Budget 2022 Highlights: Digital rupee to be issued by RBI; taxpayers get 2 years to replace I-T returns

Budget 2022 Highlights: Presenting the Union Budget 2022, Finance Minister Nirmala Sitharaman Tuesday stated that the nation is predicted to develop at 9.27 per cent within the coming yr. The Finance Minsiter additionally stated that the Budget provides a blueprint of economic system from India at 75 to India at 100, citing the 4 pillars of improvement — inclusive improvement, productiveness enhancement, vitality transition and local weather motion.

The Finance Minister additionally stated that there was a pointy improve in public funding and capital expenditure in Budget 2021-22. This Budget (2022-23) will profit the youth, girls, farmers, and the backward lessons. The PM Gati Shakti grasp plan will information the method, she added.
Here are Budget 2022 highlights:
# Sitharaman, whereas presenting the Budget, stated that the nation is predicted to develop at 9.27 per cent.
# The Finance Minister additionally stated that there was a pointy improve in public funding and capital expenditure in Budget 2021-22…This Budget (2022-23) will profit the youth, girls, farmers, and the backward lessons. The PM Gati Shakti grasp plan will information the method, she added.
#In a serious push for digital foreign money, Sitharaman acknowledged that digital rupee will likely be issued utilizing blockchain expertise by the RBI beginning 2022-23. This will give a giant enhance to the economic system, the Finance Minister stated.
#Income from the switch of any digital digital asset shall be taxed on the price of 30 per cent, plus 1% tax on transaction.
# This Union Budget seeks to put basis & give blueprint of economic system over ‘Amrit Kal’ of subsequent 25 years – from India at 75 to India at 100, the FM stated.

#The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the very best for the reason that inception of the tax in 2017 — the Finance Minister stated.
#Income from Long Term Capital Gains will likely be taxed at 15%, the Finance Minister stated.
#Corporate surcharge to be decreased from 12% to 7%, says Finance Minister Nirmala Sitharaman.
#Rs 48,000 crores allotted for completion of building of 80 lakh homes below PM Awas Yojana in rural and concrete areas within the yr 2022-23
#Both Centre and States govt staff’ tax deduction restrict to be elevated from 10% to 14% to assist the social safety advantages of state authorities staff and convey them at par with the Central govt staff.
#Customs on polished diamonds, gem stones minimize to five%. Simply sawn diamonds will likely be exempted. To facilitate export of jewelry by way of e-commerce, simplified laws will likely be in place by June this yr.

# Coming to agriculture, the FM stated procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cowl 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores would be the direct fee of MSP worth to their accounts.
#Any cess or surcharge on revenue not allowed as enterprise expenditure, says FM.
# Moving ahead on this parallel monitor, we lay the next 4 priorities — PM Gati Shakti, inclusive improvement, productiveness enhancement and funding, dawn alternatives, vitality transition and local weather motion and financing of investments, she added.
# Sitharaman additionally stated that Production Linked Incentive Scheme for reaching Aatmanirbhar Bharat has acquired a superb response, with potential to create 60 lakh new jobs and extra manufacturing of 30 lakh crore through the subsequent 5 years.

# A fund with blended capital raised below co-investment mannequin facilitated by way of NABARD to finance start-ups in agriculture and rural enterprises for farm produce worth chain will likely be arrange. States will likely be inspired to revise syllabi of agricultural universities to fulfill wants of pure, zero-budget and natural farming, modern-day agriculture, Sitharaman added.
# The Finance Minister additionally stated that PM Modi’s improvement initiatives for the North East will likely be carried out by the North Eastern Council. This will allow livelihood actions for the youth and ladies. This scheme just isn’t an alternative choice to the prevailing Centre or state schemes, she added.