News Business Budget 2022: Here are the major takeaways | READ MORE

Budget 2022: Here are the major takeaways | READ MORE

Finance Minister Nirmala Sitharaman is presenting the Union Budget for the year 2022-23 in Parliament today.

budget 2022 live coverage, budget 2022 live telecast, budget 2022 live announcements, budget, budget Image Source : PTI. Union Finance Minister Nirmala Sitharaman presents the Union Budget 2022-23 in the Lok Sabha, at Parliament, in New Delhi on Feb 1, 2022.   

The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the Budget 2022-23, sources said. Finance Minister Nirmala Sitharaman presented the budget in Lok Sabha on Tuesday. 

ALSO READ: Budget 2022: National Highways to be expanded by 25,000 km in 2022-23, says FM Sitharaman

HERE ARE THE MAJOR TAKEAWAYS:

  • One station, One product to be popularised
  • Railways will develop new products for small farmers
  • Modern infrastructure to be cornerstone of the plan
  • FM Sitharaman outlines PM Gati Shakti masterplan
  • 400 New Generation Vande Bharat trains to be introduced
  • 100 new Rail Cargo Terminals to be developed
  • Agriculture university to be opened in several states
  • A rationalised scheme to increase domestic oilseed production will be brought in to cut down imports
  • National Highways will be extended by 25,000 km during 2022-23.
  • By 2023, 18 Cr househiold should have piped water
  • Desh stack e-portal to be launched to promote digital infra
  • Border villages with sparse population will be covered under a new program.
  • Schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 revamped to provide benefits
  • Epassport would be rolled out in 2022-23
  • Paperless end-to-end e systems will be used for all procurements
  • Roll out of 5 G teleservices would be done with 2023
  • 2 lakh Anganwadis to be upgraded for improving child health
  • AI - Drone - Semi Conductor - Space - Pharma would be emphasised. Supportive policies would be promoted for domestic production
  • Defence : reducing imports for equipments. 68% of capital reserves would be reserved for domestic production
  • 1 nation, 1 registration for land reforms to be rolled out
  • Farmer to be helped with tech and provided funds to reduce crop burning
  • Green bonds would be issued for green infra
  • Digital Rupee- Digital currency- issued by RBI starting 2022-23
  • State would be allowed a fiscal deficit of 4%. Fiscal management of 34.83 lakh crore projected, 37.7 lakh crore is revised expenditure
  • To provide the opportunity to correct errors 2 years provision for submitting updated returns
  • Taxpayers can file updated return within 2 years
  • Scheduled commercial banks to set up 75 digital banks
  • NPS tier 1- Tax deduction limit to be increased to 14% for employees contribution. For both state and central government
  • Corporate surcharge to be reduced from 12% to 7%
  • For any form of long Term Capital gains, tax would be 15% only
  • GST: Fully IT-driven and progressive GST regime. Gross GST collection for January is 1.46 Lakh crore which is the highest since GST was launched
  • Virtual Digital assets to be taxed at 30%

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