Union Budget 2022-23 :

Union Budget 2022-23 :

According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

The 5 major sources of revenue for the Government

1. Goods and Services Tax (GST),

2. Income tax,

3. corporation tax,

4. non-tax revenues,

5. union excise duties .

Deficit, Surplus & Balanced Budget :

When the federal government spends more money than it receives in taxes in a given year, it runs a budget deficit. Conversely, when the government receives more money in taxes than it spends in a year, it runs a budget surplus. If government spending and taxes are equal, it is said to have a balanced budget.

Finance Minister Nirmala Sitharaman Tuesday presented the Union Budget 2022-23 in Parliament. Here are the highlights from Sitharaman’s Budget speech.

Important point about the various sectors :

1. Agriculture :

i. Domestic scheme introduced to reduce dependence on oilseed imports.

ii. Fund will be blended capital raised under co-investment model to finance agriculture startups.

iii. Railways to develop infrastructure for small farmers in 2022/23.

iv. Will boost to organic zero budget farming

v. Will boost the agriculture sector with the help of Drones & digital dervices will provided to farmers.

2. Transport :

i. In the next 3 years, 400 new vande Bharat trains will run.

ii. Will strive for the development of the metro.

iii. National highways network to be expanded by 25000km in 2022/23.

iv. Highway expansion to cost 200 billion rupees in 2022/23.

v. Urban transport will connect to the railway line.

vi. Emphasis will be laid on strengthening the railway network across the country.

vii. India budget to bring our battery swapping policy.

3. Education sector :

i. Will launch 100 channels for school education.

ii. TVs will be installed in every classroom for schools.

iii. Digital course in selected it is.

iv. Curriculum of agricultural universities will change.

4. Corporate Sector :

i. Corporate surcharge to be reduced from 12% to 7%

ii. Taxpayers can now file an updated return within 2 years.

iii. 75 digital banks in 75 district will be set up by scheduled commercial bank to encourage digital payments.

iv. Open platform for the National Digital Health Ecosystem will be rolled out.

v. Next phase of ease of doing business and ease of living will be rolled out. This involves establishing the ‘One Nation, One Registration’ to ensure ease of living and doing business.

vi. E-passport will be rolled out in 2022-23 to make international travel easier for citizens.

5. Infrastructure :

i. 5G spectrum auctions to be conducted in 2022

ii. Scheme for design-led manufacturing for 5G will be part of production-linked scheme.

iii. To award contracts to lay optical fibre in rural areas, completion in 2025

iv. 480 billion rupees set aside for affordable housing in 2022/23.

6. Digital Currency :

i. To launch digital rupee using blockchain technology starting 2022/23

ii. To launch scheme for taxation of virtual digital assets

iii. Losses from scale of virtual digital assets cannot be offset against other income

iv. Income from virtual digital assets to be taxed at 30% (crypto. NFTs & others)

Effect of Budget 2022 : What Cheap, What Expensive

Cheap · Gemstones · Diamonds · Electronic goods · Mobile phones · Phones chargers · Cocoa beans · Clothes · Farm implements · Camera lenses · Imported chemicals · Steel scrap Expensive · Umbrella · Unblended petrol and diesel · Imitation jewelry · X-ray machines · Headphones, Earphones · Solar Cells · Parts of electronic toys · Solar modules