Key highlights of Budget speech
- Crypto currency to be taxed at 30 % special rate, no deduction allowed.
Online digital assets to be taxed @ 30%. No deductions or set off of losses. Flat tax at 30% will be lived without any deduction. No deduction except cost of acquisition. TDS at 1% to be deducted on transaction value. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition - Corporate surcharge to be reduced from 12% to 7%
- Health and Education Cess and Surcharge shall not be allowed as business expenditure
- Propose to cap surcharge for AOPs at 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startup community
- No Change in Slab Rates for Individuals and others
- If undeclared income detected during search, no deduction will be allowed on such additional income.
- Propose a provision to file an updated return with payment of additional tax to correct any errors in assessment. Assesses can declare income that may have been missed out previously. New provision introduced to file updated ITR within 2 years in case of any omission or mistake.
- Persons with disability – Parents and Guardians can avail annuity even in their life time
- Gross GST collects for Rs 1,46,986 Cr which is highest since inception of GST; possible due to rapid economic recovery post Covid-19
- Tax Deduction limit for state govt employees to NPS raised to 14% from 10%
- Incentives for startups: period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier 2023
- Section 115BAB the date for setting up business increased by one year to 2024. Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced
- Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for citizens
- India Economic Growth in FY22 to be at 9.2%. Economic growth estimated at 9.2%
- 25,000 compliances have been done away with and 1,486 union laws have been repealed
- Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy
- Budget seeks to lay the blueprint to steer the economy over the next 25 years from India at 75 to India at 100
- To reduce surcharge on co-operative societies to 7% from 12% for income between Rs 1 cr to Rs 10 cr
- FM said despite of Covid Pandemic GST collection has touched all time high from it’s inception. FM gave credit to recovering economy and administrative measures taken by revenue department. Gross GST collection in Jan 2022- 1,46,986 cr. Highest since inception of GST
- Persons with disability – Parents and Guardians can avail annuity even in their life time
- Gross GST collects for Rs 1,46,986 Cr which is highest since inception of GST; possible due to rapid economic recovery post Covid-19
- Tax Deduction limit for state govt employees to NPS raised to 14% from 10%
- Incentives for startups: period of incorporation extended by a year to 2023 to avail of tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier 2023
- Section 115BAB the date for setting up business increased by one year to 2024. Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced
- Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for citizens
- India Economic Growth in FY22 to be at 9.2%. Economic growth estimated at 9.2%
- 25,000 compliances have been done away with and 1,486 union laws have been repealed
- Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy
- Budget seeks to lay the blueprint to steer the economy over the next 25 years from India at 75 to India at 100
- Children mostly in Govt schools have lost 2 years of formal education. High quality e content will be developed in regional languages. A digital university will be setup. Will be built on a network hub-spoke model
- Teachers will be equipped with digital tools. Digital University will be set up
- Public issue of LIC is expected shortly. Others are also expected shortly. This budget will continue to provide impetus for growth- futuristic & inclusive
- Speed in coverage of vaccination has helped in economic recovery
- Modern Infra for India at 100 with Multi modal approach
- Budget to focus on 4 pillars – productivity, climate action, financing investments & PM Gati Shakti plan
- PM GatiShakti Energy transition, Climate Action to fuel Sustainable development
- PLI in 14 Sectors to create 50 lakh new jobs and additional production of Rs 30 lakh Cr
- We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we’ll continue with strong growth
- This Budget (2022-23) will benefit, youth, women, farmers, SC, ST… ; shall be guided by PM Gati Shakti master plan
- Contracts for 4 multimodal logistics parks in PPP mode will be awarded in 2022-23
- 400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years
- 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems
- The National Highway network will be expanded by 25,000 kms in 2022-23
- Support will be provided for branding and marketing and harvest of millets. 2022-23 has been announced as International Year of Millets
- MSMEs: ECLGS has provided much needed credit. Scheme to extended to March 2023, cover to be expanded by 50,000 cr to 5 lakh cr. With the additional amount earmarked for hospitality sector
- Rs 20000Cr to boost Transport Infra
- Rs 2.73 lakh Cr as Public Procurement/MSP for Wheat &Paddy
- Focus on Natural,Chemical Free& Zero Budget Farming
- Drones for Agriculture
- ECLGS till March 2023,with total cover of Rs 5 lakh Cr
