Finance Minister Nirmala Sitharaman, who delivered the Union Budget 2022 on Tuesday, said the country is likely to grow at 9.2% this fiscal year due to a robust turnaround in the economy. The Finance Minister revealed in her fourth budget speech that the Reserve Bank of India will establish a digital rupee in 2022-23 to help the economy.
In addition, the government imposed a 30% tax on revenue derived from the sale or acquisition of virtual and digital assets, such as cryptocurrencies. While there were no adjustments to tax rates, the Finance Minister said that people can now file updated income tax returns within two years, which is a welcome respite.
In Budget 2022, the following items have become more expensive and less affordable:
COSTLIER:
Umbrella taxes have gone raised.
Items that have been imported
CHEAPER:
Clothes
Diamonds and Gemstones are two types of gemstones that are used in jewellery.
Jewellery that is fake
Chemicals for petroleum products require customs duties.
Scraps of steel
Phones on the go
chargers for cellphones
This was Sitharaman’s shortest budget address to yet, clocking in at under 92 minutes. Her speech in 2020 was the longest in India’s history, clocking in at almost 2 hours and 40 minutes.
Sitharaman stated in her introductory remarks that India’s growth rate is expected to be 9.2%, the highest among the global economies. This year’s Union Budget, according to the Finance Minister, aims to build the groundwork and provide a blueprint for the economy for the next 25 years, from India at 75 to India at 100.
The country is fighting the Omicron wave, but the vaccine campaign’s rapidity has aided in the fight. “I am optimistic that the success of ‘Sabka Prayaas’ will continue “Sitharaman expressed his thoughts on the subject.
The budget will be provided this year using an app called “Union Budget Mobile App.” “, Last year, the app was established to provide MPs and the general public with convenient access to Budget materials.
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