Delivering the Union Budget 2022 on Tuesday, Finance Minister Nirmala Sitharaman said the country is expected to grow at 9.2 per cent in this financial year on the back of a sharp rebound in economy. In her fourth budget speech, the Finance Minister announced that to boost the economy, digital rupee will be introduced by the Reserve Bank of India in 2022-23. The government also introduced 30 per cent tax on income from sale or acquisition of virtual and digital assets such as cryptocurrency. While there were no changes in tax slabs, the Finance Minister announced that updated income tax returns can now be filed within two years, bringing some relief for taxpayers.
Here’s what has become costlier and cheaper in Budget 2022:
COSTLIER
Duty on Umbrellas increased
All imported items
CHEAPER
Clothes
Gemstones and Diamonds
Imitation jewellery
Custom duties on chemicals needed for petroleum products
Steel scraps
Mobile phones
Mobile phone chargers
Sitharaman wrapped up her budget speech this time in about 92 minutes – her shortest one so far. Her speech in 2020 had made headlines for being the longest one in India’s history at about 2 hours and 40 minutes.
In her opening remarks, Sitharaman said that India’s growth is estimated to be at 9.2 per cent, which happens to be the highest among all large economies. As per the Finance Minister, this year’s Union Budget seeks to lay the foundation and give a blueprint of the economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100.
The nation is battling the Omicron wave but the speed of the vaccination campaign has helped. “I am confident that ‘Sabka Prayaas’ we’ll continue with strong growth,” said Sitharaman.
This year, the budget will be available on an application named “Union Budget Mobile App”. The app was launched last year for easy access to Budget documents by Members of Parliament (MPs) and the general public.
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