The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the Budget 2022-23, sources said. Finance Minister Nirmala Sitharaman presented the budget in Lok Sabha on Tuesday.
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HERE ARE THE MAJOR TAKEAWAYS:
- One station, One product to be popularised
- Railways will develop new products for small farmers
- Modern infrastructure to be cornerstone of the plan
- FM Sitharaman outlines PM Gati Shakti masterplan
- 400 New Generation Vande Bharat trains to be introduced
- 100 new Rail Cargo Terminals to be developed
- Agriculture university to be opened in several states
- A rationalised scheme to increase domestic oilseed production will be brought in to cut down imports
- National Highways will be extended by 25,000 km during 2022-23.
- By 2023, 18 Cr househiold should have piped water
- Desh stack e-portal to be launched to promote digital infra
- Border villages with sparse population will be covered under a new program.
- Schemes of the Ministry of Women and Child Development such as Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0 revamped to provide benefits
- Epassport would be rolled out in 2022-23
- Paperless end-to-end e systems will be used for all procurements
- Roll out of 5 G teleservices would be done with 2023
- 2 lakh Anganwadis to be upgraded for improving child health
- AI - Drone - Semi Conductor - Space - Pharma would be emphasised. Supportive policies would be promoted for domestic production
- Defence : reducing imports for equipments. 68% of capital reserves would be reserved for domestic production
- 1 nation, 1 registration for land reforms to be rolled out
- Farmer to be helped with tech and provided funds to reduce crop burning
- Green bonds would be issued for green infra
- Digital Rupee- Digital currency- issued by RBI starting 2022-23
- State would be allowed a fiscal deficit of 4%. Fiscal management of 34.83 lakh crore projected, 37.7 lakh crore is revised expenditure
- To provide the opportunity to correct errors 2 years provision for submitting updated returns
- Taxpayers can file updated return within 2 years
- Scheduled commercial banks to set up 75 digital banks
- NPS tier 1- Tax deduction limit to be increased to 14% for employees contribution. For both state and central government
- Corporate surcharge to be reduced from 12% to 7%
- For any form of long Term Capital gains, tax would be 15% only
- GST: Fully IT-driven and progressive GST regime. Gross GST collection for January is 1.46 Lakh crore which is the highest since GST was launched
- Virtual Digital assets to be taxed at 30%
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