{"id":90,"date":"2022-02-03T12:18:00","date_gmt":"2022-02-03T12:18:00","guid":{"rendered":"https:\/\/akhilamitassociates.com\/blog\/?p=90"},"modified":"2023-11-16T12:19:26","modified_gmt":"2023-11-16T12:19:26","slug":"key-highlights-budget-2022","status":"publish","type":"post","link":"https:\/\/akhilamitassociates.com\/blog\/key-highlights-budget-2022\/","title":{"rendered":"Key Highlights: Budget 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"key-highlights-budget-2022\">Key Highlights, Budget 2022 \u2013<\/h2>\n\n\n\n<ul>\n<li>\u2981 GDP growth for FY 22 is expected to be 9.2%, the highest for any large economy.<\/li>\n\n\n\n<li>\u2981 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.<\/li>\n\n\n\n<li>\u2981 Promoting Fintech and the digital economy is a focus area for this budget.<\/li>\n\n\n\n<li>\u2981 75 digital banking systems in 75 districts by scheduled commercial banks.<\/li>\n\n\n\n<li>\u2981 IBC to be amended to improve the efficiency of the resolution process, including cross border.<\/li>\n\n\n\n<li>\u2981 Core Banking Services to start in Post offices.<\/li>\n\n\n\n<li>\u2981 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 &amp; Highway network to grow by 25,000 km in FY23.<\/li>\n\n\n\n<li>\u2981 Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode.<\/li>\n\n\n\n<li>\u2981 ECLGS (Emergency Credit Line Guarantee Scheme) to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore.<\/li>\n\n\n\n<li>\u2981 8 million new dwellings in rural, urban areas to be completed under PM Awas Yojana.<\/li>\n\n\n\n<li>\u2981 Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.<\/li>\n\n\n\n<li>\u2981 Rs 2 trillion outlay for MSMEs. Additional loans for 13 mn MSMEs.<\/li>\n\n\n\n<li>\u2981 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 &amp; Desh stack e-portal to be launched to promote Digital infra.<\/li>\n\n\n\n<li>\u2981 New provision to file the updated return within 2 years of the relevant assessment year.<\/li>\n\n\n\n<li>\u2981 The alternate minimum tax for cooperative societies down from 18.5% to 15%.<\/li>\n\n\n\n<li>\u2981 The tax deduction limit for state Govt employees* to NPS was raised from 10% to 14%**.<\/li>\n\n\n\n<li>\u2981 Surcharge on Corporate tax pruned from 12% to 7% Surcharge on the transfer of long-term capital gains tax capped at 15%.<\/li>\n\n\n\n<li>\u2981 Tax exemption to start-ups extended to March 2023.<\/li>\n\n\n\n<li>\u2981 Gross GST collection for January 2022 at a record Rs 1.41 trillion.<\/li>\n\n\n\n<li>\u2981 No change in income tax slab.<\/li>\n\n\n\n<li>\u2981 Electric Vehicles battery-swapping policy is to be brought out with interoperability standards.<\/li>\n\n\n\n<li>\u2981 Concessional duty on import of capital goods to be phased out.<\/li>\n\n\n\n<li>\u2981 Duty on unpolished diamonds to be reduced to 5%.<\/li>\n\n\n\n<li>\u2981 Customs duty on steel scrap extended by a year.<\/li>\n\n\n\n<li>\u2981 RBI led digital rupee using blockchain to be launched in FY23, *1% TDS* on the transfer of virtual digital assets &amp; income to be taxed at 30%.<\/li>\n\n\n\n<li>\u2981 68% of capital outlay for the Domestic defense industry.<\/li>\n\n\n\n<li>\u2981 Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23.<\/li>\n\n\n\n<li>\u2981 Total expenditure in FY23 estimated at Rs 39.45 trillion; total resources mobilization to be Rs 22.84 trillion other than borrowing.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>\u2981&nbsp;Visit us \u2013&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230131000358\/https:\/\/akhilamitassociates.com\/home.aspx\">https:\/\/akhilamitassociates.com\/home.aspx<\/a>,&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230131000358\/https:\/\/akhilamitandassociates.com\/\">https:\/\/akhilamitandassociates.com\/<\/a>,&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230131000358\/https:\/\/akhilamitandassociates.business.site\/\">https:\/\/akhilamitandassociates.business.site\/<\/a><\/li>\n\n\n\n<li>\u2981&nbsp; Follow us on Twitter \u2013&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230131000358\/https:\/\/twitter.com\/AssociatesAkhil\">https:\/\/twitter.com\/AssociatesAkhil<\/a><\/li>\n\n\n\n<li>\u2981&nbsp; 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