Highlights of Union Budget 2022-23

TNI Bureau:  Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 on Tuesday in a paperless format like last year.

While presenting the Union Budget 2022 in the Parliament, the Finance Minister announced that profit from crypto currency will be taxed at 30% flat without claiming any expense and no loss from Cryptos shall be set-off against other income.

The Finance Minister proposed to extend the period of incorporation of eligible start-ups by one more year up to 31-3-2023 for providing tax incentives.

The total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore. Total receipts, other than borrowings, are estimated at Rs 22.84 lakh crore.

The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST.

Key Highlights of Union Budget 2022-23 (Non Taxation)

?75 Digital Banking Units in 75 Districts of India
?80 lakh houses in 2022-23 under PMAY in 2022-23
?60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas.
?Rs 60,000 crore has been made to cover 3.8 crore households in 2022-23 under ‘Har Ghar Nal Se Jal’.
?Issuance of e-Passport to be rolled in FY23. It will have embedded chip and futuristic technology.
?National Tele Mental Health Program to be launched.
?Supplementary Education in Regional Languages for Classes 1-12
?One Class One TV program of PM eVidya to be expanded from 12 to 200 TV Channels
?Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2023
?8 Ropeway Projects in 2022-23.
?Use of Kisan Drones for crop assessments.
?Package for participation of State Govts & MSMEs to be introduced for farmers to adopt to natural farming.
?Funds will be provided for Agriculture Startups.
?National Highway Network project to be expanded by 25,000 kms in 2022-23
?Ken-Betwa Link at Rs 44,605 crore to provide irrigation to 9 lakh hectares of land, drinking water to 62 lakh people, 103 MW hydropower & 27 MW solar power generation.
?Digital Rupee to be introduced by RBI in 2022 using blockchain and other technology.
?2000 km of rail network to be brought under indigenous technology KAWACH
?Rs 1 lakh crore assistance to States – 50-year-interest-free loans over and above the normal borrowings.
?100 PM Gati Shakti Cargo Terminals To Be Developed In 3 Years.
?4,00 Vande Bharat Trains to be introduced over the next 3 years.
?States to get Rs 1 lakh crore as 50-year interest-free loans.
?PLI scheme extended to solar equipment; allocates Rs 19500 cr boost for modules.
?Required spectrum auctions will be conducted in 2022 to facilitate 5G services rollout within 2022-23 by private telecom providers.
?Defence R&D will be opened up for industry, academia, startups.
?68% of capital procurement budget for Defence to be earmarked for domestic industry.
?UDYAM, e-SHRAM, National Career Service (NCS), ASEEM portals to be interlinked, scope widened.
?Centres of Excellence will be established with an outlay of 250 Cr for urban sector development.
?In 2022, 100% of 1.5 lakh post offices will come on core banking system.
?With 1486 union laws repealed, Ease of Doing Business 2.0 will be launched.
?The laying of optical fibre in villages to be completed by 2025.
?Centres of Excellence will be established with an outlay of 250 Cr for urban sector development.
?For skilling, upskilling & reskilling of youth, Digital DESH e-portal will be launched.

Key Highlights of Union Budget 2022-23 (Taxation)

?Taxpayers can file an updated return within two years from the relevant assessment year.
?30% tax on income from transfer of Virtual Assets plus 1% TDS. No deduction on expenses except cost of acquisition; loss can’t be set off.
?Profits from Cryptocurrency to be taxed at 30%.
?Corporate Surcharge to be recuced from 12% to 7%.
?Central & State Givt Employees’ tax deduction limit to be increased from 10% to 14%.
?Co-operative surcharge to be reduced from 12% to 7%.
?Govt proposes to reduce Minimum Alternative Tax to 15%.
?Customs Duty on Cut & Polished Diamonds, Gems to be reduced to 5%.
?No change in Personal Income Tax; Tax Slabs remain Unchanged.
?Surcharge on cooperative societies reduced.