Union Budget 2022 Highlights
Finance Minister Nirmala Sitharaman is presenting the Union Budget 2022 in the second year of the COVID-19 pandemic. "We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100," Ms Sitharaman stated today. This is also the sixth Budget session to be held since the outbreak of the pandemic in January 2020. The key elements of the Union Budget 2022 that are being keenly watched include, among other things, individual income tax, Provident Fund, pensions and spending on healthcare, which has been one of the most active sectors due to rising medical claims. Agriculture and farm subsidies - by their very fundamental effect on India's economic growth - and after the big controversy over the now-withdrawn three farm laws, are likely to get the maximum attention from the government. The Union Budget 2022 also comes in a month when assembly elections will be held in five states.
12:38 (IST)
Long-term capital gains
Surcharge on long-term capital gains capped at 15%
12:36 (IST)
Gross GST collection
Gross GST collection in January at record ? 1,40,986 crore, possible due to rapid economic recovery, says Finance Minister Nirmala Sitharaman.
12:33 (IST)
Income tax rates unchanged
The government has not changed income tax rates this year.
12:21 (IST)
GST
Remarkable progress in GST but there were huge challenges, says Nirmala Sitharaman.
12:14 (IST)
Digital assets tax
30 per cent tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
12:14 (IST)
Virtual digital assets
30 per cent tax on digital asset transfer.
12:12 (IST)
National Pension Scheme (NPS)
Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
12:10 (IST)
Cooperative societies tax
Tax rate for cooperative societies reduced to 15 per cent.
12:08 (IST)
Direct taxes
New updated returns. Income Tax Department has made new roadmap. To correct errors by taxpayers, file updated returns within 2 years.
12:01 (IST)
Digital rupee
Digital rupee using blockchain and other technology to be issued by RBI starting fiscal 2023.
11:58 (IST)
Effective expenditure
Effective expenditure will be INR 10.68 lakh crore, or 4.1 per cent of GDP
11:55 (IST)
Capital expenditure raised
Capital expenditure raised by 35.40 per cent from INR 5.54 lakh crore to INR 7.50 lakh crore
