Download Finance Budget 2022 key highlights PDF. Finance Budget 2022 key highlights. BUDGET 2022 QUICK SUMMARY
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Finance Budget 2022 key highlights Details
| File Name | Finance Budget 2022 |
| Financial Year | 2022 |
| Format | |
| PDF Size | 3 MB |
Finance Budget 2022 key highlights
- 25,000 Km of National Highways to be constructed in FY 23
- Rs. 2.7L Cr. to be allocated for farmers under MSP
- Agri startups to get funding from NABARD
- 400 new Vande Bharat Trains to be initiated in next 3 years
- Allocation for Emergency Credit Guarantee Scheme for MSMEs increased by Rs.50K Cr.
- PM E-Vidya program to be increased to 200 channels giving boost to education in vernacular languages
- A digital platform to be created for the healthcare ecosystem.
- Digital University to be created.
- E-Passports with digital chips to be rolled out in next year.
- 1.5L Post Offices to be linked to core banking
- A battery swapping policy will be brought out for electric vehicles.
- Center for Accelerated Corporate Exit to be set up. The process to be digitized and aims to bring the corporate exit time within 6 months.
- Animation, Gaming, Visual Effects to be given a boost to enhance capabilities for meeting global demands.
- 80 Lakh houses to be built under PM Housing Scheme with allocation fo Rs. 48K Cr.
- PLI scheme of Rs.19.5K allocated for manufacturing of high efficiency modules for solar power to achieve target of 280 GW of solar power
- Budget allocation for capital expenditure increased by 34.5%, to Rs.7.5L Cr.
- Sovereign Green bonds to be issued for mobilizing green energy and to reduce carbon intensity.
- International Arbitration Center to be set up in Gift City
- Digital Rupee to be introduced by RBI using blockchain technology
- Rs.1L Cr. allocated for grant of interest-free loans to States. Funds to be used for Gati Shakti and other capex by States.
- *Fiscal deficit* for FY 2021-22 to be at 6.9% of the GDP and for FY 2022-23 is estimated to be at 6.4% of the GDP
- Proposal to allow the filing of an updated return within 2 years from the end of the relevant assessment year, with payment of additional tax.
- MAT on Co-operatives Societies reduced to 15% to align it with Corporates.
- *Startups benefits* – Section 80IAC tax holiday to be allowed to the startups incorporated before 31 March 2023. Time extended by one year.
- 15% tax regime for new manufacturing companies extended by one year. Now it would be allowed to companies incorporated on or before 31 March 2024.
- Litigation Management – repetitive appeals by the department shall be deferred till the issue of law is settled in the matter of that assessee by the Jurisdictional High Court.
- Surcharge on Long Term Capital Gains on the transfer of any type of asset to be capped at 15%.
- Surcharge or Cess not to be allowed as business expenditure. Law to be amended to overrule judgements of High Courts.
BUDGET 2022 QUICK SUMMARY
DEFICIT/EXPENDITURE
- Proposes fiscal deficit of 4.5% of GDP by 2025/26
- Projects fiscal deficit of 6.4% of GDP in 2022/23
- Revised fiscal deficit for 2021/22 at 6.9% of GDP
- Total expenditure in 2022/23 seen at 39.45 trillion rupees
- States will be allowed 4% fiscal deficit to GDP in FY23
- 50 year interest free loans over and above normal borrowing allocated to states
- Scheme for financial assistance to states for capital investment outlay to be 1 trillion rupees in 2022/23
TAXATION
- Import duty on certain chemicals are being reduced
- Customs duty exemption on steel scrap to be extended for another year for small- and medium-sized businesses
- Customs duty on stainless steel, flat products, high steel bars to be revoked
- Unblended fuel to get additional duty of 2 rupees per litre from October 2022
FINANCE
- Emergency credit line guarantee scheme for small and medium sized businesses to be extended to March 2023
- Energy transition and climate action will be a major government priority
- Public issue of Life Insurance Corporation expected shortly
- Initiatives from last year’s budget have been provided adequate allocations in this budget
- Special Economic Zones Act to be replaced with new legislation
- To amend bankruptcy code to speed up resolution process
- Aims to lower winding up of companies to 6 months from 2 years currently8.
- Long term capital gain surcharge to be capped at 15%
DIGITAL CURRENCY
- To launch digital rupee using blockchain technology starting 2022/23
- To launch scheme for taxation of virtual digital assets
- Losses from sale of virtual digital assets cannot be offset against other income
- Income from virtual digital assets to be taxed at 30%
DEFENCE
- Govt committed to reducing defence imports
INFRASTRUCTURE
- 5G spectrum auctions to be conducted in 2022
- Scheme for design-led manufacturing for 5G will be part of production-linked scheme
- To award contracts to lay optical fibre in rural areas, completion in 2025
- 480 billion rupees set aside for affordable housing in 2022/23
- To allocate additional 195 billion rupees for production-linked incentives towards solar equipment manufacturing
AGRICULTURE
- Domestic scheme introduced to reduce dependence on oilseed imports
- Fund with blended capital raised under co-investment model to finance agriculture startups
- Railways to develop infrastructure for small farmers in 2022/23
TRANSPORT
- 400 energy efficient trains to be manufactured over next three years
- National highways network to be expanded by 25,000km in 2022/23
- Highways expansion to cost 200 billion rupees in 2022/23
- India to bring out battery swapping policy
INCOME TAX UPDATES
1. New Updated return – A new provision to allow taxpayers to file an updated return. Updated return can be filed within 2 years from the end of the relevant assessment year:
2. Co-op Society – 15 % from 18%, reduction in surcharge too
3. Alternate minimum tax to be reduced to 15% for cooperative societies
4. Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees
5. Tax incentives for startups to be incorporated until March 31, 2023
6. Crypto tax at 30% – Tax on BITCOIN no set off on loss -Crypto profit give 30% to govt Loss you suffer fully no set off
7. Recipient to be taxed in case of gift of virtual digital asset: FM Sec 56 amended
8. Long-term capital gains on listed equity share units are subject to a maximum surcharge of 15%. propose to cap transfer of long term capital gains at 15%:
9. Corporate surcharge to be reduced from 12% to 7%:
INDIRECT TAX UPDATES
1. Record Rs 1.40 lakh crore gross GST collection in January 2022, highest since inception – Highest-ever GST collection of Rs 1,38,394 crore in January 2022
2. Concessional customs duty on capital goods to be phased out, the initial rate of 7.5% to be imposed
3. More than 350 exemptions on some Agri products, chemicals, drugs, etc to be phased out
4. Duty concessions on parts of phone chargers, transformers, etc to enable domestic manufacturing
5. Custom duty exemption on steel scrap is being extended by a year to help MSMEs.
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