Budget 2022 Key Takeaways: What FM Nirmala Sitharaman Announced That Concerns You

Budget 2022 Key Takeaways: What FM Nirmala Sitharaman Announced That Concerns You
Budget 2022 Key Takeaways: What FM Nirmala Sitharaman Announced That Concerns You
  • GDP growth for FY 22 is expected to be 9.2%, the highest for any large economy.


  • PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs, additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.


  • Promoting Fintech and the digital economy a focus area for this Budget.


  • 75 digital banking systems in 75 districts by scheduled commercial banks.


  • IBC to be amended to improve efficiency of resolution process including cross border.


  • Core Banking Services to start in Post offices


  • PM Gati-shakti masterplan Has scope to enhance Multimodal communication through 7 engines, 2000 km of rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.


  • Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode


  • ECLGS (Emergency Credit Line Guarantee Scheme) to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore


  • 8 million new dwelling in rural, urban areas to be completed under PM Awas yojana


  • Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.


  • Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs.


  • Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra


  • New provision to file updated return within 2 years of relevant assessment year.


  • Alternate minimum tax for cooperative societies down from 18.5% to 15%


  • Tax deduction limit for state govt employees to NPS raised from 10% to 14%


  • Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%


  • Tax exemption to start-ups extended to March 2023.


  • Gross GST collection for January 2022 at a record Rs 1.41 trillion


  • No change in income tax slab.


  • Electric Vehicles battery-swapping policy to be brought out with interoperability standards.


  • Concessional duty on import of capital goods to be phased out.


  • Duty on unpolished diamonds to be reduced to 5%


  • Customs duty on steel scrap extended by a year


  • RBI led digital rupee using blockchain to be launched in FY23, 1% TDS on transfer of virtual digital assets & income to be taxed at 30%


  • 68% of capital outlay for Domestic defence industry.


  • Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23


  • Total expenditure in FY23 estimated at Rs 39.45 trillion ; total resources mobilisation to be Rs 22.84 trillion other than borrowing.
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