Key Highlights, Budget 2022 –
- ⦁ 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, an additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
- ⦁ Promoting Fintech and the digital economy is a focus area for this budget.
- ⦁ 75 digital banking systems in 75 districts by scheduled commercial banks.
- ⦁ IBC to be amended to improve the efficiency of the resolution process, including cross border.
- ⦁ Core Banking Services to start in Post offices.
- ⦁ PM Gati-shakti master-plan Has scope to enhance multimodal communication through 7 engines, 2000 km of the 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 up to March 2023, guaranteed cover extended by another Rs 50,000 crore.
- ⦁ 8 million new dwellings 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 the development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra.
- ⦁ New provision to file the updated return within 2 years of the relevant assessment year.
- ⦁ The alternate minimum tax for cooperative societies down from 18.5% to 15%.
- ⦁ The tax deduction limit for state Govt employees* to NPS was raised from 10% to 14%**.
- ⦁ Surcharge on Corporate tax pruned from 12% to 7% Surcharge on the 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 is 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 the transfer of virtual digital assets & income to be taxed at 30%.
- ⦁ 68% of capital outlay for the Domestic defense 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 mobilization to be Rs 22.84 trillion other than borrowing.
- ⦁ Visit us – https://akhilamitassociates.com/home.aspx, https://akhilamitandassociates.com/, https://akhilamitandassociates.business.site/
- ⦁ Follow us on Twitter – https://twitter.com/AssociatesAkhil
- ⦁ Follow us on LinkedIn – https://www.linkedin.com/in/akhilamitandassociates1/, https://www.linkedin.com/company/akhilamitandassociates/
- ⦁ Follow us on Google (Chinchwad Branch), Follow us on Google (Wakad Branch).
- ⦁ Follow us on Facebook
Tag:
best ca for gst, best ca in akurdi, best ca in aundh, best ca in balewadi, best ca in baner, best ca in bhosari, best ca in chakan, best ca in chinchwad, best ca in hinjewadi, best ca in india, best ca in maharashtra, best ca in mumbai, best ca in nigdi, best ca in pimple saudgar, best ca in pimpri, best ca in pimpri chinchwad, best ca in pune, best ca in talawade, best ca in wakad, best ca near me, best tax consultant near me, ca course, gst ca, income tax ca, top ca, top ca in nigdi, top ca in pimpri chinchwad, top ca near me, top tax consultant