{"id":10370,"date":"2022-02-01T12:49:07","date_gmt":"2022-02-01T12:49:07","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=10370"},"modified":"2022-02-01T12:49:09","modified_gmt":"2022-02-01T12:49:09","slug":"key-highlights-of-union-budget-2022-23","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/key-highlights-of-union-budget-2022-23\/","title":{"rendered":"Key Highlights of Union Budget 2022-23: An Overview"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Just\nlike the last year (2021), today, the Finance Minister of India <strong><em>Nirmala\nSitharaman<\/em><\/strong> delivered a paperless Union Budget 2022-23 and read out her\nbudget speech from a tablet with the aim of fast-tracking the economy,\nproviding opportunities to businesses and creating 6 million new jobs. Healthcare,\nInfrastructure, MSMEs, Agriculture, too, feature prominently in the minister&#8217;s\nscheme of things. The Finance Minister said that &#8220;This Union Budget seeks\nto lay the foundation and give a blueprint of the economy over &#8220;<strong><em>Amrit\nKal<\/em><\/strong>\u201d of next 25 years from Indian at 75 to India at 100\u201d.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a54af2257e0f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a54af2257e0f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/key-highlights-of-union-budget-2022-23\/#Union_Budget_2022-23_An_Introduction\" title=\"Union Budget\n2022-23: An Introduction\">Union Budget\n2022-23: An Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/key-highlights-of-union-budget-2022-23\/#Union_Budget_2022-23_Highlights\" title=\"Union Budget\n2022-23: Highlights\">Union Budget\n2022-23: Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/key-highlights-of-union-budget-2022-23\/#Other_Points_in_Union_Budget_2022-23\" title=\"Other Points\nin Union Budget 2022-23\">Other Points\nin Union Budget 2022-23<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Union_Budget_2022-23_An_Introduction\"><\/span>Union Budget\n2022-23: An Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India\nto post <strong><em>9.2% GDP<\/em><\/strong> growth, highest among all economies. We are in the\nsurge of the Omicron wave and the speed of the Government&#8217;s vaccination drive\nhas helped dramatically. The Finance Minister of India <strong><em>Nirmala Sitharaman <\/em><\/strong>said\nshe is very confident that \u201c<strong><em>Sabka Prayaas<\/em><\/strong>&#8221; will continue\nwith robust growth. The Union Budget 2022-23 has given a sharp increase in\npublic investment &amp; capital expenditure provision.<\/p>\n\n\n\n<p>Financial\nPolicy for the 3<sup>rd<\/sup> wave of pandemic. In the 3<sup>rd<\/sup> wave of\nthe pandemic, Financial Policy must exit from short-term relief measures with\nphasing out of the pandemic era exceptional expenditure support. As such, the\nfocus must continue to remain on pushing the durable engines of growth\n(Investment &amp; Consumption), in a bid to achieve medium-te3rm growth\nsustainability. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Union_Budget_2022-23_Highlights\"><\/span>Union Budget\n2022-23: Highlights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>Govt. withdraws exemptions to Income of Individual assigned with Duties outside India for CTAP (C0-operative Technical Assistance Programmes):<\/strong> The Union Budget 2022-23 present by the Finance Minister has withdrawn certain exemptions given under <strong><em>Clause (8) of Section 10 of the IT Act, 1961<\/em><\/strong> and this clause provides for exemption to the income of a person or an individual who is assigned.<\/li><li><strong>New Provision to get a Refund of TDS paid<em>:<\/em><\/strong>&nbsp; This budget has proposed the new provision enabling to get a refund of TDS paid where it was not deductible<strong><em>. Section 248 of the IT Act<\/em><\/strong> provides that in a case where, under an agreement or other arrangement, an individual has deducted tax on any income paid to a non-resident.<\/li><li><strong>Changes in Customs Reforms and Duty Rate<em>:<\/em><\/strong> The Finance Minister has proposed Changes in Customs Reforms and Duty Rate while giving the Union Budget 2022-23 Speech. The administration of Customs has reinvented itself over the years through opened procedures and infusion of technology. Faceless Customs has been fully set up. At the time of the pandemic, Customs formations have done exceptional frontline work against all odds showing quickness &amp; purpose. The reforms of Customs have played an essential role in a domestic capacity, providing a level playing field to our MSMEs, easing the raw material supply-side constraints, boosting ease of running a business and being an enable to other policy advantages like PMPs (Phased Manufacturing Plans) and PLIs.<\/li><li><strong>CBDT provide relaxation to Individuals Facing Genuine Hardship:<\/strong> In Union Budget 2022-23, the Finance Minister proposed to allow CBDT or Central Board of Direct Taxes to give relaxations to the specified individuals facing genuine hardships in <a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\" class=\"text-primary\"><strong>filing ITRs<\/strong><\/a> within the given time.<\/li><li><strong>Tax Deduction Limit for State Government<em>:<\/em><\/strong> The Finance Minister Nirmala Sitharaman said \u2018Both States &amp; Centre Government employees\u2019 tax deduction limit to be increased or raised from <strong><em>10% to 14%<\/em><\/strong> to help the social security advantages of State Government Employees &amp; being them at par with the Central Government\u2019. She also announced that the <strong><em>corporate surcharge would be reduced from 12% to 7%<\/em><\/strong>.<\/li><li>For startups, incorporated tax incentives are extended by one year until March 31, 2023.<\/li><li>Long-term capital gains on listed equity shares united are subject to a maximum surcharge of 15%.<\/li><li><strong>Income Tax on Digital Assets<\/strong>: Income from transfer of digital assets like Crypto to be taxed at 30%. No deduction will be allowed except the acquisition cost of digital assets. TDS at 17% will be charged above the threshold and gifting of digital assets will also be taxable in the receiver\u2019s hands.<\/li><li><strong>Digital Currency<\/strong>: The Finance Minister of India said that the Digital Current would be issued by the <strong>Reserve Bank of India (RBI<\/strong><sup><a href=\"https:\/\/www.rbi.org.in\/\" class=\"text-primary\"><strong>[1]<\/strong><\/a><\/sup><strong>) <\/strong>in 2022-23. Digital Currency will also lead to a more effective and cheaper currency management system, and therefore, it is recommended to introduce a digital rupee using blockchain-based technologies, to be issued by the RBI from 2022-23. Digital Rupee will be granted by the RBI in 2022-23, she also said that this Currency will boost the digital economy.<\/li><li><strong>ECLGS will help Small &amp; Medium Firms<\/strong>: The ECLGS or Emergency Credit Line Guarantee Scheme will be extended to cover the next fiscal as well with an enlarged guarantee cover of Rs. 5 lakh crore and this extension will provide benefit to lending to the MSME sector.. Nearly 95% of ECLGS borrowers are MSMEs; this measure will ensure continued handholding of MSMEs and of which services sector.<\/li><li><strong>Sharp Jump in Capital Expenditure<\/strong>: The Finance Minister also announced that a sharp jump of 35.4% in Capital Expenditure top fund different infrastructure projects in 2022-23. <\/li><li><strong>Reduction of Surcharge<\/strong> <strong><em>on Unlisted Shares<\/em><\/strong>: In a move that will comfort exists from startups, the Finance Minister announced lessening of surcharge on unlisted shares from 28.4% to 23%.<\/li><li><strong>Startups<\/strong>: Startups will be encouraged to provide Drone Shakti for the promotion of drone usage. Defence Research &amp; Development to be opened up for industry &amp; startups.<\/li><li><strong>Digital Payment<\/strong>: To lessen the delay in payment, an online bill system will be launched, and it will be used by all Central Ministries. Credit growth will be increased by Rs. 5.4 lakh crore this year.<\/li><li><strong>Healthcare<\/strong>: An open platform for the <strong><em>NDHE (National Digital Health Ecosystem) <\/em><\/strong>will be launched. It will include digital registries of health providers &amp; health facilities, distinctive healthy identity &amp; universal access to health facilities.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_Points_in_Union_Budget_2022-23\"><\/span>Other Points\nin Union Budget 2022-23<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Following\nare some other points in Union Budget 2022-23:<\/em><\/strong><\/p>\n\n\n\n<ul><li><strong>E-passport:<\/strong>\nThe Finance Minister said that India will begin issuing e-passports in 2022-23,\nand these e-passports will take only a few seconds to read and the back cover\nof the e-passport is expected to have a small silicon chip. The fingerprints\nand photographs of the holder will be stored in the chip. It will have the\ncapacity to store 30 visits.<\/li><li><strong>Housing\n&amp; Basic Facilities<em>: <\/em><\/strong>In\n2022-23, around 80 lakhs households will be recognised for the affordable\nhousehold scheme. Through <strong><em>PM Gati Shakti Plan<\/em><\/strong>, the value of\nthe increase in infra spend is not clear, unlike the clear 34.5% increase last\nyear to Rs. 5.5 lakh crore.<\/li><li><strong>Employment<em>:<\/em><\/strong> <strong><em>PLI\nor Production Linked Incentive Scheme <\/em><\/strong>for achieving Aatmanirbhar Bharat\nhas received an outstanding response with the capability to create 6 million\nnew jobs and additional production of 30 lakh crore during the next five years.<\/li><li><strong>Defense<em>: <\/em><\/strong>Around 68% of the capital locating budget in defence will be allocated for the domestic industry in 2022-23. <\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Just like the last year (2021), today, the Finance Minister of India Nirmala Sitharaman delivered a paperless Union Budget 2022-23 and read out her budget speech from a tablet with the aim of fast-tracking the economy, providing opportunities to businesses and creating 6 million new jobs. Healthcare, Infrastructure, MSMEs, Agriculture, too, feature prominently in the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":10374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[50],"tags":[973],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10370"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=10370"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10370\/revisions"}],"predecessor-version":[{"id":10378,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10370\/revisions\/10378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/10374"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=10370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=10370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=10370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}