Top 100 Highlights of Budget 2022

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Union Finance Minister Nirmala Sitharaman has reached Parliament after meeting President Ram Nath Kovind. She is set to set to present her fourth Budget today — February 1 — for the financial year 2022-23 amid an ongoing third wave of omicron-led coronavirus and volatile stock markets as inflation worries weigh on the sentiment. The Union Budget or the Annual Financial Statement as specified in the Article 112 of the Indian Constitution will be presented in Parliament at 11 am Following are the Highlights of Budget:

1. Cryptocurrency to be taxed at 30 % special rate, no deduction allowed. Online digital assets to be taxed @ 30%. No deductions or set off of  Flat tax at 30% will be lived without any deduction. No deduction except cost of acquisition. TDS at 1% to be deducted on transaction value. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.
2. Corporatesurcharge to be reduced from 12% to 7%.
3. Healthand Education Cess and Surcharge shall not be allowed as business
4. Proposeto cap surcharge for AOPs at 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startup
5. No Change in SlabRates for Individuals and
6. If undeclared income detected during search, no deduction will be allowed on suchadditional
7. Propose a provision to file an updated return with payment of additional tax tocorrect any errors in assessment. Assesses can declare income that may have been missed out previously. New provision introduced to file updated ITR within 2 years in case of any omission or
8. To reduce surcharge on co-operative societies to 7% from 12% for income betweenRs 1 cr to Rs 10

9. FM said despite of Covid Pandemic GST collection has touched all time high fromits inception. FM gave credit to recovering economy and administrative measures taken by revenue  Gross GST collection in Jan 2022- 1,46,986 cr. Highest since inception of GST.
10. Persons with disability – Parents and Guardians can avail annuity even in their life
11. Gross GST collects for Rs 1,46,986 Cr which is highest since inception of GST;possible due to rapid economic recovery post Covid-19.
12. TaxDeduction limit for state govt employees to NPS raised to 14% from 10%.
13. Incentives for startups: period of incorporation extended by a year to 2023 to availof tax benefits. For corporates, Extension also granted for new companies to setup manufacturing facilities to 2024 from earlier
14. Section115BAB the date for setting up business increased by one year to  Incentive for newly incorporated manufacturing industry a concessional tax rate of 15% was introduced.
15. Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for
16. IndiaEconomic Growth in FY22 to be at 9.2%. Economic growth estimated at 9.2%.
17. 25,000compliances have been done away with and 1,486 union laws have been
18. Digitalrupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the
19. Budgetseeks to lay the blueprint to steer the economy over the next 25 years from India at 75 to India at
20. Children mostly in Govt schools have lost 2 years of formal education. High qualitye content will be developed in regional  A digital university will be setup. Will be built on a network hub-spoke model.
21. Teacherswill be equipped with digital  Digital University will be set up.
22. Publicissue of LIC is expected  Others are also expected shortly. This budget will continue to provide impetus for growth- futuristic & inclusive.

23. Speedin coverage of vaccination has helped in economic
24. Modern Infrafor India at 100 with Multi modal
25. Budgetto focus on 4 pillars – productivity, climate action, financing investments & PM Gati Shakti
26. PMGati Shakti Energy transition, Climate Action to fuel Sustainable
27. PLIin 14 Sectors to create 50 lakh new jobs and additional production of Rs 30 lakh
28. Weare in the midst of the Omicron wave; the speed of our vaccination campaign has helped greatly. I am confident that ‘Sabka Prayaas’, we’ll continue with strong
29. ThisBudget (2022-23) will benefit, youth, women, farmers, SC, ST… ; shall be guided by PM Gati Shakti master plan.

30. Contractsfor 4 multimodal logistics parks in PPP mode will be awarded in 2022-23.
31. 400 new generation Vande Bharat trains with better efficiency to be brought induring the next 3
32. 100 PM Gati Shakti Cargo terminals to be developed during next 3 years andimplementation of innovative ways for building metro
33. TheNational Highway network will be expanded by 25,000 kms in 2022-23.
34. Support will be provided for branding and marketing and harvest of millets. 2022-23 has been announced as International Year of
35. MSMEs:ECLGS has provided much needed  Scheme to extended to March 2023, cover to be expanded by 50,000 cr to 5 lakh cr. With the additional amount earmarked for hospitality sector.
36. Rs20000Cr to boost Transport
37. Rs73 lakh Cr as Public Procurement/MSP for Wheat & Paddy.
38. Focuson Natural, Chemical Free& Zero Budget
39. Dronesfor
40. ECLGStill March 2023, with total cover of Rs 5 lakh

41. UnifiedLogistics Interface Program for JIT Inventory
42. Railwaysto fuel Logistics for Small
43. OneStation One Product for Local
44. 2000kmunder Kawach
45. VandeBharat
46. 100Cargo
47. Productivity-linked incentive schemes in 14 sectors have received excellentresponse; received investment intentions worth Rs 30 lakh
48. Chemical-free natural farming will be promoted throughout the country with afocus on farmers’ land in 5 km wide corridors along the river Ganga, in the first
49. Procurement of wheat in Rabi season 2021-22 and the estimated procurement ofpaddy in Kharif season 2021-22 will give cover 1208 lakh metric tons of wheat & paddy from 163 lakh farmers& Rs 37 lakh crores will be the direct payment of MSP value to their accounts.
50. Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2023.Guarantee cover for ECLGS will be expanded by Rs 50,000 cr to a total of Rs 5 lk
51. MSMEssuch as Udyam, e-shram, NCS & Aseem portals will be interlinked, their scope will be widened… They will now perform as portals with live organic databases providing G-C, B-C & B-B services such as credit facilitation, enhancing entrepreneurial
52. PM Gati Shakti will pull forward the economy and will lead to more jobs andopportunities for the
53. Nationaltele mental health program to be launched, steered by NIMHANS, National Tele Mental Health Centers of Excellence to be
54. Willpromote startups for drone manufacturing.

55. Data exchange among all-mode operators to be brought on Unified LogisticsInterface Platform, designed for API will enable, Efficient movement of goods, reduce logistics costs and time, Assist Just in Time inventory management and eliminate tedious
56. PM E-Vidya to be Expanded to 200 TV channels in Regional Languages with focuson High quality e-content.
57. 2Lakh Anganwadis to be
58. 7CrHouseholds have access to Har Ghar Jal, with
59. 5Crgetting Drinking Tap Water.
60. Rs50000Cr to cover 8Cr Households in 2022-23, under Har Ghar Jal.
61. 80Lakh Beneficiaries identified under PM Awas Yojana, for
62. Implementationof Ken-Betwa rivers linking with estimated cost of Rs 44,605 cr to be taken
63. Proposeto setup 75 digital banking units in 75 districts by scheduled commercial
64. PMGati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways & logistics
65. Kisan Dronesfor crop assessment, land records, spraying of insecticides expected to drive a wave of technology in agri
66. Rs6,000 crore programme to rate MSMEs to be rolled out over 5
67. 400 new generation Vande Bharat trains with better efficiency to be brought induring the next 3 years; 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems.
68. 5lakh post offices to be connected to core banking.
69. Anetwork of 23 tele mental health centres of excellence with Nimhans being the nodal center and IIIT Bangalore providing technology
70. Push for EVs by Battery swapping policy will be brought out and inter-operabilitystandards will be

71. To promote a shift to the use of public transport in urban areas…special mobilityzones with zero fossil fuel policy to be  Considering space constraints in urban areas, a ‘Battery Swapping Policy’ will be brought in.
72. Accelerated Corporate Exit for voluntary winding of company from current 2yr toless than
73. Digitaluniversity to be set up to provide education; to be built on hub and spoke
74. High level committee of urban planners, economists & others will be setup tofacilitate reforms. Necessary amendments in IBC to be made for more efficient resolution; to also enable cross border insolvency
75. Fund to be facilitated through NABARD to finance startups for agriculture and ruralenterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to
76. 2,000km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity
77. Spectrumauctions will be conducted in 2022 to roll out 5G  Scheme for design led manufacturing in 5G to be launched as part of PLI scheme.
78. Specialeconomic zone policy to be replaced with a new
79. Battery Swapping Policy will be brought out & inter operational service will be Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem.
80. ‘OneNation, One Registration’ will be established for anywhere registration to facilitate ease of living & doing business.

81. Implementationof Ken Betwa Linking project at  cost of Rs. 44,605 Cr. to be taken irrigation benefits to 9.0 lakh hectare farm land
82. 68% of the capital procurement budget for Defense to be earmarked for domesticindustry to promote Aatmanirbharat and reduce dependence on imports of defense  This is up from the 58% last fiscal.

83. To reduce the delay in payment, an online bill system to be launched which will beused by all Central
84. Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immensepotential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global
85. Fund to be facilitated through NABARD to finance startups for agriculture and ruralenterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to
86. SEZ Acts will be replaced with a New Act. SEZ (Special Economic Zones) Act will bereplaced with new legislation…for the development of enterprise and hubs… It will cover the existing industrial enclaves and enhance the competitiveness of
87. To achieve 280 GW of solar power by 2030, Additional allocation of Rs 19,500towards solar PLI for mfg of high efficiency
88. Amendments for the Bankruptcy Code – IBC amendments to enhance efficiency ofresolution process – Facilitate cross-border insolvency resolution – To speed up voluntary winding up of
89. Ahigh-level panel to be set up for urban
90. Modernbuilding by-laws will be
91. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) to be revampedwith required fund infusion Will facilitate additional credit of  2 lakh crore for Micro and Small Enterprises and expand job opportunities.
92. EffectiveCapital Expenditure of the Central Govt is estimated at Rs 68 lakh crores in 2022-23, about 4.1% of GDP: Public expenditure needed to pump prime demand and crowd in private investment.
93. Anew scheme PM development initiative for North East will be initiated to fund social development
94. 5 existing academic institutions for urban planning to be designated as Centre forExcellence with endowment fund of Rs 250
95. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) to be revampedwith required fund infusion Will facilitate additional credit of  2 lakh crore for Micro and Small Enterprises and expand job opportunities.

96. Sovereigngreen bonds will be used to finance green
97. Tosetup an expert committee to examine holistic regulatory framework for VCs, PEs and look at areas of
98. CapitalExpenditure to increase 4% from ₹5.54 lakh crore to 7.50 lakh crore.
99. Totalexpenditure is estimated at 45 lakh cr Receipts are estimated at Rs22.84 lakh cr. FY’23 fiscal deficit target at 6.4% of GDP vs 6.9% (RE).

100. Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyze

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