New Delhi. New Delhi. Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2022-23 today i.e. on February 1, 2022. Significantly, this is the fourth consecutive time that Sitharaman has presented the budget. Come, today we are telling you some important things related to the budget, which you must know-
Here are 45 things to know about the budget –
- 1. There was a rapid revival in the economy in the financial year 2021-22, economic growth is expected to be 9.2 percent.
- 2. The fiscal deficit is estimated to be 6.9 percent in the financial year 2021-22, 6.4 percent in 2022-23.
- 3. The total expenditure in the financial year 2022-23 is estimated at Rs.39.45 lakh crore, excluding debt, the total receipt is estimated to be Rs.22.84 lakh crore.
- 4. No change in income tax rates and slabs. Standard deduction remains the same.
- 5. Customs duty on cut and polished diamonds, gems reduced to 5 per cent.
- 6. Target to raise Rs 65,000 crore from disinvestment in the next financial year, the disinvestment target for the current fiscal has been reduced to Rs 78,000 crore from Rs 1.75 lakh crore.
- 7. Strategic transfer of ownership of Air India completed. Strategic buyers of NINL (Neelachal Ispat Nigam) have been selected.
- 8. Capital expenditure for 2022-23 increased by 35.4 percent to Rs 7.5 lakh crore.
- 9. States will be allowed a fiscal deficit of up to four per cent of GSDP in 2022-23.
- 10. Any income arising from transfer of virtual digital asset will be taxed at the rate of 30 per cent.
- 11. Central government employees get up to 14% tax relief on contributions to the National Pension Scheme, while state government employees get 10 percent. Changing this, it has also been proposed to give 14% tax relief to the state government.
- 12. To promote self-reliance in the defense sector, 68 per cent of the capital procurement budget has been earmarked for the domestic industry.
- 13. Proposal to reduce the minimum alternate tax for cooperatives to 15 percent in line with companies.
- 14. Proposal from RBI to introduce ‘Digital Rupee’ using Blockchain technology from 2022-23.
- 15. The government will give a one-time extension to rectify the mistakes and omissions in the ITR filed, updated returns can be filed within two years.
- 16. Concessional corporate tax rate of 15 per cent for newly formed manufacturing companies to continue for one more year till March, 2024.
- 17. Cess or surcharge on income not allowed to be shown as business expense.
- 18. All Post Offices will be linked with Core Banking Solution to promote financial inclusion.
- 19. Non-mixing fuel will attract an additional excise duty of Rs 2 a liter from October 1, with the aim of promoting blending of biofuels with petrol and diesel.
- 20. With the objective of taking digital banking to every citizen, 75 digital banking units will be started in 75 districts of the country.
- 21. Rs 48,000 crore has been allocated to complete the construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23.
- 22. Auction of spectrum for 5G mobile services will be conducted in 2022. As part of the PLI scheme, a design based manufacturing scheme will be launched to create a strong ecosystem for 5G.
- 23. Pradhan Mantri E Vidya’s ‘One Class, One TV Channel’ program will be expanded from 12 to 200 TV channels. This will enable all the states to provide supplementary education in regional languages from class 1 to 12.
- 24. Udyami, e-Shram, NCS and Aseem portal will be interlinked.
- 25. DPR finalized for the project of interlinking of five rivers (Damanganga-Pinjal, Tapi-Narmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery) rivers.
- 26. Ken-Betwa connectivity project worth Rs 44,605 crore will be implemented, which will provide irrigation facility to more than nine lakh hectares of land.
- 27. National Ropeway Development Program for conventional roads in hilly areas will be implemented in PPP mode, which will give a boost to tourism.
- 28. In the next three years, 400 new generation Vande Bharat trains will be manufactured.
- 29. Railways will develop new products for small farmers and small and medium enterprises.
- 30. Local products will be promoted through One Station One Product Scheme.
- 31. In order to enhance security and capacity, 2,000 km of rail network will be brought under indigenous technology- Kavach.
- 32. PM Gati Shakti for Road Transport Masterplan will be finalized in 2022-23.
- 33. In the next three years, 100 PM Gati Shakti Terminals will be set up.
- 34. Between 2022-23, the length of national highways will be increased to 25,000 km, 20 thousand crore rupees will be spent on expansion.
- 35. In Rabi 2021-22, 1,208 tonnes of wheat and paddy will be procured from 163 lakh farmers. The year 2023 has been declared as the year of coarse cereals.
- 36. Natural farming will be promoted in the areas around river Ganga.
- 37. Scheme will be brought to increase oilseeds production and reduce dependence on imports.
- 38. The government will pay Rs 2.37 lakh crore for the purchase of wheat and paddy at the minimum support price.
- 39. Production Linked Incentive Scheme received excellent response in 14 sectors, investment proposals worth Rs.30 lakh crore.
- 40. Contracts for multi-modal parks at four locations will be awarded in the next financial year.
- 41. The ECLGS scheme will be extended till March 2023 and the guarantee cover will be increased by Rs.50,000 to Rs.5 lakh crore.
- 42. Chip based e-passports will be issued.
- 43. Five existing educational institutions to be designated as Centers of Excellence for urban planning with an amount of Rs.250 crore.
- 44. Green bonds will be issued to mobilize resources under the government’s debt program.
- 45. International Arbitration Center to be set up at GIFT City for speedy dispute resolution.