970*90
768
468
mobile

Key Highlights Union Budget 2022-2023

Opportunity India Desk
Opportunity India Desk Feb 01 2022 - 1 min read
Key Highlights Union Budget 2022-2023
Finance Minister Nirmala Sitharaman said the budget for 2022-2023 will lay the foundation for economic growth through public investment as Asia's third-largest economy emerges from a pandemic-induced slump.
  • Custom duty on cut and polished diamonds reduced to 5 percent.
  • Custom duty on imitation jewelry duty and critical chemicals reduced. 
  • Duty on umbrellas rose to 20 percent with exemption to parts of umbrellas being withdrawn.
  • Gross GST collection for January 2022 is Rs. 1, 40,986 crores highest since inception.
  • Tax deduction limit reduced from 18 percent to 15 percent in contribution to NPAs for central government employees.
  • New provision to file updated return in 2 years if payee missed to declare earlier.
  • State government employees' tax deduction limit increased from 10% to 14% for social security benefits of state government employees and bring them at par with the Central government employees.
  • Tax on income from digital assets at 30%
  • Tax relief for the differently-abled.
  • Co-operative societies tax rate reduced to 15%for income between Rs 1 crore to Rs 10 crore.
  • FM proposed to launch a digital currency from FY23, which will be issued by the Reserve Bank of India by using block chain technology.
  • The Emergency Credit Line Guarantee Scheme (ECLGS) is extended till March 2023.
Subscribe Newsletter
Submit your email address to receive the latest updates on news & host of opportunities
Entrepreneur Magazine

For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you

or Click here to Subscribe Online

Newsletter Signup

Share your email address to get latest update from the industry