Sitharaman is presenting the Union Budget for the fourth time in a row. The Prime Minister, Narendra Modi, was also present in the Lower House. He also presided over a Cabinet meeting today, during which the Union Budget 2022 was adopted. Financial Minister Nirmala Sitharaman’s speech has begun. During the press conference, the Financial Minister addressed unemployment, saying, “Due to pandemic there was the impact on job market worldwide, but we have taken steps and to help people. And will do more.” Union Finance Minister Nirmala Sitharaman is presenting a paperless Union Budget 2022-23 for the second time, kicking off the next fiscal year on a tablet rather than the traditional Swadeshi ‘bahi khata’ as was the case with the previous Budget 2021-22, which was delivered in paperless form for the first time. The overall spending in 2022-23 is predicted to be 39.45 lakh crores, while total receipts other than borrowings are estimated to be 22.84 lakh crores of rupees, according to the Union Budget 2022 projections. In this article, we have given all the details which have been presented in Budget 2022. Stary tuned and read the complete article to know all the details about Budget 2022 and bookmark this page.
Union Budget 2022 by Smt. Nirmala Sitharaman
In her speech, Nirmala Sitaraman said that “India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework for reporting taxpayers’ transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes incorrectly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an Updated Return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year.”
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Budget 2022: Highlights
- Growth of India is estimated at 9.2%.
- E – Passports are issued.
- The Special Economic Zones Statute will be repealed and replaced with a new act.
- Block chain technology will be used to create the digital rupee.
- Green sovereign bonds will be issued.
- The National Telemental Health Program will be started.
- Green sovereign bonds will be issued.
- The following scheme will be established for the production of oil seeds: to enhance indigenous oil production while decreasing imports
- A zero-fossil-fuel policy will be implemented.
Budget 2022 – Tax
- The transfer of virtual digital assets will be taxed at a rate of 30%.
- The corporate fee has been decreased from 12% to 7%.
- Customs duty on diamonds has been cut to 5%.
- The tax deduction ceiling for federal and state government employees will be raised from 10% to 14%. This will aid in the payment of social security benefits.
- Long-Term Capital Gains will be taxed at 15%.
Budget 2022 – PM eVIDYA
In Budget 2022, government has introduced One Class One TV channel programe. It will be increased from 12 to 200 TV channels. This is to teach students in regional languages from the first to the twelfth class. In pandemic, the studies of students has affected, thus, government come up with One Class One TV channel scheme. Through this scheme, the school classes will be broadcast on the Television directly and students can study on television at their home.
Budget 2022 – Railway
In Budget 2022, government has presented a proposal to launch 400 new Vande Bharat trains across the country. Where the citizens of india can enjoy good railway services and their journey become more comfortable and enjoyable.
Budget 2022 – PM Gati Shakti
The PM Gati Shakti Master Plan would be extended to 25,000 kilometres. PM Gati Shakti Cargo terminals will be built during the following three years. A total of Rs 20,000 crore would be mobilised for the expansion of the National Highways Network.
Budget 2022: MSP
The government has set aside Rs 2.37 lakh crores for immediate payment of the MSP. Wheat procurement was 1208 lakh tonnes in 2021-22, while paddy procurement was 163 lakh tonnes.
Budget 2022: Ken Betwa Linking Project
Ken Betwa Linking Project have been allocated Rs. 44,605 crores.The project’s entire cost is anticipated to be Rs 44,605 crores. This would benefit 9 hectares of farmland, provide drinking water to 62 lakh people, create 103 MW of hydropower, and generate 27 MW of solar electricity.
Budget 2022: Credit guarantee
- The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) is being redesigned. An additional credit of Rs 2 lakh crores is available.
- Scheme for Guaranteeing Emergency Credit Lines: Extending till March 2023
Budget 2022: Housing
In Budget 2022, Financial minister nirmala sitaraman has said in her speech that Under the PM Awas Yojana, Rs. 48,000 crore has been allotted for the construction of 80 lakh houses in 2022-23.
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FAQs on Union Budget India Highlights 2022
Q. Who presented the Budget 2022?
Financial Minister Nirmala Sitaraman presented the budget 2022.
Q. what is eVIDYA in budget 2022?
In Budget 2022, government has introduced One Class One TV channel programe. It will be increased from 12 to 200 TV channels.
Q. How much budget 2022 has allocated to gati shakti scheme?
A total of Rs 20,000 crore would be mobilised for the expansion of the National Highways Network under PM Gati Shakti.
Q. How much tax has been imposed on virtual digital assets in budget 2022.
The transfer of virtual digital assets will be taxed at a rate of 30%.
Q. How much tax has been deducted for central and state government employees ?
The tax deduction ceiling for central and state government employees will be raised from 10% to 14%. This will aid in the payment of social security benefits.