Budget 2022- List of All Highlights

India’s Union Budget 2022 was presented on 1 February 2022 in the parliament. The major objective of this budget was to accelerate the country’s economy, particularly after the devastation caused by the coronavirus pandemic. Various changes in the tax law are expected to promote maintainable growth, R&D expenses, infrastructure investment, strengthen the manufacturing sector, and lots of other things. According to experts, the budget was more focused on reviving the economy which suffered a major setback due to the emergence of COVID19 in 2020.

Whether you are looking to invest in an upcoming IPO List or planning to buy a property, having the latest information about the budget is necessary.

Here are the major highlights of Union Budget 2022-23.

Income Tax

There has been not a single change in the personal income tax rates of the individuals and HUF for the current financial in regard to Assessment year (‘AY’) 2023-24.  Both individuals and HUF have a choice which is same as last year to opt between the Old tax regime and the New Tax regime as it was brought 2 years ago. The choice shall be practiced for every earlier year where the individual or the HUF has zero income, and in other scenarios where there is a corporate income, the option once exercised for a previous year shall remain valid for that previous year and all succeeding years. Overall, businessmen are allowed to choose between old and new tax regimes just once in a lifetime.

Goods & Service Tax (GST)

• Time-lime to seek Input Tax Credit (‘ITC’) u/s 16(4) protracted till 30th November of 2023 from 30th September.
• Section 10 Composition Tax Payer’s Registration can now annulled suo-moto if they have not submitted their GSTR-4 return after 3 months of the due date.
• Extra Conditions to avail Input Tax Credit (‘ITC’) u/s 16(2)- ITC can opt only if the same is not limited under Section 38 – as per the information communicated overall to the buyer in GSTR-2B.

Education

• ‘One class-One TV channel’ program of PM eVIDYA to prolonged to over 200 TV channels.
• Virtual labs and skilling e-labs to installed to encourage critical thinking skills and virtual learning setting.
• Superior quality e-content will delivered through Virtual Teachers.
• Digital University for great quality global education with a personalized learning experience to be set up.

Vibrant Villages Programme

• Vibrant Villages Programme for the development of Border villages to deliver improper population, restricted connectivity, and substructure on the northern border.

 Banking

• All 1.5 lakh post offices to be a part of the main banking system.
• Scheduled Commercial Banks to come up with 75 Digital Banking Units (DBUs) across 75 districts.

 e-Passport

• e-Passports with rooted chip and futuristic technology to released.

Digital Rupee

• Launch of Digital Rupee by the Reserve Bank of India in fiscal 2022-23.

Allocating Greater Fiscal Space to States

• Improved expenditure for ‘Scheme for Financial Assistance to States for Capital Investment’:
• From Rs. 10,000 crore in Budget Estimates to Rs. 15,000 crore in Revised Estimates for the present year
• Allotment of Rs. 1 lakh crore in 2022-23 to helps the states in strengthening general investments in the economy: fifty-year interest-free loans, beyond usual borrowings
• In 2022-23, States will given a fiscal shortfall of 4% of GSDP, of which 0.5% will related to power sector improvements

Fiscal Management

• Budget Estimates 2021-22: Rs. 34.83 lakh crore
• Reviewed Estimates 2021-22: Rs. 37.70 lakh crore
• Overall expenditure in 2022-23 projected at Rs. 39.45 lakh crore
• Total receipts other than adoptions in 2022-23 projected at Rs. 22.84 lakh crore
• Fiscal shortfall in the present year: 6.9% of GDP (in response to 6.8% in Budget Estimates)
• Fiscal deficit in 2022-23 assessed at nearly 6.4% of GDP
• expenditure in 2022-23 projected at Rs. 39.45 lakh crore
• Receipts other than adoptions in 2022-23 projected at Rs. 22.84 lakh crore

Scheme for taxation of virtual digital assets

• Separate tax regime for virtual digital assets launched.
• Any income from the transfer of any digital asset would incur a tax at the rate of 30%.
• Loss from the transfer of virtual assets cannot adjusted against any other monetary gain.
• To seize the transaction details, TDS to mentioned on payment done in association with the transfer of virtual digital assets at the rate of 1% of such deliberation above a financial verge.
• Presenting virtual digital assets to someone would also taxed in the ends of the recipient, according to the best trading app in India.

Railways

• One Station One Product idea would be introduced to help regional businesses & supply chains.
• 2000 Km of the railway network to included under Kavach, the country-made world-class technology and capacity enhancement in 2022-23.
• 400 fresh generation Vande Bharat Trains to made over the next three years.
• 100 PM GatiShakti Cargo terminals for multimodal supply to prepared over the next three years.

MSME

• • Udyam, e-shram, NCS, and ASEEM portals to intertwined.
  • 130 lakh MSMEs given extra credit under Emergency Credit Linked Guarantee Scheme (ECLGS)
  • ECLGS to enhanced up to March 2023.
  • Assurance cover under ECLGS to extended by Rs 50000 Crore to the overall cover of Rs 5 Lakh Crore.

• • cover under ECLGS to extended by Rs 50000 Crore to the overall cover of Rs 5 Lakh Crore

• under ECLGS to extended by Rs 50000 Crore to the overall cover of Rs 5 Lakh Crore.
• Overall expenditure in 2022-23 projected at Rs. 39.45 lakh crore
• Total receipts other than adoptions in 2022-23 projected at Rs. 22.84 lakh crore
• Total receipts other than adoptions in budget 2022-23 projected at Rs. 22.84 lakh crore
• Rs 2 lakh Crore additional credit for Micro and Small Enterprises to arranged under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
• Raising and Accelerating MSME performance (RAMP) program with an expenditure of Rs 6000 Crore to released.You may also like to read: How to fix canon printer

Public Capital Investment

• Public investment to cease to fuel prime private investment and demand in budget 2022-23.
• Expense for capital spending got up amazingly by 35.4% to Rs. 7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the present year.
• Expenditure in 2022-23 to stay at 2.9% of GDP.
• Actual Capital Expenditure of Central Government projected at Rs. 10.68 lakh crore in 2022-23, which is nearly 4.1% of GDP.