{"id":260963,"date":"2022-02-01T15:30:22","date_gmt":"2022-02-01T10:00:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260963"},"modified":"2022-02-02T11:46:27","modified_gmt":"2022-02-02T06:16:27","slug":"highlights-from-union-budget-2022-23","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/01\/highlights-from-union-budget-2022-23\/","title":{"rendered":"Highlights from Union Budget, 2022-23"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Key Highlights from Union Budget 2022-23 :<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">\u2018Scheme for Financial Assistance to States for <strong>Capital Investment<\/strong>\u2019 is being enhanced from Rs. <strong>10,000 crore<\/strong> in BE 2021-22 to Rs. <strong>15,000 crore<\/strong> in RE 2021-22;<\/li>\n<li style=\"text-align: justify;\"><strong>Digital Rupee<\/strong>, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23;<\/li>\n<li style=\"text-align: justify;\">\u201cThe <strong>Special Economic Zones Act<\/strong> will be replaced with a new legislation that will enable the states to become partners in Development of Enterprise and Service Hubs\u201d<\/li>\n<li style=\"text-align: justify;\">Fiscal Deficit in 2022-23 is estimated at <strong>6.4 per cent<\/strong> of GDP, which is consistent with the broad path of fiscal consolidation announced by me last year to reach a fiscal deficit level below 4.5 per cent by 2025-26.<\/li>\n<li style=\"text-align: justify;\">Proposes to Form <strong>High Level Committee<\/strong> to refine Urban Development for a Paradigm Change;<\/li>\n<li style=\"text-align: justify;\">\u00a0Trust Based Governance for <strong>Ease of Doing Business 2.0<\/strong> with Advent of Amrit Kaal; Singe Window Portal Parivesh to be expanded to provide information to Applicants; New System Proposed to accelerate Corporate Voluntary Winding Up in less than 6 months;Design-LED Manufacturing to be launched to build a strong ecosystem for 5G through PLI Scheme;<\/li>\n<li style=\"text-align: justify;\">New Scheme, Prime Minister&#8217;s Development Initiative for North East &#8216;<strong>PM-DevINE<\/strong>&#8216; announced; Rs. 1500 Cr. allocated.<br \/>\n<span id=\"ltrSubtitle\"><\/span><\/li>\n<li style=\"text-align: justify;\">Cooperatives to pay alternate minimum tax and surcharge at reduced rate of <strong>15% and 7%<\/strong> respectively;<\/li>\n<li style=\"text-align: justify;\">\u00a0Incorporation Date for Start-ups and new Manufacturing entities to be eligible for <strong>Tax incentives<\/strong> extended by an year;<\/li>\n<li style=\"text-align: justify;\">\u00a0Businesses mandated to cut TDS on benefits they give to agents if Aggregate Value of such benefits exceed Rs. 20000 in a year; Surcharge on <strong>Long Term Capital Gain<\/strong> arising from all assets capped at <strong>15%;<\/strong> Surcharge and cess on income and profits not allowed as Business Expenditure;<\/li>\n<li style=\"text-align: justify;\">\u00a0Direct payment of Rs. <strong>2.37 Lakh crore<\/strong> MSP value to 163 Lakh farmers for wheat and paddy procurement during 2021-22;<\/li>\n<li style=\"text-align: justify;\">Scheme for Delivery of Digital and Hi-tech services to Farmers to be launched in PPP Mode;<\/li>\n<li style=\"text-align: justify;\">Capital expenditure in the Union Budget is being stepped up sharply by <strong>35.4%<\/strong> from Rs. 5.54 lakh crore in the current year to <strong>Rs. 7.50 lakh crore<\/strong> in 2022-23;<\/li>\n<li style=\"text-align: justify;\">Rs. <strong>15,000 crore<\/strong> outlay for the &#8216;Scheme for Financial Assistant to States for Capital Investment&#8217; in Re 2021-22;<\/li>\n<li style=\"text-align: justify;\">Allocate <strong>Rs. 1 lakh crore<\/strong> to assist the States in catalyzing overall investments in the economy for 2022-23;<\/li>\n<li style=\"text-align: justify;\">No change in income tax rates and slabs for FY&#8217;23;<\/li>\n<li style=\"text-align: justify;\"><strong>Customs Duty<\/strong> exemption to steel scrap extended by another year;<\/li>\n<li style=\"text-align: justify;\">Certain <strong>anti-dumping duty<\/strong> and CVD on certain steel products being revoked due to high price;<\/li>\n<li style=\"text-align: justify;\">Proposes to reduce custom duties on certain chemicals including methanol;<\/li>\n<li style=\"text-align: justify;\"><strong>Customs duty<\/strong> on cut and polished diamond, gem stones reduced to <strong>5%<\/strong>;<\/li>\n<li style=\"text-align: justify;\">Concessional rate on capital good and project imports to be phased out;<\/li>\n<li style=\"text-align: justify;\">Introduce IT driven reforms for <strong>SEZs<\/strong>;<\/li>\n<li style=\"text-align: justify;\">1 percent <strong>TDS<\/strong> on transfer of virtual assets above a threshold, gifts to be taxed;<\/li>\n<li style=\"text-align: justify;\">Proposes tax deduction from <strong>10%<\/strong> to <strong>14%<\/strong> on contribution in NPS by State Govts to employees;<\/li>\n<li style=\"text-align: justify;\">Extend period of incorporation by 1 year upto March 31, 2023 for startups to avail tax incentives;<\/li>\n<li style=\"text-align: justify;\">Rs. <strong>60000 crore<\/strong> allocated to provide tap water connections to 3.8 crore households in 2022-23;<\/li>\n<li style=\"text-align: justify;\">International Arbitration Centre will be set up in Gujarat International Finance Tec city to provide faster dispute resolution;<\/li>\n<li style=\"text-align: justify;\">Rs. <strong>19,500 cr<\/strong> additional allocation for PLI for manufacturing high efficiency solar modules has been made;<\/li>\n<li style=\"text-align: justify;\">400 new generation Vande Bharat train to be manufactured in next 3 years;<\/li>\n<li style=\"text-align: justify;\">2000 km of rail network to be brought under indigenous technology KAWACH for safety and capacity augmentation;<\/li>\n<li style=\"text-align: justify;\">5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs. 250 cr;<\/li>\n<li style=\"text-align: justify;\">E-passport with embedded chip will be rolled out;<\/li>\n<li style=\"text-align: justify;\">All post offices to be linked with Core Banking Solution to push financial inclusion;<\/li>\n<li style=\"text-align: justify;\">Projects in National Infrastructure Pipeline which pertain to 7 engines will be aligned with PM Gati Shakti Framework;<\/li>\n<li style=\"text-align: justify;\"><strong>75 Digital Banks in 75 districts<\/strong> will be set up by scheduled commercial banks to encourage digital payments;<\/li>\n<li style=\"text-align: justify;\">1-Class-1-TV Channel to be implemented to provide supplementary education to children to make up for loss of formal education due to COVID;<\/li>\n<li style=\"text-align: justify;\">Rs . <strong>6000 crore<\/strong> programme to rate MSMEs to be rolled out over 5 years;<\/li>\n<li style=\"text-align: justify;\">Implementation of <strong>Ken-Betwa rivers<\/strong> linking with estimated cost of Rs. 44,605 cr to be taken up;<\/li>\n<li style=\"text-align: justify;\">Desh stack e-portal to be launched to promote digital infra;<\/li>\n<li style=\"text-align: justify;\">100 PM <strong>Gati Shakti terminals<\/strong> to be set up in next three years;<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Road Transport<\/strong><\/p>\n<ul>\n<li>National Highways Network to be expanded by <strong>25000 Km<\/strong> in 2022-23.<\/li>\n<li><strong>Rs 20000 Crore<\/strong> to be mobilized for National Highways Network expansion.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Railways<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>One Station One Product<\/strong> concept to help local businesses &amp; supply chains.<\/li>\n<li style=\"text-align: justify;\"><strong>2000 Km of railway network to be brought under Kavach<\/strong>, the indigenous world class technology and capacity augmentation in 2022-23.<\/li>\n<li style=\"text-align: justify;\"><strong>400 new generation Vande Bharat Trains<\/strong> to be manufactured during the next three years.<\/li>\n<li style=\"text-align: justify;\"><strong>100 PM GatiShakti Cargo terminals for multimodal logistics<\/strong> to be developed during the next three years.<\/li>\n<\/ul>\n<p><strong>Agriculture<\/strong><\/p>\n<ul>\n<li><strong>Rs. 2.37 lakh crore direct payment to 1.63 crore farmers<\/strong> for procurement of wheat and paddy.<\/li>\n<li>Chemical free Natural farming to be promoted throughout the county. Initial focus is on farmer\u2019s lands in 5 Km wide corridors along river Ganga.<\/li>\n<li>NABARD to facilitate fund with blended capital to finance startups for agriculture &amp; rural enterprise.<\/li>\n<li style=\"text-align: left;\">\u2018Kisan Drones\u2019 for crop assessment, digitization of land records, spraying of insecticides and nutrients.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Ken Betwa project<\/strong><\/p>\n<ul>\n<li><strong>1400 crore<\/strong> outlay for implementation of the Ken \u2013 Betwa link project.<\/li>\n<li><strong>9.08 lakh hectares<\/strong> of farmers\u2019 lands to receive irrigation benefits by Ken-Betwa link project.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>MSME <\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Udyam, e-shram, NCS and ASEEM portals to be interlinked.<\/strong><\/li>\n<li style=\"text-align: justify;\">130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)<\/li>\n<li style=\"text-align: justify;\">ECLGS to be extended up to March 2023.<\/li>\n<li style=\"text-align: justify;\">Guarantee cover under ECLGS to be expanded by <strong>Rs 50000 Crore to total cover of Rs 5 Lakh Crore.<\/strong><\/li>\n<li style=\"text-align: justify;\"><strong>Rs 2 lakh Crore<\/strong> additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).<\/li>\n<li style=\"text-align: justify;\"><strong>Raising and Accelerating MSME performance (RAMP) programme<\/strong> with outlay of Rs 6000 Crore to be rolled out.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Skill Development<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Digital Ecosystem for Skilling and Livelihood<\/strong> (<strong>DESH-Stack e-portal<\/strong>) will be launched to empower citizens to skill, reskill or upskill through on-line training.<\/li>\n<li style=\"text-align: justify;\">Startups will be promoted to facilitate \u2018<strong>Drone Shakti<\/strong>\u2019 and for <strong>Drone-As-A-Service <\/strong>(DrAAS).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Education<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">\u2018<strong>One class-One TV channel\u2019 programme of PM eVIDYA <\/strong>to be expanded to 200 TV channels.<\/li>\n<li style=\"text-align: justify;\">Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.<\/li>\n<li style=\"text-align: justify;\">High-quality e-content will be developed for delivery through Digital Teachers.<\/li>\n<li style=\"text-align: justify;\">Digital University for world-class quality universal education with personalised learning experience to be established.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Health<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">An <strong>open platform<\/strong> for <strong>National Digital Health Ecosystem<\/strong> to be rolled out.<\/li>\n<li style=\"text-align: justify;\">\u2018<strong>National Tele Mental Health Programme<\/strong>\u2019 for quality mental health counselling and care services to be launched.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align: justify;\">A network of <strong>23 tele-mental health centres<\/strong> of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Saksham Anganwadi<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Integrated benefits to women and children through Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0.<\/li>\n<li style=\"text-align: justify;\"><strong>Two lakh anganwadis<\/strong> to be upgraded to Saksham Anganwadis.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Har Ghar, Nal Se Jal<\/strong><\/p>\n<ul>\n<li><strong>Rs. 60,000 crore<\/strong> allocated to cover <strong>3.8 crore households<\/strong> in 2022-23 under Har Ghar, Nal se Jal.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Housing for All<\/strong><\/p>\n<ul>\n<li><strong>Rs. 48,000 crore<\/strong> allocated for completion of <strong>80 lakh houses<\/strong> in 2022-23 under PM Awas Yojana.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Prime Minister\u2019s Development Initiative for North-East Region (PM-DevINE)<\/strong><\/p>\n<ul>\n<li>\u00a0New scheme PM-DevINE launched to fund infrastructure and social development projects in the North-East.<\/li>\n<li>An initial allocation of <strong>Rs. 1,500 crore <\/strong>made to enable livelihood activities for youth and women under the scheme.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Vibrant Villages Programme<\/strong><\/p>\n<ul>\n<li>Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Banking<\/strong><\/p>\n<ul>\n<li><strong>100 per cent of 1.5 lakh post offices<\/strong> to come on the <strong>core banking system<\/strong>.<\/li>\n<li>Scheduled Commercial Banks to set up<strong> 75 Digital Banking Units (DBUs) in 75 districts<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Urban Planning<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Modernization of building byelaws, Town Planning Schemes (TPS), and Transit Oriented Development (TOD) will be implemented.<\/li>\n<li style=\"text-align: justify;\">Battery swapping policy to be brought out for setting up charging stations at scale in urban areas.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Accelerated Corporate Exit<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Centre for Processing Accelerated Corporate Exit (C-PACE)<\/strong> to be established for speedy winding-up of companies.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>AVGC Promotion Task Force<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">An <strong>animation, visual effects, gaming, and comic (AVGC) promotion task force<\/strong> to be set-up to realize the potential of this sector.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Telecom Sector<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Export Promotion<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Special Economic Zones Act to be replaced with a new legislation<\/strong> to enable States to become partners in <strong>\u2018Development of Enterprise and Service Hubs\u2019.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>AtmaNirbharta in Defence:<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>68% of capital procurement budget earmarked for domestic industry<\/strong> in 2022-23, up from 58% in 2021-22.<\/li>\n<li style=\"text-align: justify;\">Defence R&amp;D to be opened up for industry, startups and academia with 25% of defence R&amp;D budget earmarked.<\/li>\n<li style=\"text-align: justify;\">Independent nodal umbrella body to be set up for meeting testing and certification requirements.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>e-Passport<\/strong><\/p>\n<ul>\n<li>e-Passports with embedded chip and futuristic technology to be rolled out.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Energy Transition and Climate Action:<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Additional allocation of <strong>Rs.<\/strong> <strong>19,500 crore for Production Linked Incentive for manufacture of high efficiency solar modules<\/strong> to meet the goal of 280 GW of installed solar power by 2030.<\/li>\n<li style=\"text-align: justify;\">Five to seven per cent biomass pellets to be co-fired in thermal power plants:<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li><strong>CO<sub>2<\/sub> savings of 38 MMT annually<\/strong>,<\/li>\n<li>Extra income to farmers and job opportunities to locals,<\/li>\n<li>Help avoid stubble burning in agriculture fields.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none; text-align: justify;\"><\/li>\n<li style=\"text-align: justify;\"><strong>Four pilot projects to be set up for coal gasification and conversion of coal into chemicals<\/strong> for the industry<\/li>\n<li style=\"text-align: justify;\">Financial support to farmers belonging to Scheduled Castes and Scheduled Tribes, who want to take up agro-forestry.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Public Capital Investment:<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Public investment to continue to pump-prime private investment and demand in 2022-23.<strong>Outlay for capital expenditure stepped up sharply by 35.4% to Rs. 7.50 lakh crore in 2022-23<\/strong> from Rs. 5.54 lakh crore in the current year.<\/li>\n<li style=\"text-align: justify;\">Outlay in 2022-23 to be <strong>2.9% of GDP<\/strong>.<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align: justify;\"><strong>\u2018Effective Capital Expenditure\u2019<\/strong> of Central Government estimated at <strong>Rs.<\/strong> <strong>10.68 lakh crore in 2022-23<\/strong>, which is about <strong>4.1% of GDP<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Fiscal Management<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Budget Estimates 2021-22: Rs. 34.83 lakh crore<\/li>\n<li style=\"text-align: justify;\">Revised Estimates 2021-22: Rs. 37.70 lakh crore<\/li>\n<li style=\"text-align: justify;\"><strong>Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore<\/strong><\/li>\n<li style=\"text-align: justify;\"><strong>Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh crore<\/strong><\/li>\n<li style=\"text-align: justify;\">Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align: justify;\"><strong>Fiscal deficit in 2022-23 estimated at 6.4% of GDP.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong><u>DIRECT TAXES<\/u><\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Introducing new \u2018Updated return\u2019<\/strong><\/p>\n<ul>\n<li>Provision to file an Updated Return on payment of additional tax.<\/li>\n<li>Will enable the assessee to declare income missed out earlier.<\/li>\n<li>Can be filed <strong>within two years<\/strong> from the end of the relevant assessment year.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Cooperative societies<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">Alternate Minimum Tax paid by cooperatives brought down from <strong>18.5 per cent to 15 per cent.<\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"text-align: justify;\">To provide a level playing field between cooperative societies and companies.<\/li>\n<li style=\"text-align: justify;\">Surcharge on cooperative societies reduced from <strong>12 per cent to 7 per cent<\/strong> for those having total income of more than Rs 1 crore and up to Rs 10 crores.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Litigation Management<\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\">In cases where question of law is identical to the one pending in High Court or Supreme Court with respect to tax litigation, the filing of appeal by the department <strong>shall be deferred<\/strong> till such question of law is decided by the court to help in reducing repeated litigation between taxpayers and the department.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights from Union Budget 2022-23 : \u2018Scheme for Financial Assistance to States for Capital Investment\u2019 is being enhanced from Rs. 10,000 <\/p>\n","protected":false},"author":8808,"featured_media":260964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-260963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 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