Introduction

Budget 2022
★ Budget is the annual financial statement of a government which lays out fiscal roadmap for the
country for the next one year . it is prepared by the ministry of finance in consultation with Niti
Aayog and other concerned ministries.

★ The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal
body responsible for producing the budget with the guidance of the finance minister Nirmala
Sitharaman

★ Budget making process starts in August - September, that is, about six months prior to its date of
presentation (Date of presentation Feb 1)

★ It needs to be passed by both houses of parliament before beginning of the financial year, that is April
1.

★ The general objective of the Union Budget is to bring about a rapid and balanced economic growth of
our country coupled with social justice and equality.
Budget 2022 Highlights
➔ India posted a 9.2% GDP growth, the highest among all economies.
➔ This union budget seeks to lay foundation and gives blueprint of economy over
‘Amrit kal’ of next 25 years - from india at 75 to india at 100
➔ Budget (2022-23) will benefit the youth , women , farmers and the backward
classes. The PM gati shakti master plan will guide the process.
➔ Production linked incentives scheme to create 60 lakh new jobs in next 5 years.
➔ Spectrum auctions this year to enable 5G roll out by 2023.
➔ No change in income tax slabs, However, taxpayers can now update I-T returns
within two years.
➔ Centre to rollout national tele- mental health programme.
➔ Income from long term capital gains will be taxed at 15%.
➔ In major push for digit currency, the finance minister stated that digital rupee will be
issued using blockchain technology by the RBI starting 2022-23.
➔ Income from the transfer of any virtual digital asset shall be taxed at the rate of 80%,
plus 1% tax on transaction.
➔ Gross GST collections for the january 2022 are RS. 1,40,986 crore- the highest since
the inception of the tax in 2017.
What gets cheaper, what’s costlier in Budget 2022
What will become costlier ? What will become cheaper ?
★ Umbrella
★ Frozen mussels
★ Imitation jewellry
★ Frozen squids
★ Single or multiple loudspeakers
★ Asafoetida
★ Headphones and earphones ★ Cocoa beans
★ Smart meters ★ Methyl alcohol
★ Solar cells ★ Acetic acid
★ Solar modules ★ Cut and polished diamonds
★ X- ray machines ★ Camera lens for cellular
★ Parts of electronic toys mobile phone