Finance Budget 2022 key highlights

 Finance Budget 2022 key highlights

▶️ 25,000 Km of National Highways to be constructed in FY 23

▶️ Rs. 2.7L Cr. to be allocated for farmers under MSP

▶️ Agri startups to get funding from NABARD

▶️ 400 new Vande Bharat Trains to be initiated in next 3 years

▶️ Allocation for Emergency Credit Guarantee Scheme for MSMEs increased by Rs.50K Cr.

▶️ PM E-Vidya program to be increased to 200 channels giving a boost to education in vernacular languages

▶️ A digital platform to be created for the healthcare ecosystem.

▶️ Digital University to be created.

▶️ E-Passports with digital chips to be rolled out next year.

▶️ 1.5L Post Offices to be linked to core banking

▶️ A battery swapping policy will be brought out for electric vehicles.

▶️ Center for Accelerated Corporate Exit to be set up. The process is to be digitized and aims to bring the corporate exit time within 6 months.

▶️ Animation, Gaming, Visual Effects to be given a boost to enhance capabilities for meeting global demands.

▶️ 80 Lakh houses to be built under PM Housing Scheme with allocation fo Rs. 48K Cr.

▶️ PLI scheme of Rs.19.5K allocated for manufacturing of high-efficiency modules for solar power to achieve the target of 280 GW of solar power

▶️ Budget allocation for capital expenditure increased by 34.5%, to Rs.7.5L Cr.

▶️ Sovereign Green bonds to be issued for mobilizing green energy and to reduce carbon intensity.

▶️ International Arbitration Center to be set up in Gift City

▶️ Digital Rupee to be introduced by RBI using blockchain technology

▶️ Rs.1L Cr. allocated for grant of interest-free loans to States. Funds to be used for Gati Shakti and other CAPEX by States.

▶️ Fiscal deficit for FY 2021-22 to be at 6.9% of the GDP and for FY 2022-23 is estimated to be at 6.4% of the GDP

▶️ Proposal to allow the filing of an updated return within 2 years from the end of the relevant assessment year, with payment of additional tax.

▶️ MAT on Co-operatives Societies reduced to 15% to align it with Corporates.

▶️ Startups benefits - Section 80IAC tax holiday to be allowed to the startups incorporated before 31 March 2023. Time extended by one year.

▶️ 15% tax regime for new manufacturing companies extended by one year. Now it would be allowed to companies incorporated on or before 31 March 2024.

▶️ Litigation Management - repetitive appeals by the department shall be deferred till the issue of law is settled in the matter of that assessee by the Jurisdictional High Court.

▶️ Surcharge on Long Term Capital Gains on the transfer of any type of asset to be capped at 15%.

▶️ Surcharge or Cess not to be allowed as business expenditure. Law to be amended to overrule judgments of High Courts.