Alternate Minimum Tax paid by cooperatives brought down from. Taking forward the policy of sound litigation management, the budget provides that, if a question of law in the case of an assessee is identical to a question of law which is pending in appeal before the jurisdictional High Court or the Supreme Court in any case, the filing of further appeal in the case of this assessee by the department shall be deferred till such question of law is decided by the jurisdictional High Court or the Supreme Court. The budget underlines review of customs exemptions and tariff simplification, with more than 350 exemptions proposed to be gradually phased out. TDS will be provided on payment made in relation to the transfer of virtual digital assets. The year marks "Azadi ka Amrit Mahotsav" (75 years of India's independence) and the Union Budget 2022 is to serve as a blueprint outlining various goals to be achieved in the "Amrit Kaal" - the upcoming 25-year period . 750 Virtual labs and 75 skilling e-labs will be set up. The Finance Minister announced that for developing India specific knowledge in urban planning and design, and to deliver certified training in these areas, up to five existing academic institutions in different regions will be designated as centres of excellence. This allocation has been done to achieve the goal of 280 Gigawatt of installed solar capacity by 2030. Duty on umbrellas is being raised to 20 per cent. Customs duty on certain critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining being reduced; Duty is being raised on sodium cyanide for which adequate domestic capacity exists This will help in enhancing domestic value addition. Most people waited for this budget with bated breath. parent or guardian. Budget 2022-2023 Speech of Nirmala Sitharaman Minister of Finance February 1, 2022 Hon'ble Speaker, I present the Budget for the year 2022-23. The Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all-inclusive welfare. Dwelling on the issue of implementation of the new Public Sector Enterprise policy, She said, the strategic transfer of ownership of Air India has been completed, the strategic partner for NINL (Neelanchal Ispat Nigam Limited) has been selected, the public issue of the LIC is expected shortly and others too are in the process for 2022-23. For the taxation of virtual digital assets, the budget provides that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. Special Report-FTX's Bankman-Fried begged for a rescue even as he revea.. Siemens Energy won't pay dividend as Siemens Gamesa challenges weigh. She informed that required spectrum auctions will be conducted in 2022 to facilitate rollout of 5G mobile services within 2022- 23 by private telecom providers. She said, to reduce dependence on import of oilseeds, a rationalised and comprehensive scheme to increase domestic production of oilseeds will be implemented. Eligible start-ups established before 31.3.2022 had been provided a tax incentive for three consecutive years out of ten years from incorporation. Blending of fuel is a priority of this Government. To disincentivise import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least Rs 400 per Kg is paid on its import. It lays a parallel track of (1) a blueprint for the Amrit Kaal, which is futuristic and inclusive, which will directly benefit our youth, women, farmers, the Scheduled Castes and the Scheduled Tribes. The Finance Minister stressed that Public investment must continue to take the lead and pump-prime the private investment and demand in 2022-23 and therefore the outlay for capital expenditure in the Union Budget is once again being stepped up sharply by 35.4 per cent from Rs 5.54 lakh crore in the current year to Rs 7.50 lakh crore in 2022-23. The present law provides for deduction to the parent or guardian only if the lump sum payment or annuity is available to the differently abled person on the death of the subscriber i.e. Health and Wellbeing 2. 2. A fund with blended capital raised under the co-investment model through Nabard will be set up to finance startups and . Certain exemptions for advanced machineries that are not manufactured within the country shall continue. Vision IAS PT 365 Culture 2022 PDF. Customs duty of at least Rs 400 per Kg to be paid on imitation jewellery import - To disincentivise import of undervalued imitation jewellery. Integrated benefits to women and children through Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0. Innovation and R&D 6. Allocations of Rs 4,300 crore in RE 2021-22 and Rs 1,400 crore in 2022-23 have been made for this project. Exemption to parts of umbrellas being withdrawn. In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through 11 net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts. India's economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies. Press Conferences Press Conference of Finance Minister Nirmala Sitharaman on Union Budget 2022-23 This video is private 02. To mark 75 years of independence, the government has proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner. The budget proposes to increase tax deduction limit on employer's contribution to NPS account of state government employees to bring parity with central government employees. Books including Hindi and English versions, 2 Half Yearly Current Affairs Union Budget 2022-23 Analysis Open PDF Budget Highlights Expenditure: The government proposes to spend Rs 39,44,909 crore in 2022-23, which is an increase of 4.6% over the revised estimate of 2021-22. They provide employment opportunities for youth, and make Indian industry more efficient and competitive. Union finance minister Nirmala Sitharaman presented the Union Budget 2022 in the Lok Sabha on Tuesday, in which she laid down the roadmap for India's economy in the coming financial year. In select ITIs, in all states, the required courses for skilling will be started. These centres will be provided endowment funds of Rs 250 crore each. Everyone is very excited to know about what will be new in this budget, as this pandemic situation nothing is clear but Expectations from the hospitality industry is seeking lower taxes and incentives. Moreover, for 2022-23, the allocation is Rs 1 lakh crore to assist the states in catalysing overall investments in the economy. VISION IAS Summary of Union Budget 2022-23 PDF. On Agriculture front, the Finance Minister informed that Chemical-free Natural Farming will be promoted throughout the country, with a focus on farmers' lands in 5-km wide corridors along river Ganga, at the first stage. The budget proposes better litigation management to avoid repetitive appeals. It provides for phasing out of concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5%. Complementing the macro-economic level growth focus with a micro-economic level all-inclusive welfare focus, Promoting digital economy & fintech, technology enabled development, energy transition, and climate action, and. Customs duty on cut and polished diamonds and gemstones being reduced. To encourage the efforts for blending of fuel, unblended fuel shall attract an additional differential excise duty of Rs 2/ litre from the 1st day of October 2022. Add Spiral Bound for 20.00? Note - Economic Survey 2021-22 Gist will be updated soon. In the Annual Current Affairs plan, you will get 24 Monthly Current Affairs On February 1, 2022, India's Finance Minister Nirmala Sitharaman announced the Union Budget for FY 2022-23. And (2) big public investment for modern infrastructure, readying for India at 100 and this shall be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach. The best public universities and institutions in the country will collaborate as a network of hub-spokes. More than 350 exemption entries will be gradually phased out. This updated return can be filed within two years from the end of the relevant assessment year. Similarly, in 2022-23, 80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas Yojana, both rural and urban and Rs 48,000 crore is allocated for this purpose. She said, to reduce dependence on import of oilseeds, a rationalised and comprehensive scheme to increase domestic production of oilseeds will be implemented. Home Union Budget 2021-2022. The Finance Minister also proposed to reduce the surcharge on co-operative societies from present 12 to 7 per cent for those having total income of more than Rs 1 crore and up to Rs 10 crores. Similarly, PM GatiShakti Master Plan for Expressways will be formulated in 2022-23 to facilitate faster movement of people and goods. It also provides tax relief to persons with disability. The Finance Minister announced that for developing India specific knowledge in urban planning and design, and to deliver certified training in these areas, up to five existing academic institutions in different regions will be designated as centres of excellence. Budget allocation for the ministry of agriculture and farmers' welfare: Rs 1,32,513 crore for 2022-23 fiscal. India's economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies. The transfer of virtual digital assets will be taxed at a rate of 30%. A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme, she added. Income from transfer of virtual assets will be taxed at 30%. Budget 2022-23 allocates Rs. Customs duty on diamonds has been cut to 5%. Moreover, Draft DPRs of five river links, namely Damanganga-Pinjal, Par-TapiNarmada, Godavari-Krishna, Krishna-Pennar and Pennar-Cauvery have been finalized and once a consensus is reached among the beneficiary states, the Centre will provide support for implementation. The government has allocated Rs 1,500 crores for this new scheme. The government will take up the implementation of the Ken-Betwa Link Project. 'Kisan Drones' to be promoted for crop assessment, digitisation of land records and spraying of insecticides. 118, Near Karol Bagh Metro, New Delhi-110060 Phone: 8081300200 Email: info@nextias.com BHOPAL CENTRE. Last reviewed and updated on 08 Feb, 2022, https://www.indiabudget.gov.in/contactus.php, Implementation of Budget Announcements 2021-2022, Report of the Fifteenth Finance Commission, Ministry of Electronics & Information Technology, Focus on growth and all-inclusive welfare, Promoting technology-enabled development, energy transition and climate action, Virtuous cycle starting from private investment, crowded in by public capital investment, Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action, Enhanced outlay for 'Scheme for Financial Assistance to States for Capital Investment' from Rs.10,000 crore in Budget Estimates to Rs.15,000 crore in Revised Estimates for current year, Allocation of Rs.1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest free loans, over and above normal borrowings, In 2022-23, States will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied to power sector reforms, Rs.2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy, Chemical free Natural farming to be promoted throughout the county. Also, get detailed analysis on On Agriculture front, the Finance Minister informed that Chemical-free Natural Farming will be promoted throughout the country, with a focus on farmers lands in 5-km wide corridors along river Ganga, at the first stage. Customs Administration of SEZs to be fully IT driven and function on the. Income from transfer of virtual assets will be taxed at 30%. Unblended fuel will attract additional differential excise duty. This will facilitate additional credit of Rs 2 lakh crore for Micro and Small Enterprises and expand employment opportunities. The outlay in 2022-23 will be 2.9% of GDP. GS Score Union budget 2021-22 summary includes and covers all the different sectors of the Indian economy. Defence R&D will be opened up for industry, startups and academia with 25 per cent of defence R&D budget earmarked. The content linked through NPI is owned and maintained by the respective Ministries/Departments. The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country's strong resilience. 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 Production Linked Incentive for manufacture of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made. Unique Land Parcel Identification Number for IT-based management of land records. Customs duty rates to be calibrated to provide a graded rate structure - to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters. Health and Well Being Scheme And Fund Allocation In 2021 Budget The Union Budget 2022-23 is the Indian Republic of India's annual budget. Certain Anti- dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked. Focusing mainly on the technology and infrastructure sectors, the 2022 budget also offered provisions for health and education for the upliftment of the common man. An initial allocation of Rs 1500 crore will enable livelihood activities for youth and women, filling the gaps in various sectors. A new scheme, Prime Minister's Development Initiative for NorthEast, PM-DevINE, will be implemented through the North-Eastern Council to fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the North-East. Thus to impart supplementary teaching and to build a resilient mechanism for education delivery, the Finance Minister informed that one class-one TV channel programme of PM eVIDYA will be expanded from 12 to 200 TV channels and this will enable all states to provide supplementary education in regional languages for classes 1-12. The FM has used a 'made in India' tablet computer to deliver a paperless Budget address. The present law provides for deduction to the parent or guardian only if the lump sum payment or annuity is available to the differently abled person on the death of the subscriber i.e. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP, which is consistent with the broad path of fiscal consolidation announced by her last year to reach a fiscal deficit level below 4.5 per cent by 2025-26. Thus to impart supplementary teaching and to build a resilient mechanism for education delivery, the Finance Minister informed that 'one class-one TV channel' programme of PM eVIDYA will be expanded from 12 to 200 TV channels and this will enable all states to provide supplementary education in regional languages for classes 1-12. Expenditure and deficit figures, as well as other important figures By 2025/26, a fiscal deficit of 4.5 percent of GDP is projected. One way is to visit the website of the Indian Ministry of Finance and select "Union Budget 2022" from the drop-down menu. All rights reserved. In Railways, the Finance Minister said that 'One Station-One Product' concept will be popularized to help local businesses & supply chains. The revised Fiscal Deficit in the current year is estimated at 6.9% of GDP (Gross Domestic Product) as against 6.8% projected in the Budget Estimates. To incentivise exports, exemptions are being provided on items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes that may be needed by bonafide exporters of handicrafts, textiles and leather garments, leather footwear and other goods. A few exemptions have been introduced on inputs, like specialised castings, ball screw and linear motion guide, to encourage domestic manufacturing of capital goods. She informed that required spectrum auctions will be conducted in 2022 to facilitate rollout of 5G mobile services within 2022- 23 by private telecom providers. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year. This reform shall be implemented by 30th September 2022. Full Details And Highlights Are Available Below . In an effort to establish a globally competitive business environment for certain domestic companies, a concessional tax regime of 15 per cent tax was introduced by the government for newly incorporated domestic manufacturing companies. The government has announced that it will earmark 68% of the capital procurement budget for the domestic defence industry in 2022-23. The Union Budget proposes to extend the last date for commencement of manufacturing or production under section 115BAB by one year i.e. 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 Production Linked Incentive for manufacture of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made. GST revenues are buoyant despite the pandemic Taxpayers deserve applause for this growth. Any surcharge or cess on income and profits. The Finance Minister said, as the pandemic has accentuated mental health problems in people of all ages, a National Tele Mental Health Programme will be launched for better access to quality mental health counselling and care services. 5.5 crore households were provided tap water in the last 2 years. In order to bring certainty and to increase deterrence among tax evaders, the Finance Minister proposed to provide that no set off, of any loss shall be allowed against undisclosed income detected during search and survey operations. The budget proposes to phase out the concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5 per cent. Employment: 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors. Unblended fuel will attract additional differential excise duty. 34.83 lakh crore. Related Topics. Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action. Home; UPSC. There will be a capping in tax at 15%. 7.50 lakh crore in 2022-23 from Rs. To capture the transaction details, TDS to be provided on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold. Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border. Five to seven per cent biomass pellets to be co-fired in thermal power plants: Extra income to farmers and job opportunities to locals, Help avoid stubble burning in agriculture fields, Four pilot projects to be set up for coal gasification and conversion of coal into chemicals for the industry, Financial support to farmers belonging to Scheduled Castes and Scheduled Tribes, who want to take up agro-forestry, Government contribution to be provided for R&D in Sunrise Opportunities like Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems. How to Check Union Budget 2022 Summary PDF? Rock Tech Lithium completes Pre-Feasibility Study for its Georgia Lake .. Zurich Insurance : accelerates its successful, customer-focused strateg.. BASF SE : Bernstein reiterates its Buy rating. 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