Amid the pandemic, pegasus row and elections in several states, the Union Finance Minister Nirmala Sitharam Presented Budget Tuesday morning 11 am: The key highlights are :
12:34 am : The Finance Minister ends her Budget Speech in Lok Sabha
12:33 am : Phasing Out Duty Exemptions : FM proposed to phase out in gradual manner, the duty exemptions on project import and capital goods and apply moderate tariff of 7.5% with certain exemptions to advance machinery.
12:31 am : Surcharge on LTCG Capped at 15%. The surcharge on LTCG arising out of transfer of any type of assets shall be capped at 15%. The aim is meant to boost startups, said FM.
12:29 am : No Loss Set Offs Against Undisclosed Income : FM said there shall be no loss allowed to be set off against undisclosed income during search operations.
● Income tax shall not be allowed as expenditure for computation purposes of business income.
● No surcharge or cess on income and profits shall be considered as business expenditure.
12:28 am : Crypto, NFT comes under Tax net. Virtual assets to be taxed at 30%
12: am : Budget 2022-Railways : India will manufacture a total of 400 new, energy efficient Vande Bharat trainst in next 3 years , said FM. The rail sector shall also devise “One Stateion One product” to help farmers ferry local produce on rail. Additional Railways will also roll out postal railways for carriage of parcels with special thrust to growing business areas.
12:14 am : Tax Relief For Disabled : The government proposes to allow payment annuity and lum-sum amount to dependents of differently-abled persons, during lifetime of parent or guardian reaching 60 years.
12:12 am : Tax Relief For Co-op Societies : An Alternate Minimum Tax of 15% is being provided to cooperative societies :
● This will reduce surcharge on co-op societies by 7% for units whose annual revenue is between Rs 1 crore and Rs 10 crore.
12:11 am : More Time Introduced In Direct Tax Regime : New provision is being introduced to provide opportunity to taxpayers to file updated return on payment of additional tax, within two years after the relevant assessment year has ended.
12: 06 am : Fiscal Deficit Target At 6.4% : The govt. estimates fiscal deficit in FY23 to be 6.4 of GDP compared with revised estimate of 6.9% in FY 22.
12:00 am : Digital Rupee : FM proposed launch of digital currency from FY23 that will become issued by the Reserve Bank of India using the blockchain technology.
11:56 am : Sovereign Green Bonds : The government will issue sovereign bonds for funding green infrastructure, the aim being to reduce carbon-intensity.
● Sovereign Green Bonds shall form part of government’s borrowing programme in FY 23.
● The returns shall be deployed in public sector projects.
11:54 am : Capex Upped To Rs 7.5 Lakh Crore : The effective capital expenditure of the central government is estimated at Rs 10.68 lakh crore in 2022-23, roughly 4.1% of GDP, said FM.
11: 53 am : Additional Incentives for Solar Module Manufacturing : Rs 19,5000 crore under PLI scheme is being allocated for manufacturing of high-efficiency solar modules, the FM said.
11:52 am : Special Economic Zonest(SEZ) Act shall be replaced by a new legislation that will enable states to become partners in development of enterprise and service hubs, said FM.
11:51 am : BharatNet for Optical Fiber networking : Contracts shall be awarded for laying optical fibre in all villages including remote stretches under BharatNet project under PPP in 2022. The project is expected to conclude in 2025.
11:50 am : 5G Spectrum Auction : The required spectrum auction will be conducted in 2022 for rolling out of 50 mobile services by telecom providers.
11:45 am : Insolvency and Bankruptcy Code will be amended in order to :
- enhance efficiency of resolution process, facilitate cross-border insolvency resolution.
- speed up voluntary winding up of companies
11:41 am : New Battery Swapping Policy has been announced to deal with problem of limited coverage of charging stations in states.
11:40 am : High-level Committee for Urban Planning shall be set up comprising urban planners and economists.
● Support shall be extended to states for building up urban capacity and redesigning citites as centres of sustainable living.
11:35 am : New Digital Banking Units : 75 new digital banking units to be set up in 75 districts by scheduled commercial banks.
● Financial support for the digital ecosystem marked in the previous budget shall continue through FY23.
11:31 am : Universal Housing and Tap Water Coverage:
● The current allocation for tap water scheme “Har Ghar Nal Se Jal “ is Rs 8.7 crores.
● Rs 60,000 crore is being allocated for “Har Ghar jal” Mission to cover 3.8 crore households in FY23.
● Rs 48,000 crore is being provided for PM Awas Yojana in FY 23 to cover 80 lakh houses completed in FY 23.
11:25 am : Emergency Loan Guarantee Scheme : The guarantee cover toward Emergency Credit Line Guarantee Scheme (ECLGS) is being expanded by Rs 50,000 crore. The current cover is Rs 5 lakh crore, said FM.
● Additional amount is earmarked for ECLGS exclusively for hospitality and related sectors
● Credit guarantee trust for MSMEs shall be revamped and an additional credit of Rs 2 lakh crore to MSMEs shall be facilitated.
11:22 am : Interlinking Rivers : Rs 1400 corres shall be allocated for Ken-Betwa river linking in FY 23. Also plans in progress for five river linking projects.
11: 21 am : MSP Payments worth Rs 2.37 lakh crore : A gross remittance of Rs 2.37 will be paid towards minimum support price value to wheat and paddy farmers
- Scheme to be implemented to bring down reliance on oil seed imports.
11:16 am : PM Gati Shakti for Express Highways : Under this plan, a length of 25,000 kilometers will be added to the existing national highways network in FY- 23 at a cost of Rs 20,000 crores.
11:12 am : FM highlights Focus Areas of the Budget. They are :
● PM Gati Shakti
● Inclusive Development
● Productivity Enhancement
● Sunrise Opportunities
● Energy Transition
● Climate Action
● Financing of Investments
11:11 am : LIC Initial Public Offering PO will be carried out shortly.
11: 10 am : Performance-linked Incentive(PLI) schemes have been designed with potential to create 60 lakh new jobs, and up production by Rs 30 crore, said FM
11:04 am : FM reads out goals for “India at 100” project
11:03 am : FM announces estimate for GDP growth for FY22 at 9.2%
11: am : FM begins Budget Speech
10: 06 am : FM Sitharaman arrives in Parliament.
10: 06 am : FM Sitharaman arrives in Parliament.
