Budget 2022

Budget 2022 Highlights – India

Budget 2022: Major announcements of finance minister Nirmala Sitharaman as part of her Budget 2022 speech include spectrum auction, which will be held in 2022 to roll out 5G mobile services within 2022-23 by private firms.

In addition, in a significant move, the minister announced a 30% tax on proceeds of digital assets.

Budget 2022
FM, Nirmala Sitharaman – Budget 2022

Budget 2022

Custom

Customs duty on cut and polished diamonds, gems to be reduced to 5%

Startups

Existing tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.

30% TAX On Cryptocurrency

Finance minister Nirmala Sitharaman announces 30% tax on virtual/digital assets proceeds. “I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. Furthermore, no deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.”

Announcement For Taxpayers

Nirmala Sitharaman announced a new tax rule for taxpayers where a taxpayer can file an updated return on payment of taxes within two years from the end of the relevant assessment year.

Digital rupee to be issued by RBI in 2022-23

FM announces central bank digital currency, a digital rupee using blockchain and other techs. The RBI will introduce it in 2022-23.

35.4% increase in capital expenditure.

Capital Expenditure to increase 35.4% from ₹5.54 lakh crore to 7.50 lakh crore

SEZ Act to be replaced by a new law

SEZ (Special Economic Zones) will be replaced with new legislation taking states on the board.

Aatmanirbhar Defense

68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta.

5G Spectrum

5G spectrum auctions to be carried out in 022 to enable the launch of services within FY 22-23

E-passports, ease of business 2.0

E-passports will be issued in 2022-23 to enhance convenience for citizens. In addition, ease of business 2.0 will be launched.

Digital Banking

Govt continuously encouraging digital banking. Taking forward, 75 digital banking units will be set up in 75 districts.

Farmers

Nirmala Sitharaman announced ₹2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers.

National Telehealth Program

Sitharaman announced a national telehealth program in Budget 2022.

Digital Education, Digital University

For classes 1 to 12, 1 class 1 Tv channel will be extended from 12 to 12,000 TV channels, announced Nirmala Sitharaman, considering the loss of the education system due to the pandemic.

Drone Shakti

Startups will be promoted to facilitate Drone Shakti to make drone a service. In select ITIs in all states, courses will be started.

7 Focus Areas

PM Gati Shakti
Inclusive Development
Productivity Enhancement
Sunrise Opportunities
Energy Transition
Climate Action
Financing of investments

Vande Bharat Trains

400 new-generation Vande Bharat trains with higher efficiency and better facilities for passengers will be developed in the next three years

PM Gati Shakti Plan

PM Gati Shakti plan one of the four pillars of growth says FM in her Budget speech. 25,000 km of national highways to be built in 2022-23,

Two parallel tracks for the next 25 years

Two parallel tracks for the next 25 years: public investments in infrastructure and a budget that is inclusive and futuristic

Growth estimated to be 9.2%

India’s growth is estimated to be at 9.2%, the highest among all large economies; we are now in a solid position to withstand challenges

FAQ’s

Is Cryptocurrency now legal, without bringing the Cryptocurrency Bill, as you tax the Cryptocurrency

Details yet to be presented

What about the Cryptocurrency regulator

Details yet to be presented

What about the regulation of Crypto Exchanges

Details yet to be presented

What about Cryptocurrency investor protection

Details yet to be presented

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