Union Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 in Parliament. Budget 2022-23 aims to boost growth amid continued disruption from Covid-19 and rising inflation. This Union Budget laid a foundation and blueprint of the economy over ‘Amrit Kal’ of the next 25 years – from India at 75 to India at 100.
Following are the key highlights of the Union Budget 2022-23:
- Total expenditure in 2022-23 estimated at Rs 39.45 lakh crore.
- India’s economic growth estimated at 9.2% to be the highest among all large economies.
- 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
- Special Economic Zones Act to be replaced with new legislation.
- No change in personal income tax rates.
- The parent/guardian of the differently-abled can get a tax deduction on payment of the annuity or lump sum during the lifetime of parent or guardian, once the parent or guardian has attained 60 years.
- Any surcharge and cess levied on income are not allowed as business expenditure.
- Any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent.
- The tax incentive period is extended by one year for startups.
- Provision to file an updated return on payment of additional tax; can be filed within two years from the end of the relevant assessment year.
- Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent. Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for those having a total income of more than Rs 1 crore and up to Rs 10 crore.
- 100% of India’s 1.5 lakh post offices will be on-boarded on core banking system in 2022
- India to introduce digital rupee issued by RBI in FY23
- Digital University for world-class quality universal education with personalised learning experience to be established.
- 5G spectrum auctions to be conducted in 2022
- The National Highways network will be expanded by 25,000 km in 2022-23.
- Chemical-free Natural Farming will be promoted throughout the country, with a focus on farmers’ lands in 5-km wide corridors along river Ganga, at the first stage.
- Customs rate, tariff structure simplified particularly for sectors like chemicals, textiles and metals.
- Rs 2.37 lakh cr direct payment to 1.63 crore farmers for procurement of wheat, paddy.
- Rs 2 lakh cr additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises.
- 2000 Km of railway network to be brought under Kavach, the indigenous world class technology and capacity augmentation in 2022-23.
- 400 new generation Vande Bharat Trains to be manufactured during the next three years.
- MSMEs: Udyam, e-shram, NCS and ASEEM portals to be interlinked.
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Note: This Post was last updated on January 21, 2023
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