Quick Highlights From The Budget 2022 - 2023 | 30Percent Tax on Crypto and More Read Here.

 Budget 2022 is the Most Anticipated event of 2022 As Union Finance Minister Nirmala Sitharaman presented her fourth Union Budget and the Narendra Modi government's 10th budget on Tuesday.

This year's Budget has seen Indian Economic Growth at 9.2% and Fiscal Deficit pegged at 6.9% of Indian GDP along with the 7.5 lakh crore worth of effective capital expenditure for Financial year 2022-2023 which is 35.4 percent higher than the previous year.

Many Industry Veterans have expected rebate from Income tax as the Election is nearby but our Finance Minister haven't given any major relief to salaried class in relation to income tax slabs and other forms of rebates.

The Growth Oriented budget comes with high tax on digital currency as
Finance Minister levy 30pecent tax on gaining amount from any digital currencies and 1percent Tax will be deducted at source on transfer on crypto assets also taxes on gifting digital currencies and Crypto coins. (Such a unfavorable move)

In spite of Introducing 400 New Trains labeled as Vande Bharat under One product one railway stations scheme the share price of Rail Vikas Nigam Limited fails to impress investors. Finance Minister also added that 100 PM Gati Shakti terminals would be set up in the next three years to improve traveling experience with the ease of commuting for peoples of india.

 On the banking front Sitharaman has announced to digitization of Scheduled commercial banks and Proposed to set up 75 digital banks in 75 districts of Rural India.

E-Passports with Embedded chip will be rolled out to ease the quick visa Process and digitization of Aviation regulatory.

1.5 lakhs Post offices now will be work in sync with core banking system that will also as part of digital transformation mission of PM Modi. with this Post office Customer can access their passbook online and also transfer money to other post offices or other bank accounts

Higher Tax Deduction benefit to Central and State government employees to their contribution to NPS Schemes which is now 14Pecent.

Reduced Tax on
minimum alternate tax (MAT) paid by Co-Operative societies from 18Percent to 15Percent further to this, Surcharge on the tax rate on co-operative societies has been reduced to7 percent from 12 percent, for income between Rs 1 crore to Rs 10 crore by our Finance minister. (Slightly good news for Co-Operative societies.)

All of Above were the Major Highlights from the Budget. Overall there is nothing for Middle class Audience of India from this year's budget just like every year.

1 comment:

  1. what do you think about this years budget?


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