Our Finance Minister Nirmala Sitharaman presented her 4th union budget 2022-23 in Parliament. Her speech began with Amrit Kal the next 25 years from India at 75 to 100. Major focus was a big boost to Capital expenditure up 35% for FY 23.
1. IT Returns can now be revised:
The The Budget has also extended the timelines for benefits under the new corporate tax regime. The government had announced a 15 per cent corporate tax rate for newly incorporated manufacturing companies till March 31, 2023, which has now been extended till March 31, 2024.
2. Crypto, NFT comes under tax net:
The Budget has proposed taxing virtual assets at 30%. Our Finance Minister Nirmala Sitharaman said that it cannot be mentioned as a replacement of any other income and 1% TDS to be charged further on payments made using digital assets to keep a track on transactions.
3. Increase of employees tax deduction limit to 14%:
Nirmala Sitharaman proposed that both Centre and states govt employees tax deduction limit should 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. Corporate surcharge to be reduced from 12% to 7%.
4. Fiscal deficit estimated at 6.9%
The fiscal deficit is estimated at 6.9 per cent. Next year, in line with the trajectory of consolidation the Centre has pegged to bring down its deficit to 6.4%.
5. Proposes a "Digital Rupee" using blockchain:
Budget has proposed to introduce Digital Rupee using blockchain and other tech to be issued by RBI starting 2022-23 to boost Digital Economy.
6. Business 2.0 Launched:
1.486 Union laws repealed, Ease of Doing Business 2.0 will be launched.
7. No changes in I-T Slabs:
8. GST revenue "floatable" despite pandemic:
GST payed a remarkable re-firm in India GDP. GST reveunes are floatable despite pandemic, gross collection for month of January are over 1.4 lakh crore. The high test since the inception of GST.
9. 400 energy efficient Vande Bharat trains on track:
India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years. The rail sector will also develop One Station One Product which will leverage local produce carried on the railways.
10. Women-led Development :
For women-led develpment our government has launched : Mission shaki, Mission vatsalya, Poshan 2.0