Budget 2022: What is expensive – what is cheap?

Nirmala-Sitharaman-Budget-2022

Budget 2022, Finance Minister Nirmala Sitharaman presented the budget 2022-23. She described the budget as the blueprint of development for the next 25 years. 60 lakh new job opportunities will open for the youth.

The Rashtriya Swayamsevak Sangh (RSS) on Tuesday described the Union Budget for the financial year 2022-23 as “very balanced” which was very important for reforms post-Covid.

Sangh-affiliated organization Swadeshi Jagran Manch demanded that the government should move towards banning cryptocurrencies. Senior RSS functionary Ram Madhav said that the budget proposes to introduce 5G and levy tax on digital assets.

He appreciated Finance Minister Nirmala Sitharaman’s announcement that the Reserve Bank of India will introduce a digital rupee to promote the digital economy and better currency management.

Nirmala-Sitharaman-Budget-2022
Nirmala-Sitharaman-Budget-2022

Budget 2022 – 23 Nirmala Sitharaman Budget Speech

Finance Minister Nirmala Sitharaman presented the country’s budget for the financial year 2022-23 today (Tuesday) i.e. on February 01. During this, the Finance Minister said that the Railways will develop new products for small farmers, MSMEs.

While presenting the Union Budget for 2022-23 in the Lok Sabha, Sitharaman pointed out that employment and enterprise opportunities are increasing due to the efforts of the central and state governments.

Finance Minister Nirmala Sitharaman said that 400 new Vande Bharat trains will be started in 3 years. He also said that a rational plan will be brought to increase domestic oilseeds production so that imports can be reduced.

Sitharaman said that 100 ‘PM Gati Terminals’ will be set up in the next three years. Also, 25,000 km of national highways will be expanded in 2022-23 and PM Gati Shakti will be finalized in 2022-23 for the road transport master plan.

Union Agriculture Minister Narendra Singh Tomar speech on budget

Narendra singh tomar 2

Union Agriculture Minister Narendra Singh Tomar while speaking on the budget said that we are concerned about the farmers. The government is taking care of them. Last time the budget for agriculture was Rs 1,23,000 crore, this time the budget for agriculture is Rs 1,32,000 crore. Everything has been taken care of in the budget. Whatever facilities the common people need, provision has been made in the budget.

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What is saying Rahul gandhi

Congress leader Rahul Gandhi, after presenting the budget for the year 2022-23 in Parliament, said that there is nothing in the budget for the salaried class, middle class, poor, farmers, youth, and small businessmen. In response, Finance Minister Nirmala Sitharaman said that he is commenting on the budget without knowing it and the teachings he gives to us should be implemented first in the states ruled by his party.

Budget 2022: 30% tax on cryptocurrency earnings

Budget 2022, The Finance Minister said that from now on, 30 percent of tax will be levied on earnings from cryptocurrencies. In his budget speech, the Finance Minister said that a tax of 30 percent will be levied on the transfer of any kind of virtual digital asset. The Finance Minister said that this tax will have to be paid on any such income. At the same time, the recipient of the gift will also have to pay tax.

PM Ghar Tak Fiber Scheme 2021 Optical fiber network in all villages

1% TDS on transfer

Apart from levying a 30 percent tax on earnings from cryptocurrencies, the Finance Minister announced that a TDS of 1 percent will also be levied on the transfer of virtual digital assets.

ASQI founder Swapnil Pawar has welcomed this decision. With this, crypto investors will not have any problem in filing taxes. He said that we believe that the future of crypto innovation lies in KYC-compliant transactions in legally recognized tokens.

Budget 2022: What is expensive – what is cheap?

Budget 2022, Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the financial year beginning April 1. After the budget, the first thought that comes to the mind of the common people is that now what will be cheap and what will be expensive? So here is the list of items that will get cheaper and costlier in FY23.

The mobile phone will be cheaper

A large number of commonly used items, including mobile phones and mobile phone chargers, are set to become cheaper, as proposed by the Finance Minister in the Union Budget for 2022-23.

Diamond jewelry will be cheap

Budget 2022, The Finance Minister announced the extension of exemption on manufactured in India tools and equipment for the agriculture sector. That is, now agricultural goods will be cheaper. Apart from this, the customs duty on cut and polished diamonds has been cut by 5% in the budget. That is, jewelry will become cheaper. Apart from this, leather goods and steel will be cheaper. Buttons, zippers, leather, packaging boxes, will be cheaper. Duty on shrimp aquaculture has been reduced.

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Customs duty increased on roofs

At the same time, buying umbrellas will become expensive. It has been announced to increase the customs duty on umbrellas. Also, medicines that can be made in India and imported will be expensive.

Here in the list, see what will be cheap and what will be expensive-

Cheap

These things are cheap according to Budget 2022

  • cloth
  • gem stone and diamond jewelry
  • mobile phone
  • Mobile Phone Charger
  • Agricultural Equipment and Tools
  • Mentha Oil
  • Stainless Steel

Costly

These things are costly according to Budget 2022

  • All imported items will be expensive
  • Fuel without blending
  • Artificial Jewelery
  • Duty on umbrella increased, that means you will have to buy an umbrella
  • X-ray machine
  • Solar Cell
  • Smart Meter

Understand the entire budget 2022 in simple words

  • Focus on promoting the digital economy
  • We hope that India will continue its growth journey
  • The foundation of the next 25 years will be given from this budget
  • 16 lakh employment opportunities from self-reliant India
  • LIC IPO expected to come soon
  • Expected economic growth to be 9.2% in the next financial year
  • Government’s focus on clean energy
  • Emphasis on private partnership investment in the budget
  • There will be an emphasis on energy, transport, logistics
  • Will prepare 25000 KM national highway in FY23
  • Will make 400 new Vande Bharat trains in 3 years
  • Will promote infra through Gatishakti master plan
  • 60 lakh employment opportunities under Make in India
  • Will connect urban transport with railway route
  • 100 PM Gatishakti Cargo Terminals to be built
  • Will give Rs 2.7 lakh crore to farmers for MSP
  • The government will promote farmer drones
  • The government will promote the cultivation of oilseeds
  • Will bring package for fruit, vegetable farmers
  • Rs 1400 crore fixed for Ken-Betwa river link
  • ECLGS scheme extended till March 2023
  • 5 lakh crore will be covered under the ECLGS scheme
  • Startups will be promoted to make drones
  • The target of providing drinking water to 62 Lk people
  • Government plans to set up a digital university
  • A Digital network will be formed for health infra
  • National tele mental health program will be launched
  • 48000 crore allocation for PM Awas Yojana
  • PM Awas Yojana 80 lakh new houses will be built
  • Rs 60000 crore allocation for drinking water projects
  • 1500 crores allocated for the development of northeastern states
  • 75 digital banking units to be started
  • All post offices will be connected to the core banking system
  • 1.5 lakh post offices will be connected online
  • The government’s support of digital banking will continue
  • Government’s big focus on urban development
  • Emphasis on reducing the cost of digital transactions
  • Will issue chip-based passport
  • Building laws will modernize the rules of town planning
  • battery swapping policy
  • Will work with states on Ease of Doing Business
  • Promotion of clean energy in public transport
  • Will encourage the private sector to make batteries
  • IBC law to be changed to make resolution easier
  • The process of closing companies will be faster and easier, the paperless e-bill system will come for government procurement
  • 5G spectrum will be auctioned in 2022
  • Surety bonds will be available in lieu of guarantee in government purchases
  • SEZ Act rules will be changed
  • 65% CAPEX for defense procurement will be for domestic companies
  • target to reduce defense imports
  • Bio pellets will be used in thermal power plants
  • Capital expenditure of Rs 7.5 lakh crore
  • Proposal to introduce Sovereign Green Bonds
  • International Arbitration Center to open in GIFT City
  • Will give permission to open a foreign university in GIFT City
  • RBI to issue digital currency in 20223-23
  • Total expenditure in 2021-22 is Rs 37.7 lakh crore
  • 1 lakh crore will be given to the states
  • FY22 fiscal deficit 6.9%
  • Fiscal deficit 6.4% in FY23
  • Fiscal deficit target of 4.5% by FY26
  • Major reforms will be done in income tax rules
  • Opportunity for taxpayers to update IT returns
  • Will be able to update 2 years previous IT return by paying fine
  • MAT rate reduced to 15% for cooperative societies
  • Tax relief proposal for handicapped
  • Employer contribution in NPS increased from 10% to 14%
  • Tax at the rate of 30% even on gifting crypto
  • NPS exemption for state employees at par with the Center
  • Earnings from cryptocurrencies will be taxed at 30%
  • 30% tax on virtual digital asset transfer
  • Gifting crypto will also attract tax
  • No change in income tax slab
  • Surcharge not exceeding 15% on any LTCG tax
  • No SET OFF for losses on undisclosed income
  • GST collection at record level in January
  • GST collection of 1.40 lakh crore in January
  • No change in income tax slab
  • 7.5% customs duty on select capital goods
  • Custom duty on cut, polished diamonds reduced to 5%
  • Custom duty on umbrellas increased to 20%
  • 400 per kg custom duty on imitation jewelry
  • Over 350 custom duty concessions to be abolished

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