Major Highlights of Union Budget 2022: Dear Exam Pundit die-hard followers, we all knew that Our Financial Minister has presented the Union Budget 2022 1st Feb 2022. Here we have given the Key Features of Union Budget 2022 India in PDF which was very important for General Awareness Section for all competitive exams. Aspirants can download this Major Highlights of Union Budget 2022 PDF and use it for the preparation.
Major Highlights of 92nd Union-Budget of India- (2022 – 2023) | Important Key Features in PDF
On Feb 01, 2022, The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.
Budgetary Allocation to Ministries in India’s Union Budget 2022-23 :
| Ministry | Amount (INR billion) |
| Ministry of Communications | INR 1054.07 billion |
| Ministry of Chemicals and Fertilizers | INR 1077.15 billion |
| Ministry of Agriculture and Farmers’ Welfare | INR 1325.13 billion |
| Ministry of Railways | INR 1403.67 billion |
| Ministry of Home Affairs | INR 1857.76 billion |
| Ministry of Road Transport and Highways | INR 1991.07 billion |
| Ministry of Consumer Affairs, Food and Public Distribution | INR 2176.84 billion |
| Ministry of Defense | INR 5251.66 billion |
Key highlights of the budget 2022-23 :
- India’s economic growth is estimated at 2% to be the highest among all large economies.
- 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.
- PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.
Union Budget 2022-23 consists of four pillars :
- PM GatiShakti
- Inclusive Development
- Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.
- Financing of investments
Tax Proposals at a Glance:
|
Direct Tax Proposals |
|
| Introduction of Updated Return | Allowing taxpayers to file Updated Return within two years for correcting error |
| Reduced MAT and Surcharge | For Cooperatives, alternate minimum tax rate reduced from 18.5 percent to 15 percent and surcharge reduced from 12 percent to 7 percent |
| Tax relief to persons with disability | Tax relief to persons with disability by allowing the payment of annuity and lump sum amount to the differently abled dependent during the lifetime of parents/guardians, that is, on parents/ guardians attaining the age of sixty years. |
| Parity between employees of State and Central government
|
Increasing tax deduction limit on employer’s contribution to National Pension Scheme (NPS) account of State government employees from 10 percent to 14 percent, bringing them at par with Central government employees. |
| Incentives for Start-ups | Extending period of incorporation of eligible startups for providing tax incentives till March 2023 |
| Taxation of virtual digital assets | Any income from transfer of any virtual digital asset (Crptocurrency, NFTs) shall be taxed at the rate of 30 percent with no set-offs, deductions |
| Litigation management | Better litigation management to avoid repetitive appeals |
| Tax incentives to IFSC | Income of a non-resident from offshore derivative instruments, or over the counter derivatives issued by an offshore banking unit, income from royalty and interest on account of lease of ship and income received from portfolio management services in IFSC shall be exempt from tax, subject to specified conditions. |
| Clarification on treatment of Surcharge or Cess | Any surcharge or cess on income and profits not allowable as business expenditure |
|
Indirect Tax Proposals |
|
| SEZ Policy | Customs administration to be fully IT driven in SEZs |
| Project imports and capital goods | Phasing out concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5 percent |
| Customs reforms and duty rate changes | Review of customs exemptions and tariff simplification
Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic electronics manufacturing |
| Tariff measure to encourage blending of fuel | Unblended fuel to attract additional differential excise duty of INR 2 per liter from October 1, 2022 |
For more about Budget 2022 -23 , Click Here to download the PDF
