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Budget Highlights 2022
Budget Highlights 2022
Budget Highlights 2022
2. 7 growth engines in the gatishakti plan providing impetus for growth. Sabka
prayaas for strong growth
Battery swapping policy announced. Clean technology for transport. Mobility zones
for e vehicles.
Spectrum auctions in 2022 for 5G. Optical fibre contracts to be awarded for villages
and rural areas. PPE models to be used.
PLI scheme linked with 5G rollout.
AI, drones, genomics, green energy has great opportunities for sustained
development.
Private industries invited for R & D for defence procurement. 68% of budget for Make
in India defence.
35.4% jump in capex to 7.5 lac crores. Outlay for capital Expd stepped up by 2X
times equalling 2.9% of GDP. Effective cap expd will be 4% of GDP.
Introduction of central bank digital currency. Digital rupee introduced via blockchain
technology issued and monitored by RBI. CBCD to be introduced.
Fiscal Management:
fiscal deficit of 37.7 lac crores
39.54 lac expenditure outlayed. 6.9% fiscal deficit of GDP.
PART B
DIRECT TAX
Intend to more reforms to simplify tax regime and reduce litigations.
Introducing new tax returns systems.
To provide opportunities to correct errors and omissions, updated itr can be filed
within 2 years of end of relevant Asstt year.
To avoid lengthy process of adjudication. To provide trust based on tax payers for
voluntary compliance.
Reduce AMT for cooperatives at 18% to 15%. Company’s pay at 15%. Reduce
surcharge from 12% to 7% for incomes above 1 crores.
Parent or guardian can take benefit of annuity amount paid for differently abler
persons or dependents till 16 years.
NPS Tier 1 deduction given at 10% for state Govt employees is increased to 15%
making it par with central Govt employees.
Incentives for start ups. In view of Covid, eligible start up period increased by 1 year
to 31.3.2023.
New manufacturing domestic cos under section 115BAB - last date for
commencement of production increased by one more year to 31.3.2024
Brought forward loss vs undisclosed income - no set off of any loss allowed against
any undisclosed income during search or survey.
Indirect Taxes
Gst has been a landmark reform. Fully IT driven Gst regime. Gst revenues are
buoyant.
Gst revenue collections at 1.46 lacs crores for the month of January 2021 being
highest ever.