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Union Budget 2022: Key Highlights; will it propel post pandemic Economic Growth?

 The Union Budget 2022–23 was introduced in Parliament by Finance Minister Nirmala Sitharaman on February 1. Numerous policies were put in place for various industries with the goal of fostering growth in the face of high and rising inflation. However, not many adjustments were made to the personal income tax system, and there were no significant populist giveaways in the Union Budget of 2022.

Union Budget 2022: Top Highlights

Here are the main points of the Budget 2022, as stated by Finance Minister Nirmala Sitharaman.

  •  The entire amount spent by the government grew by 4.8% to 39.5 lakh crore.
  • Income from the purchase or sale of virtual and digital assets, such as cryptocurrencies, is subject to a 30% tax.
  • Income Tax Slabs remain the same.
  • Within a two-year interval, taxpayers can file revised income tax returns.
  • A 15% cap has been placed on the long-term capital gains surcharge.
  • A Gati Shakti Master Plan for expressways would help move people and products more quickly. To facilitate simple financing for the industry, a data center, and an energy storage system will be accorded infrastructure status.
  • The Reserve Bank of India will launch a digital rupee around 2022–2023
  • Within the upcoming fiscal year, the country will roll out 5G mobile services.The public will have additional convenience with the introduction of e-Passports with embedded chips the following year. Battery swapping will be implemented, significantly boosting the electric vehicle industry.

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