So, the highly-anticipated Budget 2022-23 is here. It dictates everything from how much taxes you will pay to the country’s economic growth.
So let’s begin!! here are some highlights.
1. This year’s budget emphasized a lot on digitizing the entire ecosystem. After several meetings and a lot of back the government has finally announced a Blockchain-based central bank digital currency which will be launched by the RBI in FY2023!
2. Any income made from virtual digital assets (cryptocurrencies and NFTs) will now be taxed at a 30% rate.
For example, If you sell cryptos, you will pay tax and if you gift cryptos, the receiver of the gift will pay tax. Plus when you sell cryptos, you will receive payment after a 1% deduction of TDS.
Also, you can no longer adjust your losses with virtual digital currencies.
3. You can now file an updated return on taxes within 2 years from the end of the relevant assessment year.
4. Under the PM GatiShakti Plan, the government would be majorly boosting road, railway, airport, and other transportation infrastructure. Under this plan, 25,000 KMS of National Highways will be built as compared to 13,327 KMS constructed in 2020-21.
But to achieve this goal, 70 kilometers of roads need to be constructed every day. So, will India be able to meet this goal?
5. The government is also working hard on reducing imports. So, it will introduce new schemes to improve the production of oilseeds. They decided to procure 1,208 lakh metric tons of wheat and paddy from 163 lakh farmers and make direct payments of Rs in exchange. 2.37 lakh crores to their accounts.
6. The government has expanded the Emergency Credit Line Guarantee Scheme by Rs. 50,000 crores to a total of Rs. 5 lakh crores till March 2023. The scheme, launched last year to allow banks and NBFCs to extend credit to pandemic-hit micro, small, and medium enterprises (MSMEs) has so far helped over 140 lakh MSMEs. The expansion will further help MSMEs to launch the Raising and Accelerating MSME Performance program, and they get more credit easily and help them to grow.
7. The pandemic hampers the education of children. So, the government is expanding its One Class, One TV’ program from 12 channels to 200 channels to provide education for classes 1-12 in regional languages. Soon they will be launching a digital portal called DESH-Stack. The portal aims to skill, upskill, or reskill citizens so that they can easily find new job opportunities. The portal will also allow them to find relevant jobs and opportunities.
8. The government will start a network of 23 tele-mental health centers (which will allow you to talk to professionals remotely) to help people deal with any mental health problems.
9. The government has decided to bring in 1.5 lakh post offices under the banking sector. Now people will be able to access their post office accounts through ATMs and net banking, especially in rural areas to access bank accounts.
10. The outlay for capital expenditure increased by 35.4% from the previous year to 7.50 lakh crore in 2022-23. The government’s Effective Capital Expenditure is set to be around 4.1% of the GDP.
11. Custom duty on cut & polished diamonds, gems to be reduced to 5%.
12. Tax relief to persons of disabilities. parents/guardians can take insurance. annuity and lumpsum received attaining 60 years during the lifetime of the disabled person, eligible for tax relief.
13. Corporate surcharge to be reduced from 12% to 7%.