Top 100 Highlights of the budget for the financial year 2022

Nirmala Sitharaman, Union Finance Minister, has arrived in Parliament after meeting with President Ram Nath Kovind. She is due to propose her fourth Budget for the fiscal year 2022-23 today, February 1, amid a continuing third wave of omicron-led coronavirus and turbulent stock markets as inflation fears weigh on confidence. At 11 a.m., the Union Budget or Annual Financial Statement, as stipulated in Article 112 of the Indian Constitution, will be delivered before Parliament. The highlights of the budget are as follows:

1. Cryptocurrency will be taxed at a unique rate of 30%, with no deductions permitted.
2. Online digital assets will be taxed at a rate of 30%. There are no deductions or set-offs for losses. A flat tax of 30% will be paid without any deductions. There is no deduction save for the cost of purchase.
3. TDS of 1% will be deducted from the transaction amount. Except for the cost of purchase, no deduction in respect of any expenditure or allowance shall be permitted for computing such income.
4. The corporate fee will be decreased from 12% to 7%.
5. Education and Health Cess and surcharge are not allowable as business expenses.
6. Propose a 15 percent fee for AOPs. In addition, to help the startup community, the fee on LTCG deriving from asset transfer has been set at 15%.
7. Slab Rates for Individuals and Others Have Not Changed
8. If unreported income is discovered during the search, no deduction will be permitted.
9. Propose a provision requiring the filing of an amended return with the payment of extra tax to address any assessment inaccuracies. Assessors can disclose money that was previously unreported. In the event of an omission or mistake, a new provision was established requiring the filing of an amended ITR within two years.
10. To cut the levy on cooperative societies from 12% to 7% for incomes ranging from Rs 1 crore to Rs 10 crore.
11. Despite the Covid Pandemic, the FM said that GST collection had reached an all-time high since its start. FM hailed the strengthening economy and the tax department's administrative initiatives. In January 2022, the gross GST revenue would be $1,46,986 crore. Since the establishment of GST, this has been the highest level.
12. People with disabilities - Even throughout their lifetime, parents and guardians might get an annuity.
13. Gross GST collection of Rs 1,46,986 Cr is the highest since the commencement of GST; this is feasible because to the strong economic rebound following Covid-19.
14. The tax deduction limit for state government workers to NPS has been increased from 10% to 14%.
15. Incentives for startups: the time of incorporation has been extended by a year to 2023 in order to take advantage of tax breaks. Corporates have also been granted an extension from 2023 to 2024 for new enterprises to establish manufacturing plants.
16. Section 115BAB extended the deadline for establishing a business by one year, to 2024. A concessional tax rate of 15% was introduced as an incentive for newly formed industrial industries.
17. To improve convenience for the citizens, the issuance of E-passports will be prohibited in 2022-23.
18. India's economic growth in FY22 is expected to reach 9.2 percent. Economic growth is expected to be 9.2 percent.
19. 25,000 compliances have been eliminated, and 1,486 labour laws have been removed.
20. The digital rupee will be issued by the RBI beginning in 2022-23, utilising blockchain and other technologies. This will provide a significant boost to the economy.
21. The budget intends to create the groundwork for the economy's direction for the next 25 years, from India at 75 to India at 100.
22. Children in government schools, in particular, have lost two years of formal schooling. Regional languages will be used to create high-quality digital content. A virtual university will be established. The network will be created on a hub-and-spoke concept.
23. Teachers will be given digital tools. A digital university will be established.
24. A public offering of LIC is planned for the near future. Others are also on the way. This budget will continue to offer fuel for growth by being both forward-thinking and inclusive.
25. The rapid expansion of vaccination coverage has aided economic recovery.
26. At 100, India's modern infrastructure will be multimodal.
27. The budget will be focused on four pillars: productivity, climate action, financing investments, and PM. Gati Shakti strategy
28. PM GatiShakti Energy Transition and Climate Action Development that is sustainable
29. PLI across 14 sectors will result in the creation of 50 lakh new jobs and an increase in production of Rs 30 lakh crore.
30. We are in the thick of the Omicron wave, and the rapidity of our vaccination effort has significantly aided us. I am convinced that 'Sabka Prayaas' will continue to expand rapidly.
31. This Budget (2022-23) will help young, women, farmers, SC, ST, and others, and will be directed by PM Gati Shakti's master plan.
32. Contracts for four multimodal logistics parks in the public-private partnership (PPP) method will be granted in 2022-23.
33. 400 next-generation Vande Bharat trains with improved efficiency would be introduced over the next three years.
34. 100 p.m. Gati Shakti cargo terminals will be created during the next three years, as will novel methods for creating metro lines.
35. In 2022-23, the National Highway network will be enlarged by 25,000 kilometers
36. Branding, marketing, and millet harvesting will all be aided. The International Year of Millets has been designated for 2022-23.
37. ECLGS has provided much-needed loans to MSMEs. The scheme would be prolonged till March 2023, and the coverage will be increased by 50,000 crores to 5 lakh crores. With the additional funds set aside for the hotel industry
38. Rs. 20,000 crores to improve transportation infrastructure
39. Public Procurement/MSP of Rs 2.73 lakh Cr for Wheat and Paddy
40. Farming with a natural, chemical-free, and zero-budget focus
41. Agriculture Drones
42. ECLGS has a total cover of Rs 5 lakh crore until March 2023.
43. JIT Inventory Management Using a Unified Logistics Interface Program
44. Railways to help Small Farmers with Logistics
45. For Local Businesses, One Station, One Product
46. 2000km on the Kawach 400
47. Trains from Vande Bharat
48. There will be new100 cargo terminals.
49. Productivity-linked incentive programs in 14 industries have elicited a strong reaction, with investment intentions totaling Rs 30 lakh billion.
50. In the first stage, chemical-free natural farming would be promoted throughout the country, with a concentration on farmers' land in 5 km wide lanes along the Ganga.
51. The purchase of wheat in Rabi season 2021-22 and the expected procurement of paddy in Kharif season 2021-22 would cover 1208 lakh metric tonnes of wheat and paddy from 163 lakh farmers, with a direct payment of MSP value of Rs 2.37 lakh crores sent to their accounts.
52. The Emergency Credit Line Guarantee Scheme (ECLGS) has been extended until March 20, 2023. ECLGS's guarantee cover will be increased by Rs 50,000 crore, reaching a total of Rs 5 lakh crore.
53. MSMEs such as Udyam, e-shram, NCS, and Aseem portals will be connected, and their reach will be expanded... They will now function as portals with live organic databases, facilitating G-C, B-C, and B-B services such as credit facilitation and improving entrepreneurial prospects.
54. PM Gati Shakti will propel the economy ahead, creating more employment and opportunity for the youth.
55. A national telemental health initiative will be initiated, led by NIMHANS, and National Telemental Health Centres of Excellence will be established.
56. Will encourage the development of drone manufacturing firms.
57. Data interchange across all-mode operators will be enabled through the Unified Logistics Interface Platform, which is built for APIs. Save money and time on logistics. Assist in the management of Just In Time inventory and eliminate the need for time-consuming documentation
58. PM E-Vidya will be expanded to 200 regional language TV stations with a focus on high-quality e-content.
59. A total of 2 lakh Anganwadis would be upgraded.
60. Har Ghar Jal is available to 8.7 million households, with
61. 5.5Cr Obtaining Drinking Water from the Tap
62. Har Ghar Jal would cover 3.8 million households in 2022-23 at a budget of Rs 50000 crore.
63. 80 lakh beneficiaries have been identified under the PM Awas Yojana for a total of 40000 crores.
64. The connection of the Ken and Betwa rivers would be undertaken at a cost of Rs 44,605 crore.
65. Propose that scheduled commercial banks establish 75 digital banking units in 75 districts.
66. PM Gati Shakti is propelled by seven engines: roads, railroads, airports, ports, mass transportation, waterways, and logistical infrastructure.
67. Kisan Drones for crop evaluation, land records, and pesticide spraying are likely to generate a wave of technology in the agricultural industry.
68. A Rs 6,000 crore initiative to grade MSMEs would be implemented over a five-year period
69. 400 brand-new generations Vande Bharat trains more efficiently and will be introduced over the following three years. 100 p.m. Gati Shakti cargo terminals will be created during the next three years, as will novel methods for creating metro lines.
70. 1.5 lakh post offices would be linked to core banking.
71. A network of 23 excellent telemental health centres, with Nimhans serving as the node and IIIT Bangalore providing technical assistance.
72. To encourage the use of public transportation in metropolitan areas...special mobility zones with a zero-fossil-fuel policy will be implemented... Due to space limits in metropolitan locations, a 'Battery Swapping Policy' will be implemented.
73. Accelerated Corporate Exit for voluntary company winding down from current 2 years to less than 6 months
74. A digital university will be established to give education; it will be based on a hub-and-spoke concept.
75. To promote improvements, a high-level group comprising urban planners, economists, and others will be formed. IBC modifications are required for more efficient resolution; cross-border insolvency resolution is also possible.
76. NABARD will support a fund to finance agricultural and rural company startups related to the farm product value chain Startups will provide assistance to FPOs and provide tech to farmers.
77. Push for EVs by Battery swapping policy will be brought out and interoperability standards will be formulated.
78. For safety and capacity enhancement, 2,000 kilometers of the rail network will be brought under the control of the indigenous world-class technology KAWACH.
79. Spectrum auctions will be held in 2022 to facilitate the deployment of 5G services. As part of the PLI project, a scheme for design-led manufacturing in 5G will be launched.
80. The policy of special economic zones will be superseded by new laws.
81. A battery swapping policy will be developed, as well as an inter-operational service. The private sector will be encouraged to develop sustainable and creative business models for battery and energy as a service, hence enhancing EV ecosystem efficiency.
82. To enhance the convenience of living and conducting business, 'One Nation, One Registration' will be developed for everywhere registration:
83. Implementation of the Ken Betwa Linking Project at an estimated cost of Rs. 44,605 Cr. to provide irrigation advantages to 9.0 lakh hectares of agricultural land
84. To boost Aatmanirbharta and lessen reliance on defense equipment imports, 68 percent of the capital procurement budget for defense will be reserved for the indigenous industry. This is an increase over the previous fiscal year's 58 percent.
85. To avoid payment delays, an online bill system will be established that will be utilized by all Central Ministries.
86. The Animation, Visual Effects, Gaming, and Comics (AVGC) industry has enormous potential for young employment. An AVGC promotion task group will be formed with all stakeholders to suggest strategies to achieve this and increase domestic capacity to serve our markets and worldwide demand.
87. NABARD will support a fund to finance agricultural and rural company startups related to the farm product value chain. Startups will assist FPOs and supply farmers with technology.
88. SEZ Acts will be repealed in favor of a new Act. The SEZ (Special Economic Zones) Act will be repealed in favor of new laws... for the growth of businesses and hubs... It will encompass the current industrial enclaves and boost export competitiveness.
89. To generate 280 GW of solar electricity by 2030, an additional allocation of Rs 19,500 has been made for solar PLI manufacturing of high-efficiency modules.
90. Bankruptcy Code Amendments - IBC Amendments to Improve Resolution Process Efficiency – Facilitate cross-border bankruptcy resolution – Accelerate voluntary company winding up.
91. A high-level panel for urban planning will be formed.
92. Modern construction codes will be implemented.
93. The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) will be restructured with the necessary funds. Additional credit of Rs. 2 lakh crore would be made available to Micro and Small Enterprises, expanding job prospects.
94. The Central Government's effective capital expenditure is anticipated to be Rs 10.68 lakh crores in 2022-23 or around 4.1 percent of GDP: Public spending is required to stimulate prime demand and attract private investment.
95. A new plan for PM development in the North East will be launched to support social development initiatives.
96. 5 current academic institutes for urban planning would be recognized as Centres of Excellence, with a Rs 250 crore endowment fund.
97. The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) will be restructured with the necessary funds. Additional credit of Rs. 2 lakh crore would be made available to Micro and Small Enterprises, expanding job prospects.
98. Green projects will be funded through sovereign green bonds.
99. To form an expert committee to study the overall regulatory framework for VCs and PEs and to identify areas of contention.
100. Capital expenditure is expected to rise 35.4 percent, from 5.54 lakh crore to 7.50 lakh crore.
101. The total cost is expected to be Rs39.45 lakh crore. The total revenue is anticipated to be Rs22.84 lakh crore. The budget deficit is expected to be 6.4 percent of GDP in FY23, down from 6.9 percent in FY22 (RE)
102. Financial aid of Rs 1 lakh crore would be granted to states in 2022-23 to catalyze investment.