As we know that Union Finance Minister Nirmala Sitharaman present the budget 2022 on 01st of February 2022. The budget is prepared by the India ministry of finance in the consultation along with Niti Aayog and some other concerned ministries.
Or we can say that the body of DEA (department of economic affairs) in the finance ministry is responsible to produc the budget
On this year the budget was represent by Union Finance Minister Nirmala Sitharaman at Parliament.
With this blog we are going highlights some of major points of budget 2022.
Table of Contents
Highlights of Budget 2022
- First and best point mentioned by Union Finance Minister Nirmala Sitharaman is that the country is expected to grow approx. 9.27 %.
- Digital rupee is to be issued by Reserve bank of India (RBI) and it will be good boast to the economy.
- All the Taxpayers get two years to update the income tax (I-T) returns
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Budget 2022 India Updates Summary.
The Finance Minister Minister Nirmala Sitharaman said that there was a good growth in the public investment and capital expenditure in the Budget of 2021-2022. This year Budget (2022-23) will have benefit to the young generation (youth), women, Agriculture (farmers), & the backward classes. The master plan of PM Gati Shakti master will guide
Any digital and virtual asset will be taxed at rate of thirty percent (30%) and on transaction there will charge of one percent (1%)
About taxes on capital and long term gain Finance Minister Nirmala Sitharaman said that any Income from the Long Term Gains (in Capital) will be taxed at fifteen percent (15%).
About Corporate surcharges the Finance Minister Nirmala Sitharaman said that Corporate surcharge it will be reduced from twelve percent to seven percent (12% to 7%).
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About PM awas yojana the Finance Minister Nirmala Sitharaman said Rs 48,000 crores will be allocated to completion the construction of eighty (80) lakh houses in the rural and the urban areas in 2022-23
About tax deduction of Centre and States govt employees Finance Minister Nirmala Sitharaman said the tax deduction limit will increased from ten percent (10%) to fourteen percent (14%).
About Customs on polished diamonds Finance Minister Nirmala Sitharaman said the gemstones will be cut to five percent 5%.
About the agriculture Finance Minister Nirmala Sitharaman said the procurement of wheat in the season of RABI in the year of 2021-22 will cover around 1,208 lakh metric tons.
About cess or surcharge on income Finance Minister Nirmala Sitharaman said it will not allow as a business expenditure. (Surcharge).
About the Atmanirbhar Bharat, Finance Minister Nirmala Sitharaman said that it has received good response to create the new 60 lakhs job and it will create opportunity more than 30 lakh in next few years.
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Items that become Cheaper or Costlier in Budget 2022.
Items that will be cheaper than previous sell values in Budget 2022
According to the latest budget present by Finance Minister Nirmala Sitharaman below
mentioned some of the items will be cheaper than previous sell values
- Gemstones and diamonds
- Camera lens for cellular mobile phones
- Mobile phones
- Mobile phone chargers
- Frozen mussels
- Frozen squids
- Cocoa beans
- Methyl alcohol
- Acetic acid
- Chemicals needed for petroleum products
- Steel scrap
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Items that will become Costlier in Budget 2022.
According to the latest budget present by Finance Minister Nirmala Seetharaman below
mentioned some of the items will be costlier than previous sell values
- Unblended petrol and diesel
- Imitation Jewelry
- Single or multiple loudspeakers
- Headphones and earphones
- Smart meters
- Solar cells
- Solar modules
- X-ray machines
- Parts of electronic toys
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