Indian Union Finance Budget 2022-23
Tuesday, February 1, 2022, was becoming the most important day for the Indian financial year 2022-23 as it was the day when the 74th Annual Budget of India was presented by the Minister of Finance, Mrs. Nirmala Sitharaman. Nirmalaji's budget is said to be designed with India's future in mind. 100 years before the independence of India, with the hope that 50% of the people of India would be living in their homes in an urban area, the next 25 years will be an elixir of life for India.
For middle class people, the only question of interest ... what is cheap and what is expensive?
Customs duty on clothing, mobile phone charger, mobile and country-made electronic gadgets, polished diamonds and jewelry, certain types of chemicals reduced, concessional duty on steel scrap increased for 1 year.
All imported items, umbrellas will be expensive as well as imitation jewelry will be expensive due to import duty, speakers and loudspeakers, headphones or earphones, solar cells and modules, X-ray machines, parts of electronic toys.
Key Highlights of Budget 2022
- The budget was prepared focusing on 4 pillars - Productivity, Climate Action, Lending-Investment and Pradhan Mantri Gati Shakti Yojana.
- 7.50 lakh crore more than last year to accelerate private investment and growth.
- The Corona epidemic last year severely affected the education of the children of the country for which instead of 12 digital channels, provision will be made to provide education in 200 regional languages in regional channels as well. The budget will be allocated
- There was talk of setting up a digital university in the country.
- RBI announces new government crypto currency.
- Provision that the tax payer can update their return for 2 years
- Farm production equipment will be cheaper
- Incentives for the use of new drone-based technology for farm development
- Public issue of Life Insurance Corporation (LIC) may come soon.
- No more than 15% surcharge can be levied on long term capital gains tax and the surcharge for cooperative societies whose income is between 1 to 10 crore will be reduced from 12% to 7%.
- Exemption on import of capital goods has been removed. 7.5% duty will be levied from now on.
- 5.25 lakh crore budget allocated for defense. There was talk of allocating 68% of Capex to an Indian company.
- Tax exemption on NPS for State & Central Govt. employees has been increased from 10% to 14%.
- SC / ST Agro-forestry assistance will be provided to farmers.
- Digital rupee will be introduced by RBI in the financial year 2022-23.
- Its spectrum will be auctioned for 5G.
- 400 new Vande Bharat trains will be rolled out across India in the next 3 years and more than 100 new cargo terminals will be constructed.
- 48,000 crore has been allocated for construction of 80 lakh new houses under PM Awas Yojana.
- 1500 crore budget for development of Northeast
- 60 lakh new jobs as well as more production are expected through PLI scheme.
- Aim to build 25,000 km of highways every year
- 30% tax on virtual digital assets and 1% TDS on its transfer
- No relief has been given in the personal tax which the middle class hopes for.
- In addition to the 30% tax on income derived from crypto currency and NFT, the loss incurred on it cannot be set off.
- Budget allocation for strengthening the irrigation system as well as preventing river water from flowing into the sea, connecting 5 major rivers of the country with other rivers as well as using its water for irrigation.
- An additional Rs 19,500 crore allocation for 280 Giga watt solar power generation as well as budget allocation for manufacturing of solar PV cells from PLI base.
What are the budget as well as the structure of the Indian Budget?
"Budget" Any middle-class person hearing the word "budget" will remember the balance sheet of household expenses and income as planning to control the expenditure in proportion to our income and income can be called budget. In India, the Union Finance of India, budget is announced by the Parliament House on the first of February. The budget is also referred to as Article 112 Annual Financial Statement of the Indian Constitution. The reason behind announcing this budget on February 1 is that before the new financial year starts in India on April 1, it should be written with amendments and full time that can be implemented by a majority in the Lok Sabha. Until 2016, however, the annual budget was presented by the Finance Minister of India on the last day of February.
Often an interim budget is presented in the year in which the election is planned. This budget is like a temporary budget which has been prepared keeping in view every aspect just like the full budget but it is passed by vote-on-account by majority of the members till the Lok Sabha election. Although the Interim Budget has full provisions, it does not include any major decisions related to taxes or the passage of the Interim Budget. The last interim budget in the year 2019 was passed by the then Finance Minister Piyush Goyal in this manner. A total of 74 annual budgets as well as 14 interim budgets and 4 special budgets or mini budgets have been passed since India's independence. A total of 92 budgets have been given to India by our 28 different finance ministers in which independent India has today embarked on a journey from underdeveloped to developing.
Who presented India's first budget after independence and who has presented the highest budget ever?
After India became independent, the country also needed a strong economic constitution for which the first Union Budget of India was presented by Late Shri. R. K. Shanmukham Chetty on 26 November 1947. The country had a deposit of Rs 171.15 crore and a fiscal deficit of Rs 24.59 crore against a provision of Rs 197.29 crore. Even then, our defense budget was 92.74 crore, or can say 47%.
As the Finance Minister for India, Morarji Desai has presented the Union Budget a maximum of 10 times. The budget was presented 9 times by Chidambaram and 8 times by Pranab Mukherjee. This was followed by 7-7 budgets presented by Yashwant Sinha, Yashwantrao Chauhan and C.D. Deshmukh while 6 budgets were presented by Manmohan Singh and T.T. Krishnamachari. Our current Finance Minister Nirmala Sitharaman is the 28th Minister of India. She held the post on May 30, 2019, after which she presented the 4th Union Budget.
Dr. Hardik B. Ramani
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