Highlights of the Union Budget 2022-23 delivered on Tuesday by Finance Minister Nirmala Sitharaman in Parliament:
Fiscal position
India’s growth is estimated at 9.2 pc and its the highest among large economics
60 lakh jobs will be formed under the productivity linked incentive scheme in 14 sectors.
Tax Proposals
Provision update return on payment of additional tax can be performed within two years from the end of the relevant review year.
Tax deduction limit increased from 10% to 14% on employer’s contribution to the NPS account of state government employees.
gemstones cut to 5% no duty on the sawn diamond. custom duty on cut polished diamonds.
custom duty exemption given to steel scrap extended for one more year that offers relief to MSME secondary steel producers.
Reforms and Allocation
2.37 lakh cr INR direct payment to 1.53 crore farmers for procurement of paddy, wheat.
2 lakh cr INR additional credit for micro and small enterprises will be facilitated under the credit guarantee trust for micro and small enterprises.
60.000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal’ scheme.
Drone in farming will be endowed in the deployment of the technology. which will provide special monetary benefits and allowance to hire drones for the same purpose.
Tech announcements
The government will roll out 5G telecom services. Spectrum auction will be conducted in FY22-23. Better internet connectivity will be effectively developed across the country.
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