equal emphasis on modern internet connectivity. For the first time in the country, the Parvatmala scheme is being started for such areas as Himachal, Uttarakhand, Jammu and Kashmir, North East. This scheme will create a modern system of transportation on the mountains.

 

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