News & Updates

Finance Budget 2022 key highlights

▶️ 25,000 Km of National Highways to be constructed in FY 23
▶️ Rs. 2.7L Cr. to be allocated for farmers under MSP
▶️ Agri startups to get funding from NABARD
▶️ 400 new Vande Bharat Trains to be initiated in next 3 years
▶️ Allocation for Emergency Credit Guarantee Scheme for MSMEs increased by Rs.50K Cr.
▶️ PM E-Vidya program to be increased to 200 channels giving boost to education in vernacular languages
▶️ A digital platform to be created for the healthcare ecosystem.
▶️ Digital University to be created.
▶️ E-Passports with digital chips to be rolled out in next year.
▶️ 1.5L Post Offices to be linked to core banking
▶️ A battery swapping policy will be brought out for electric vehicles.
▶️ Center for Accelerated Corporate Exit to be set up. The process to be digitized and aims to bring the corporate exit time within 6 months.
▶️ Animation, Gaming, Visual Effects to be given a boost to enhance capabilities for meeting global demands.
▶️ 80 Lakh houses to be built under PM Housing Scheme with allocation fo Rs. 48K Cr.
▶️ PLI scheme of Rs.19.5K allocated for manufacturing of high efficiency modules for solar power to achieve target of 280 GW of solar power
▶️ Budget allocation for capital expenditure increased by 34.5%, to Rs.7.5L Cr.
▶️ Sovereign Green bonds to be issued for mobilizing green energy and to reduce carbon intensity.
▶️ International Arbitration Center to be set up in Gift City
▶️ Digital Rupee to be introduced by RBI using blockchain technology
▶️ Rs.1L Cr. allocated for grant of interest-free loans to States. Funds to be used for Gati Shakti and other capex by States.
▶️ Fiscal deficit for FY 2021-22 to be at 6.9% of the GDP and for FY 2022-23 is estimated to be at 6.4% of the GDP
▶️ Proposal to allow the filing of an updated return within 2 years from the end of the relevant assessment year, with payment of additional tax.
▶️ MAT on Co-operatives Societies reduced to 15% to align it with Corporates.
▶️ Startups benefits - Section 80IAC tax holiday to be allowed to the startups incorporated before 31 March 2023. Time extended by one year.
▶️ 15% tax regime for new manufacturing companies extended by one year. Now it would be allowed to companies incorporated on or before 31 March 2024.
▶️ Litigation Management - repetitive appeals by the department shall be deferred till the issue of law is settled in the matter of that assessee by the Jurisdictional High Court.
▶️ Surcharge on Long Term Capital Gains on the transfer of any type of asset to be capped at 15%.
▶️ Surcharge or Cess not to be allowed as business expenditure. Law to be amended to overrule judgements of High Courts.