India Budget 2022 Updates:
1. GDP growth for FY 22 is expected to be 9.2%, the highest for any large economy.
2. PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs, an additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
3. Promoting Fintech and digital economy is a focus area for this Budget.
4. 75 digital banking systems in 75 districts by scheduled commercial banks.
5. IBC to be amended to improve the efficiency of resolution process including cross border.
6. Core Banking Services to start in Post offices
7. PM Gati-Shakti masterplan Has scope to enhance Multimodal communication through 7 engines, 2000 km of the rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.
8. Contracts for the implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode
9. ECLGS (Emergency Credit Line Guarantee Scheme) to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore
10. 8 million new dwellings in rural, urban areas to be completed under PM Awas Yojana
11. Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.
12. Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs.
13. Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for the development of the Northeast in FY23 & DeshStack e-portal to be launched to promote Digital infra
14. New provision to file the updated return within 2 years of the relevant assessment year.
15. Alternate minimum tax for cooperative societies down from 18.5% to 15%
16. Tax deduction limit for state govt employees to NPS raised from 10% to 14%
17. Surcharge on Corporate tax pruned from 12% to 7% Surcharge on the transfer of long-term capital gains tax capped at 15%
18. Tax exemption to start-ups extended to March 2023.
19. Gross GST collection for January 2022 at a record Rs 1.41 trillion
20. No change in income tax slab.
21. Electric Vehicles' battery-swapping policy to be brought out with interoperability standards.
22. Concessional duty on import of capital goods to be phased out.
23. Duty on unpolished diamonds to be reduced to 5%
24. Customs duty on steel scrap extended by a year
25. RBI led digital rupee using blockchain to be launched in FY23, 1% TDS on transfer of virtual digital assets & income to be taxed at 30%
26. 68% of capital outlay for the Domestic defense industry.
27. Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23
28. Total expenditure in FY23 estimated at Rs 39.45 trillion; total resources mobilization to be Rs 22.84 trillion other than borrowing.