LIVE UPDATES OF UNION BUDGET 2022-2023
Union Budget 2022-23 will be available on Mobile App in a paperless form once after it is presented in the parliament. This "Union Budget Mobile App" to provide easy and quick access to Union Budget information to all stakeholders. The Mobile app is available in both English and Hindi and it is available both on Andriod and iOS Platforms.
Today 1st February 2022, The Union Budget 2022-23 is being presented by the Union Finance & corporate Affairs Smt. Nirmala Sitharaman in a paperless form. By keeping the Healthy safety protocols in mind, sweets are provided to the core staff due to undergo lock in at their workplace , instead of customary Halwa ceremony.
First time in the History, the Union Budget of 2021-22 was delivered in paperless form for the very first time. This time moving forward ,“Union Budget Mobile App” was also launched for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public. The Union Budget 2022-23 would also be available on the Mobile App after the process of Budget presentation has been completed today.
The mobile App allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The mobile app is bilingual (English & Hindi) and is available on both Android and iOS platforms.
Live Updates of Union Budget :
Finance Minister, Nirmala Sitharam began her speech on Budget by expressing her empathy for those suffered during the COVID-19.
1. Finance Minister Nirmala Sitharaman, while presenting the Union Budget, said that the country is expected to grow at 9.27 per cent in the coming year. With a focus on four pillars of development — inclusive development, productivity enhancement, energy transition and climate action — the Budget gives a blueprint of economy from India at 75 to India at 100, Sitharaman said.
The Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore.
2. Nirmala Sitharaman proposed that both Central and State Government employees' deduction of tax limit should be increased from 10% to 14%. This will help the social security benefits of the state government employees and bring them at par with the Central Government employees.
3. Corporate surcharge to be reduced from 12% to 7%. It also proposed that any income below from 1 crore from transfer of any virtual digital asset shall be taxed at the rate of 30% and there will be no deduction allowed in respect of any expenditure or allowance shall be allowed while computing such income, excluding the cost of acquisition.
4. Taxpayers are given an opportunity to correct their error in their return. Taxpayers can now file an updated return within 2 years from the relevant assessment year.
5. Taxpayers with disabilities are given tax relief. The parents or guardian can take insurance from their children with disabilities. The payment of annuity or lump sum for disabled dependent will be exempted during the lifetime.
6. Alternative Minimum Tax for Cooperatives is reduced from 18.5% to 15%.
7. Tax Benefits for Startups which were offered redemption of taxes for 3 consecutive years to be extended by 1 more year.
8.GST revenues are buoyant despite the pandemic, gross GST collection for month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST.
9. Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax & GST.
10. Faceless customs have done exceptional work against all odds and been an enabler in PLI & Ease of Doing Business.
11. Introduction of Central Digital Currency using Blockcahin to be issued by RBI.
12. RBI to launch their own Crypto currency in the Financial Year 2022-23. It would be linked with the rupees
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