Live Blog: Budget 2022 Live Updates
What RBI will issue is a digital currency. Everything that prevails outside of it is assets being created by individuals & we are taxing profits made out of transactions of those assets, at 30%, FM Sitharaman said.
We are also tracking every trail of money in that (transaction of crypto assets) by imposing 1% TDS at every transaction, she added.
An announcement of over Rs 2.25 lakh crores MSP will be directly transferred (to farmers); the Budget will double farmers' income. For MSMEs, credit guarantee and many new schemes have been announced, said Prime Minister Narendra Modi.
This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full of 'more infrastructure, more investment, more growth, and more jobs'. There is also a new provision of green jobs; the Budget ensures a bright future for youth, said Prime Minister Narendra Modi.
We are facing terrible inflation and there's no tax relief for the middle class. This is a Budget that seems to be pushing the mirage of 'achhe din' even farther away. Now it's India at 100, we'll have to wait for 25 more yrs for 'acche din' to arrive, Congress MP Shashi Tharoor said.
Union Budget has zero for common people, who are getting crushed by unemployment & inflation: West Bengal CM Mamata Banerjee said.
Priority given to agriculture, rural areas, welfare of all sectors followed by a focus on infrastructure. The introduction of 'Parvat Mala' project in my ministry is a great gift for hilly areas; will create jobs. Thankful to FM for this excellent Budget: Transport Minister Nitin Gadkari
It is a very progressive and forward-looking Budget. It prepares India for the next stage of its sustained growth. It is a continuation of the last year's Budget. The real highlight of the Budget is its huge expansion on the capital expenditure: NITI Aayog CEO Amitabh Kant
The Fiscal Deficit in 2022-23 is estimated at 6.4% of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5% by 2025-26, Sitharaman said.
The Defence Ministry and the services have been allocated a total of Rs 5.25 lakh crores this year which is Rs 47,000 crores more from the last year’s 4.78 lakh crore. The allocation is around 10% increase from last year, Sitharaman said during her budget speech.
To facilitate domestic manufacturing for the ambitious goal of 280 GW of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made: FM Sitharaman
In view of the pandemic, I propose to extend the period of incorporation of eligible start-ups by one more year up to 31-3-2023 for providing tax incentives: Finance Minister Nirmala Sitharaman
The scheme for Financial Assistance to States for Capital investment. For 2022-23, the allocation is 1 lakh crore to assist States. This will be for PM Gati Shakti and PM Gram Sadak Yojana, Digital schemes, etc., said Sitharaman.
In view of COVID, I propose to extend the period of corporation by one more year, for providing tax incentives: FM Sitharaman
No changes were announced by FM Nirmala Sitharaman regarding the personal income tax structure during her Budget 2022 speech.
The gross GST collection for the month of January 2022 is Rs 1,40,986 crore which is the highest since the inception of GST: Finance Minister Nirmala Sitharaman
I propose to provide that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition: FM Nirmala Sitharaman
Both Centre and State government employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman
New provision for filing an updated income tax return for payment for additional tax within two years from the relevant assessment year: FM Nirmala Sitharaman
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman
'One Nation, One Registration' will be established for anywhere registration to facilitate ease of living & doing business: FM Sitharaman
