Union Budget is the annual financial statement that gives insights into the government’s receipts and expenditures for that fiscal year. The Budget is allotted for the upcoming fiscal year.
INDIA'S FIRST BUDGET: The Budget was first introduced in India on April 7, 1860, when Scottish economist and politician James Wilson from East India Company presented it to the British Crown. Independent India's first budget was presented on November 26, 1947, by the then Finance Minister R K Shanmukham Chetty. Best MBA college in Bangalore
Economy: Capex target expanded by 35.4 percent — from Rs 5.54 lakh crore to Rs 7.50 lakh crore. FY23 effective Capex seen at Rs 10.7 lakh crore. India's growth is highest among all major economies; we are now in a strong position to withstand challenges. The goal is complementing macro-growth with micro-all-inclusive welfare, digital economy and fintech, tech-enabled development, energy transition, and climate action. MBA course in Bangalore
Jobs: ECLGS extended till March 2023, 60 lakh jobs eyed in next 5 years. Efforts of central, state governments lead to jobs, entrepreneurial opportunities. Digital ecosystem for skilling and livelihood to be launched. This will aim to skill, reskill, upskill citizens through online training. API-based skill credentials, payment layers to find relevant jobs and opportunities.
Duties on Industry: Import duty on certain chemicals being/to be cut. Customs duty exemption on steel scrap will be extended for another year for MSMEs. Will revoke customs duty on stainless steel, flat products, high steel bars. Beginning October 2022, unblended fuel to get an additional duty of Rs 2/litre.Import duty on cut and polished diamonds and gemstones to be cut 5 percent and on the sawn diamond to nil. Customs duty concessions are to be given to certain consumer electronic devices to promote manufacturing across wearables, wearables, and specific mobile phone components. PGDM in Bangalore
TAXES: Govt vows a stable and predictable tax regime. Govt to provide a one-time window to correct omissions in ITRs filed, updated returns to be filed within 2 years. Any cess or surcharge on income is not allowed as business expenditure. 1 percent TDS on transfer of virtual assets above a threshold, gifts to be taxed. Surcharge on long-term capital gains capped at 15 percent. The government will tax income from digital asset transfers at 30%. No deduction is allowed while computing income except the cost of acquisition. Loss cannot be set off from any other income. Gift of cryptocurrencies to be taxed at receiver's end. A new provision to allow taxpayers to file an updated return. Updated returns can be filed within 2 years from the end of the relevant assessment year. Alternate Minimum Tax for cooperative societies to be cut to 15%. The proposal will reduce the surcharge on cooperative societies to 7%, for those whose income is between Rs 1 crore and Rs 10 crore. Tax deduction limit increased to 14% on employers contribution to NPS account of state govt employees.
ELECTRIC Vehicles: Battery swapping policy to allow EV charging stations for automobiles will be framed. The private sector will be3 6encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency of the EV system.
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