Union Budget 2022 Updates
Today Budget Updates By KIP
1. PM Gati Shakti Master plan to give push to logistic and transport sector in budget. Unified logistic platform to start Emphasis on multi model logistic parks.
2. 100 PM Gati Shakti cargo transporters to start.
3. Parwat Mala for road development in hilly area and rope way infrastructure projects to increase tourism in hilly areas.
4. More than 20000 crore expenditure on road infrastructure.
5. 200000 crore loan provision for MSME Sector.
6. One class One TV channel to start under PM Vidya program. A digital university to be set up under hub and spoke model .
7. National Mental care centers to be set up to take care people who need these.
8. Prime minister development infrastructure fir north east to start and 1500 crore to spend on this .
9. 150000 post office Core banking services will be started. Now payments can be done from any where to any where through post office .
10. Ease of doing business 2 to start. Easy exit system for closure of private company and time period reduced from 2 years to 6 months.
11. Defense Research and development is opened with private players in association of DRDO. Atamnirbharata in defense is slogan.
12. 90500 crore for production linked incentive to emphasis.
13. 7.5 lakh crore for capital expenditure provided for 22-23 .
14. Digital currency to be start by RBI.
15. Fiscal deficit 6.4% expected in 22-23.
16. Incentives to start up registered companies which is getting expired on 31.3.22 extended to 31.3.23
17. Newly incorporated manufacturing companies concession rate of tax 15% , commencement date extended from 313.23 to 31.3.24
18. Virtual digital asset tax rate 30 percent . No deduction allowed . Loss can’t be set off with other income. TDS 1 % will be deducted.
19. Now Revised Returns can be submitted with in 2 years from the end of relevant assessment years.
20. AMT on Cooperative’s Society reduced from 18.5 percent to 15 percent.
21. Tax benefits ceiling of 10 per cent of income change to 14 percent to being state govt employees in particular with central govt employees.
22. Health and education chess not allowed as business expenditure.
23. LTCG surcharge reduced to 15 percent.