Establish mechanism to reduce the process of voluntary winding up of companies to six months.
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#Insolvency and Bankruptcy Code (IBC) amended to enhance resolution process, including cross border insolvency.
#Production Linked Incentive (PLI) Schemes in 14 key sectors to support Aatmanirbhar Bharat and create 6 million new jobs in the next 5 years, additional allocation of Rs 19500 crore for PLI in solar PV module manufacturing. Tax Deducted at Source (TDS) to be levied at 1% on transfer of virtual digital assets. Set Off and Carry Forward of losses not available on transactions related to Virtual Digital Assets. #Gains from Virtual Digital Assets to be taxed at 30% with deduction allowed only for the acquisition. #Government prepares RBI to launch Digital Rupee using blockchain technology along with other technology in Financial Year 2022-23. #Schedule Commercial Banks to introduce 75 new digital banking setups in the 75 districts across the country. About 1.5 lac Post Offices to be integrated with CBS to make banking facility available even at remotest of locations. #Core Banking Services (CBS) to start in Post Offices. Investment in Cryptocurrency: Bitcoins & Altcoins #Impetus on growth of Fintech and Digital Economy to expand the reach of services and benefits. Target is set to bring the fiscal deficit below 4.5% by FY 2026. #Fiscal deficit is pegged at 6.9% in FY 2022 in comparison to 9.3% in 2021 the estimation is put at 6.4% in FY 2023. The GDP expansion for FY 2023 is projected at 8%-8.5%. #The GDP growth estimated for the FY 2022 is 9.2% which is the highest among the leading economies of the world. The long-term growth has been given priority in the current budget.
Focus of the Budget 2022 is on economic acceleration, infrastructural development and digitization.
The launch of digital currency with the aid of blockchain technology will be an interesting development in the next Financial Year. The major announcement came in fintech space. The Budget has projected a favorable growth environment for the corporates as well as job creation for the young population. However, the Budget has focused on economic reforms. Even though the budget did not bring any relief to the salaried citizens of the country. Budget 2022 was presented on 01 st February, 2022 (Tuesday) by the honorable Finance Minister.
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