Image Source : PTI Union Finance Minister Nirmala Sitharaman.
Highlights
Finance Minister Nirmala Sitharaman presented Budget 2022 today
Tax slabs remain unchanged but govt announced major boost for infrastructure projects
Introduction for digital or virtual currency like cryptocurrency was among key announcements
Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2022-23 amid slogans, applauses in the Lok Sabha during her 90-minute budget speech in rapt attention. Keeping in line with changing times, Sitharaman read out the speech from a ‘Made in India’ tablet personal computer which she carried in a red cover with the National Emblem embossed on it, instead of a briefcase or ‘Bahi Khata’. There were many new announcements like an introduction to the cryptocurrency, chip-embedded passports, 400 Vande Bharat trains, focus on boosting infrastructure, railways, roads, employment, health, housing, however, tax slabs remained unchanged in terms of relief or increasing the burden on the common man. Let’s take a look at what a common man needs to know.
Tax slabs remain unchanged, however, taxpayers can now file updated returns within two years in a one-time window.
Govt introduced e-passports with embedded chips, futuristic technology.
In boost to EV sector, battery swapping policy to be introduced.
Digital currency like cryptocurrency from next year.
What is going to be cheaper from now: Agriculture tools, lens of mobile camera module, mobile phone chargers, hearing devices, wearable electronic devices, chemicals for petroleum refining, cut and polished gemstones and diamonds, electronic items, steel scraps
What’s going to get costly: Duty on imported umbrellas increased, all imported items.
One station, One product to be popularised.
Railways will develop new products for small farmers.
Modern infrastructure to be cornerstone of the plan.
400 New Generation Vande Bharat trains to be introduced. 100 new Rail Cargo Terminals to be developed
Agriculture university to be opened in several states.
National Highways will be extended by 25,000 km during 2022-23.
By 2023, 18 crore households should have piped water.
Roll out of 5G tele-services would be done with 2023.
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