TOP 10 HIGHLIGHTS OF BUDGETS 2022

5G ROLLOUT SOON

The government has in Budget 2022 indicated that India is moving towards better internet connectivity with the rollout of 5G spectrum.

More Budget Allocation and Capex Push

The Budget allocation this year has been set at Rs 39.5 lakh crore, which is more than that of the previous year. 

Introduction of Digital Currency

The RBI will in FY22-23 launch the Central Bank Digital Currency, which is a centralised digital rupee, Sitharaman said in her Budget 2022 speech.

Tax on Virtual Digital Assets

All virtual digital assets will be taxed at 30 per cent rate, while digital gifting will also be charged per the same rates on the receiver’s end.

Revised ITR Policy

Taxpayers now have a two-year window to correct errors and file a revised income tax return for the relevant assessment year

Sovereign Green Bonds

Sovereign green bonds will be issued issued for mobilizing resources for green infrastructure. 

SEZ Act to be Replaced

Special Economic Zones Act will be replaced with a new legislation to enable States to become partners in ‘Development of Enterprise and Service Hubs

Amendments to Insolvency and Bankruptcy Code

Necessary amendments in the Insolvency and Bankruptcy Code would be carried out to enhance the efficacy of the resolution process and facilitate cross border insolvency resolution.

Boost to Railways

As part of the PM Gatishakti Masterplan, 2,000 kilometres of railway network will be brought under Kavach, the finance minister said. 

ECLGS Scheme Extended

Budget 2022 considered the hassles faced by the services sector during the pandemic.

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