Finance Minister Nirmala Sitharaman presented her fourth Budget for the FY 2022-23 on 1 February 2022 in Parliament.
India’s economic growth in FY22 is projected 9.2%.
Income Tax Slabs Unchanged.
Income from Long Term Capital Gains will be taxed at 15%, Corporate surcharge to be reduced from 12% to 7%.
Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted.
Income from transfer of any virtual digital asset shall be taxed at the rate of 30% plus 1% tax on transaction.
Digital rupees to be issued using blockchain & other technologies to be issued by RBI starting 2022-23.
400 new generation Vande Bharat trains with better efficiency to be brought in, 100 PM Gati Shakti Cargo terminals to be developed during next three years.
5G spectrum auction to be conducted in 2022 for rollout of 5G telecom services by private players in FY {2022-23}
Capital expenditure outlay being stepped up sharply by 35.4% from Rs 5.54 lakh crore in CY to Rs 7.50 lakh crore in 2022-23, Outlay in 2022-23 will be 2.9% of the GDP.
DEFICIT/EXPENDITURE
Proposes fiscal deficit of 4.5% of GDP by (2025-26)
Projects fiscal deficit of 6.4% of GDP in (2022-23)
Revised fiscal deficit for (2021-22) at 6.9% of GDP
Total expenditure in (2022-23) seen at 39.45 trillion rupees
