Budget 2022 Highlights | Digital & Technology | sectors | Sports, Infrastructure, Health, Education

Описание: The Budget 2022 focused on ‘Digital & Technology’ and sectors like Sports, Infrastructure, Health, Education and provision of e-services to the masses.
This Union Budget laid a foundation and blueprint of the economy over ‘Amrit Kal’ of the next 25 years - from India at 75 to India at 100.
Capital expenditure increased by 34% in FY23
India posted a 9.2% GDP growth, the highest among all economies
8−8.5 % projected GDP growth for FY23
Digital Rupee to be introduced by the RBI in the 2022-2023 based on blockchain and other technologies.
The purpose of creating a digital rupee is to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs and reduced settlement risk.
An International Arbitration centre will be set up at GIFT City to provide faster dispute resolution, In addition a world-class university to be allowed in GIFT IFSC (International Financial Services Centre) free from domestic regulation.
The animation, visual effects, gaming, and comic (AVGC) sector offers immense potential, A promotion task force with all stakeholders will be set-up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand.
The issuance of e-Passports using embedded chip and futuristic technology will be rolled out in 2022-23 to enhance convenience for the citizens in their overseas travel.
A new scheme, Prime Minister’s Development Initiative for NorthEast, PM-DevINE, will be implemented through the North-Eastern Council.
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, consent framework, and universal access to health facilities.
Anytime – Anywhere Post Office Savings - In 2022, 100 percent of 1.5 lakh post offices will come under the Core Banking System (CBS), this will be helpful for farmers and senior citizens in rural areas.
• Direct Taxes
:
Individual tax proposals - No change in tax slab rates, standard deduction and deduction for interest on housing loans
15% cap on surcharge on long term capital gains applicable to all capital assets
The threshold limit for deduction in respect of employer’s contribution to NPS is increased to 14% of salary in the case of State Government employees.
Extension of the last date for commencement of manufacturing or production - Concessional tax rate of 15% for domestic manufacturing companies commencing manufacturing or production by 31 March 2023 extended to 31 March 2024.
Profit-linked tax exemption for eligible start ups extended by another year – start ups incorporated upto 31 March 2023 will now be eligible.
• Crypto Tax - Virtual Digital Assets :
Tax on Income from Virtual Digital Assets at a flat rate of 30%, Cost of acquisition allowed as a deduction – no other deduction allowed.
Loss on transfer of Virtual Digital Asset not allowed for set off or carry forward purposes.
Gift of virtual digital assets is also proposed to be taxed in the hands of the recipient.
The government has also proposed a 1 % Tax Deducted at Source (TDS) in order to track the transactions.
•Updated return of income :
Taxpayers are allowed to file updated Return of Income (RoI) within 24 months from the end of the relevant assessment year on payment of additional tax.
If updated return filed within 12 months - additional tax payable at the rate of 25% of aggregate of tax and interest payable.
If updated return filed in the subsequent 12 months - additional tax at the rate of 50% of aggregate of tax and interest payable.
Option to file an updated return of income cannot be availed by taxpayers in certain circumstances.
• Rationalization of TDS / TCS provisions
Finance Act 2021 introduced higher rates of TDS/ TCS for payments to persons who have not filed tax returns for the last 2 years.
The 2 year requirement has now been reduced to 1 year i.e. Higher TDS / TCS rates shall apply only in case of persons who have not filed tax return in the immediately preceding year.
•Indirect Taxes - GST & Customs :
The record collection of Rs.1,40,986 crore gross GST revenues in January 2022 was the highest since GST inception.
Concessional customs duty on capital goods and project imports to be gradually phased out to support growth of the domestic capital goods sector.

More than 350 exemptions on importing some agri products, chemicals, drugs, etc., will be phased out.
Customs duty on imitation jewellery was raised to discourage their imports.
Duty on specified leather, packaging boxes reduced to incentivise exports.
Customs duty on cut and polished diamonds, gems to be reduced to 5%.

Realignment of ITC provisions
Two-way communication process under GSTR-2A deleted & Provisions introduced for claiming ITC based on auto-generated statement in GSTR-2B.
Few Additional restrictions introduced for availing ITC.
Extension of period