B U D G E T 2022

• Minimum government and maximum governance, reducing unnecessary governance.
• A single window portal, ‘ Green Vigilance Window’
• Chip embedded passport in 2022-23.
• modern facilities in Tier 1 and Tier 2 cities
• NABARD
• Endowment Fund of 250 crore each to five designated centre of excellence.
• Charging Stations to be established in large numbers
• 1500 crore
• Uniform registration portal
• C-SPACE centres by Government as corporate facility.
• Issue of Shruti Bonds to Suppliers and contractors in lieu of bank guarantees
• Spectrum auction for 5G network in 2022-23
• Self sufficiency in Defence, purchase budget increased by 68%.
• 1500 crore alloted for North East Development
• low carbon emission energy to be developed to deal with climate change. Panchamrit Scheme in this direction.
• PM Gatisheel Masterplan to cover expressway of about 20000 kilometers
• Thermal Power Plant to be developed.
• Capital investment budget to be 2.9% of GDP
• Sovereign Green Bonds to be issued to raise funds
• International Arbitration Centre to be set-up.
• Data Structure and data storage to be promoted.
• Digital rupee using blockchain technology by RBI. This would be Central Bank Digital Currency.
• States to be provided upto 1 lakh crore for development.
• Fiscal deficit estimated to be around 6.9% of GDP
  D I R E C T T A X E S
• Robust framework for reporting tax payers income. Revised return can be filed within two years of assessment year for disclosing income that have been left out.
• Reduced surcharge from 12% to 7% for Co-operative Societies. The tax rate to be reduced to 15%.
• Annuity or lumpsum amount to be allowed to differently abled on there parent achieving 60 years of age.
• Start-ups before 31.03.2022 got tax exemption for two years out of 10 years. The tax benefit to be extended up to 2023.
• Taxation of virtual digital assets introduced. An income from transfer of digital asset to be taxed at 30 percent. Such income cannot be set-off against any other loss. Gift of virtual digital asset to be taxed.
• In a question of law, filing of further appeal by assessee can be done in High Court and Supreme Court.
• Long term gain surcharge on transfer of any type of asset to be maximum of 15 percent.
• Surcharge not be allowed as business expense.
• Undisclosed income was set-off of losses by assessee for avoiding tax, it will now be not allowed anymore.
  I N D I R E C T T A X E S
• 1,40,900 crore raised by GST in January 2022, highest ever since.
• Custom reforms measures on capital goods to encourage industry.
• A moderate tariff of 7.5 % on capital goods manufactured within the country.
• Comprehensive review of Custom Tariff Structure.
• Electronics goods duty rate concessions on mobile phone items
• Incentive for importing imitation jewellery, 400/- per Kg.
• Relief to MsME steel producer by revoking certain duties.
• Blending of fuel to be encouraged. aa duty of Rs. 2/- only per litre duty on unblended fuel.