Budget 2022: 5G services, e-passports and tax on virtual assets are among the key announcements in this budget. A push for infrastructure and a 30 per cent tax on transfer or sale of digital assets were the highlights of Finance Minister Nirmala Sitharaman’s Budget 2022. Income tax rates have been kept unchanged.
Good to See Clarity Around Crypto Assets, Say Experts
1.“It’s good to see clarity around taxation of crypto assets in India. 30 per cent flat tax irrespective of investment timeline is extremely high but this is the first step towards a fully registered crypto industry in India,” says Darshan Bathija, CEO, Vauld.
2. Taxpayers can file updated income tax returns within two years in one-time window. There is no change to Income Tax slabs.
3. The government’s total expenditure has been increased by 4.8 per cent to ₹ 39.5 lakh crore.
4. A Gati Shakti Master Plan for expressways to facilitate faster movement of people and goods. A data centre and energy storage system will be given infrastructure status to provide easy financing to the sector.
5. A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
6. e-Passports with embedded chips will be launched next year for more convenience to the public. In a big boost to the electric vehicles sector, battery swapping will be introduced.
7. 5G mobile services will be rolled out in the country within the next financial year.
8. 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.
9. 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.