The document summarizes key aspects of the Union Budget 2022-2023 presented by the Finance Minister Nirmala Sitharaman. It focuses on setting the stage for development over the next 25 years leading up to India's vision in 2047. The budget aims to help farmers, start-ups, and MSMEs while not raising taxes during the COVID period. It covers the government's income sources including taxes and borrowing, areas of spending like pensions and defense, deficits targeted for revenue and fiscal deficit, and highlights for sectors like banking, direct tax, indirect tax, education, healthcare, and cryptocurrency regulations.
2. BUDGE
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A budget is a financial planfor a
defined period, often one year.
A budget is an estimation
of revenue and expensesover
a specified future period of
time and is usually compiled
and re- evaluated on a periodic
basis.
Budgets can be made for a
person, a group of people, a
business, a government, or just
about anything else that makes
and spends money.
3. UNION BUDGET 2022-
2023
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Union Finance Minister Nirmala
Sitharaman, presenting her fourth Budget
This budget sets the stage for an (Amrit
Kaal), over the next 25 years, culminating
in a vision for India in 2047 as enunciated
by Prime Minister Narendra Modi in his
Independence Day address
Ms. Sitharaman pointed out that the
government has not raised taxes in these
COVID period, but stressed that several
proposals aimed at helping farmers, start-
ups, micro, small and medium enterprises
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Tax= 30% (it cannot be claimed for deductions)1%
TDSGovt=$6 billion worth investment in india.
It gateways for decentralized world in name of web 3.0.
Friendly approach by protecting the interest of consumersand
exchanges.
RBI introduces our own cryptocurrency and regulations of
official digital currency bill with blockchain method. Positive
step as it is optimistic sentimental towards crypto and NFT
across the stakeholders of the country.
It gives the clarity for the market place and whereas some of
them are not happy for this budget.India investers = invested
around ₹45000 crore in private crypto and govt is against it.
Cryptocurrency
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7. Banking
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1.5 lakh post office accounts will be covered in core banking.Post
account transfer to bank a/c and post office a/c. It will boost for
farmers.
75 digital banking centre in 75 district by scheduledcommercial
bank. 15,000 has been paid to more than 1.2 lakhs deposited of
defaulting banks,under deposit insurance and credit guarantee
corporation.
Govt encouraging the digital banking scheme. The previous
budget will be followed. Gaining liabilities and distribution of
financial product become more viable for banking sector.
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8. Direct Tax
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Allows taxpayer to file updated income tax return within 2 years for correcting
errors.
Reduces alternate minimum tax rate and surcharge for cooperative.
Incentives for start-ups period of incorporation of eligible start-ups has been
extended by one more year.
Proposes to increase tax deduction limit on employees contribute to nps account
of state government employees to bring parity with central government employees
Newly incorporate manufacturing entities will be incentivize under concessional
tax regime
Income from transfer of virtual assets will be taxed at 30%
The budget propose better litigation management to avoid repetitiveappeals.
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9. Deficits
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Revenue deficit
In 2022-23 is targeted at 3.8% of GDP, which is lower than
the revised estimate of 4.7% in2021-22.
Fiscal deficit
In 2022-23 is targeted at 6.4% of GDP, lower than the
revised estimate of 6.9% of GDP in 2021- 22 (marginally
higher than the budget estimate of 6.8% ofGDP).
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10. Indirect Tax
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Indirect tax the Union budget says that Customs
administration in Special Economic Zones will be fully IT
driven. It provides for phasing out of concessional rates in
capital goods and project imports gradually and apply a
moderate tariff of 7.5%.
The budget underlines review of customs exemptionsand
tariff simplification, with more than 350 exemptions
proposed to be gradually phased out.
Remarkable progress in GST - GST revenues are
buoyant despite the pandemic – Taxpayers deserve
applause for this growth.
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12. Education
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Due to the closure of schools, our children have lost almost 2 years of
formal education. Mostly, these are children in government schools
“one class-one TV channel” programme of PM eVIDYA will be
expanded from 12 to 200 TV channels.
In vocational courses, to promote crucial critical thinking skills, to give
space for creativity, 750 virtual labs in science and mathematics, and
75 skilling e-labs for simulated learning environment, will be set-up in
2022-23.
A competitive mechanism for development of quality e-content by the
teachers will be set-up to empower and equip them with digital tools of
teaching and facilitate better learning outcomes
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13. Healthcare
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National Digital Health Ecosystem: “An open platform for the
National Digital Health Ecosystem will be rolled out. It will
consist of digital registries of health providers and health
facilities, unique health identity and universal access tohealth
facilities
National Tele Mental Health program: “The pandemic has
accentuated mental health problems in people of all ages. To
better the access to quality mental health counseling and care
services, a National Tele Mental Health program will be
launched.
Progress in the healthcare sector: “95 per cent of 112
aspirational districts have made significant progress inhealth,
infracture,”
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14. Healthcare
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The ‘Health and Education Cess‘ is imposed as an
additional surcharge on the taxpayer for funding specific
government welfare programs.
The center propose to spent Rs crore for medical and health
in 2022 – 2023
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