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  • Duty on umbrellas rose to 20 percent with exemption to parts of umbrellas being withdrawn.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.
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