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Union Budget 2022: Live Updates

01 February 2022

Union Budget 2022, according to many street experts, was a growth oriented budget. Infrastructure, PM Gati Shakti, exports and custom duties, launch of a new digital currency, taxation on virtual assets  were announced.

Income tax slabs remain unchanged for the current financial year however an extension has been announced with respect to filing updated tax returns in case taxpayers make any errors.

Read more on Groww: Budget 2022 Highlights: Key Takeaways

Indian markets ended in the green with most of the sectoral indices ending on a higher note. BSE Metal ended almost 4.9% high on the budget day. Only three sectors ended in the red on February 1, 2022.

Read more on Groww: Budget 2022 Market Impact: Infra, Banking, Auto, & more

Live updates:

Lok Sabha adjourns for the day.

Promotion of a shift to public transport by promoting e-vehicles. 

Exemption on Implements and tools for the Agriculture sector manufactured in India. Customs duty exemption to steel scrap extended.

To encourage efforts towards blending of fuel, unblended fuels shall attract an additional excise duty of Rs 2/liter from 1st Oct, 22.

To boost Aatmnirbharta & reduce reliance on imports of defense equipment, 68% of the capital procurement budget for defense earmarked for domestic industry. Up from 58% of the previous fiscal year.

e-passport to be rolled out to make it easy for people to plan travel abroad.

Electronics: To further electronics manufacturing, duty concessions given for the high growth of electronics items

Concessional duty on import of capital goods to be phased out.

The long term capital gains arising on transfer of any type of asset subjected to a max surcharge of 15%

Gems and Jewellery: Duty on unpolished diamonds to be reduced to 5%

Exemption of agri produce, chemicals, fabric, medical devices, and drugs will be announced in the customs tariff schedule.

A complete paperless end-to-end online e-bill system to be launched for use by all Central Ministries for their procurement, To enhance transparency & reduce delays in payments.

Gross GST collections for January 2022 stood at Rs 1,40,986 crores – the highest since the inception of GST.

No set-off of any loss will be allowed on undisclosed income.

4 logistics parks in India, Indian Railways to provide logistics support to farmers and small businesses, 100 cargo terminals announced in budget.

Tax deduction limit for state govt employees to NPS raised to 14% from 10%

Any income from the transfer of any virtual digital asset will be taxed at 30%.

Reduction in alternate minimum tax to be reduced for cooperative societies to 15%, surcharge to be reduced for coop societies from 12% to 7% for those with income between Rs 1 crore to 10 crore

New provision to file an updated return within 2 years from the end of the relevant assessment year

Total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore
Total receipt except of borrowing estimated at Rs 22.84 lakh crore
Fiscal Deficit for 2022-23 estimated at 6.4% of the GDP.

Banking: Introduction of a digital currency will give a big boost to the digital economy. Digital currency will give a cheaper currency management system. Digital rupee to be issued by RBI starting 2022-23.

Sovereign Green Bonds will be issued to mobilize resources for reen infra. To reduce carbon intensity in the economy.

The outlay for capex in the union budget will be up 35.5% to Rs 7.5 lakh crore to step up public investment and support private investment. This is 2.9% of the GDP

Contracts for laying optical fibre in all villages will be awarded under the Bharat Net project

75 digital banking systems in 75 districts by scheduled commercial banks

E-Passports using embedded chips will be rolled out in 2022-23.

Over 25k compliances and 1486 union laws were repealed for minimum government and maximum governance

100% of 1.5 lakh Post office to come on the core banking system to enable interoperability and financial inclusion.

Power: 19500 cr for PLI for manufacturing of high-efficiency modules  to facilitate 280 gigawatts of installed solar capacity by 2030,

Telecom : Required 5G spectrum auctions will be conducted in 2022. A scheme for design-led manufacturing will be launched to build a strong ecosystem for 5G as part of the Production Linked Incentives (PLI) scheme.

Auto Industry: A battery swapping policy to be brought out for EV vehicles.

Startups: Start-up funding arrangement for agri-tech start-ups.

Education: PM eVidya will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional channels.

MSME: ECLGS to be extended till Mar 2023. Guarantee cover to be expanded by 50,000 crores of rupees to the total cover of Rs 5 lakh crores. Additional credit for MSME of Rs 2 lakh crore.

Agriculture: Chemical-free farming to be promoted throughout the country. To reduce the dependence of imports of oilseeds, domestic production to be enhanced.

Infrastructure: National highway network to be expanded 25000 KM. Housing projects alloted 48000 cr for FY 23 under the PM housing scheme.

Railways: Four hundred new Vande Bharat trains during the next three years.

LIC IPO: The FM mentioned that the public issue of LIC is expected shortly.

A Made in India tablet has replaced the traditional ‘Bahi Khata’ for the second consecutive year.

Shares of fertilizer companies were up in the range of 2-9 % in the morning trade ahead of the Budget presentation.

The government has identified four priorities: PM Gati Shakti, Inclusive development, Productivity enhancement and investment, energy transition, climate action, and Financing of investment.

Economic Survey

Economic survey is a report released a day before the budget is presented on how have the government policies fared in the trailing 12 months. The Economic Survey of India, 2021 was presented on January 29, 2021.

Read more on Groww: Budget 2021: Economic Survey and Its Highlights

Key Terms To Know About The Budget

The much-awaited Union Budget 2021 will be presented on Feb 1 , 2021. To help you understand the budget better, we have compiled a list of frequently used financial terms that you can expect to hear during the budget to help you understand the announcements better.

Read more on Groww: Budget 2021 Glossary: Key Terms To Know About The Budget

Read more on Groww: Budget 2021: Understanding the Concept of Fiscal Deficit

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