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FM proposes flat 30% tax on income from virtual digital assets
It paves the way for the regulation of digital assets like cryptocurrencies.
An open platform for the national digital health ecosystem will be rolled out. National tele-medicine programme to be launched.
It will improve access to healthcare for people including in remote areas.
Boost for EVs with battery swapping policy
Will help mitigate one of the biggest hindrances to adoption of electric vehicles in India - range and charging anxiety.
The current SEZ Act to be replaced with a new act, which will allow states to become partners in the zone’s development.
Will make compliance norms easier and thus setting up of SEZs easier. Not clear whether it meets industry demands.
Procurement of wheat and paddy for 2021 seasons from 16.3 million farmers. In this Rs 2,370 billion will be the direct payment of MSP value to their accounts.
It will improve farmers’ incomes and can drive up consumption.
FM proposes digital rupee using blockchain technology by the RBI in 2022-23, to boost the digital economy.
This is a big announcement in the run up to the official launch of CBDC.
FM allotted Rs 48,000 crore towards housing projects for FY23 under PM Housing scheme.
The enhanced allocation should further boost affordable housing projects in the country.
National Highways will be expanded by 25,000 km. Rs Rs 20,000 crore will be mobilised through innovative ways of financing for national highways.
Road construction stocks rise as FM says highway network to grow by 25,000 km in FY23.
Tax rebate on profits made extended for one more year.
It will help young companies in the country, which number over 61,400.
Promotion of chemical-free natural farming, oil seed production and millet marketing, and a fund to promote agritech.
It can improve soil health, farmer income and better productivity. Will also reduce edible-oil import bills.
Opening of 75 digital banking units in 75 districts by scheduled commercial banks.
This is good news for digital banking push and related companies.
Necessary amendments in IBC structure to promote cross border insolvency resolutions.
More teeth for the IBC mechanism. This is a much needed step and was a key point mentioned in the Economic Survey.
68% of defense Budget to be allotted towards domestic industry component of imports in the defence will be brought down further from 58% to 68% in 2022-23.
This will further boost order books of Indian manufacturers in private and public sector.
Additional allocation of Rs 19,500 crore for PLI for solar PV module.
This would boost domestic manufacturing of solar power equipment, subsequently benefit solar power generators.
The FM allotted Rs. 7.5 lakh crore for capital expenditure in FY23, almost 2.2 times of the allocation of FY20.
The capex thrust should boost job creation and long-term growth of the economy.
FM proposes digital rupee using blockchain technology by the RBI in 2022-23, to boost the digital economy.
This is a big announcement in the run up to the official launch of CBDC.
Budget announces establishment of a Digital University, 200 TV channels for education sector.
To promote technology adoption in education. Will supplement education delivery via vernacular languages
Kisan drones will be used for crop assessment, digitisation of land records and spraying of insecticides.
Startups will be encouraged to launch ‘drone shakti’ and offer drone as a service.
Taxpayers can now avail of a 2-year window to file revised returns if they have forgotten or erred in missing returns.
This will help reduce friction with the tax department and also improve compliance.
Digitisation of land records at a national level.
It will make it easier for FDI participation in real-estate.
Govt extends concessional 15 percent income tax for new manufacturing companies till March 31 2024.
Useful for companies who are planning new projects through separate companies whose plans may have been delayed by covid
Simplified regulation for ecommerce exports in gems and jewellery sector, and duty reduction to 5 percent for cut/polished diamonds and gemstones.
It will improve exports of gems and jewellery.
Expert committee to be formed for VC & PE investments. More fund of funds managed by private entities to be rolled out, with govt share’s at 20%.
It will help boost investments.
Long term capital gains for unlisted shares remains at 15 percent.
Huge win for startups. Effectively reduces tax for angel investors from 28.5% to 23%. Draws more investments.
Union Budget 2022 Summary: Presenting Budget 2022-23, Nirmala Sitharaman estimated India's total expenditure at Rs 39.45 lakh crore and projected fiscal deficit at 6.4% of GDP for FY23. What did the budget have for the middle class, taxpayer and investor? Here are the full details, packed with expert views, reported pieces and in-depth analyses.
Given that weapons systems are just another type of machines, India would rather master making these machines themselves, and then move on to those for military purposes
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IndiaMART InterMESH surges 34% to close at Rs 1,302 on Day 1
From umbrellas, to unblended fuel to clothes, here is a list of all things that could make your pockets lighter, and heavier.
A CBDC is the digital form of fiat currency and will ease transactions. An RBI report had earlier described CBDC as something that will provides a safe, robust, and convenient alternative to physical cash.
Nirmala Sitharaman Finance Minister| Government of India
Ajay Bhushan Pandey Revenue Secretary
Tarun Bajaj Economic Affairs Secretary
Bajaj has helped shape three `Aatmanirbhar Bharat` sets of relief measures
Unlike past exercises, this year’s budget is conservative on many counts, including growth estimates and expenditure projections. The government has also resisted the temptation, again marking a departure, to launch populist measures to coax voters
4 months ago
4 months ago
The sale of government's shares in public sector undertaking is called disinvestment.
The Vote on Account is a grant made in advance by the Parliament, allowing an outgoing government to incur expenses for the part of the year it will be in office.
A comprehensive report of the government's financial statements, containing all expenditures and revenues -- actual numbers for the year going by (revised estimates) and forecast numbers for the year ahead (budgeted estimates).
Indirect taxes are those paid by consumers when they buy goods and services. These include excise and customs duties. Customs duty is the charge levied when goods are imported into the country, and is paid by the importer or exporter. Excise duty is a levy paid by the manufacturer on items manufactured within the country. Usually, these charges are passed on to the consumer.
The Budget impacts the economy, the interest rate and the stock markets. How the finance minister spends and invests money affects the fiscal deficit. The extent of the deficit and the means of financing it influence the money supply and the interest rate in the economy. High interest rates mean higher cost of capital for the industry, lower profits and hence lower stock prices. The fiscal measures undertaken by the government affect public expenditure. For instance, an increase in direct taxes would decrease disposable income, thus reducing demand for goods. This decrease in demand will translate into a decrease in production, therefore affecting economic growth. Similarly, an increase in indirect taxes would also decrease demand. This is because indirect taxes are often partially or completely passed on to consumers in the form of higher prices. Higher prices imply a reduction in demand and this in turn would reduce profit margins of companies, thus slowing down production and growth. Non-plan expenditure like subsidies and defence also affect the economy as limited government resources are used for non-productive purposes.
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission. Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments. Non-plan capital expenditure mainly includes defence, loans to public enterprises, loans to States, Union Territories and foreign governments.
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