Income Tax Unchanged, 30% Crypto Tax, Infrastructure Push: 10 Points
Budget 2022: 5G services, e-passports and tax on virtual assets are among the key announcements in this budget
A big jump in capital expenditure and a 30 percent tax on transfer or sale of digital assets were the highlight of Finance Minister Nirmala Sitharaman’s Budget 2022. Income tax rates have been kept unchanged.
Here are the 10 big announcements in this Budget:
- Capital expenditure has been increased sharply by 35.4 percent to ₹ 7.50 lakh crore.
- A 30 percent tax will apply on income from the sale or acquisition of virtual and digital assets such as cryptocurrency.
- Taxpayers can file updated income tax returns within two years in one-time window.
- There is no change to Income Tax slabs.
- A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
- 5G mobile services will be rolled out in the country within the next financial year.
- e-Passports would be launched next year for more convenience to the public. These will use embedded chips, the minister said.
- In a big boost to the electric vehicles sector, battery swapping will be introduced.
- The GDP is seen to grow by 9.2% — the quickest rate among major economies — in the current year, with the government expecting a repeat performance in the next year with an estimated 8% to 8.5% expansion.
- Higher spending through the pandemic has brought India on the path to regain its world’s fastest-growing major economy title from China in the current fiscal year. The government has the fiscal space to spend money on asset creation, and keep the economy on track for another year of world-beating 8%-8.5% expansion, the Economic Survey said on Monday.