A budget is a financial plan for a specified period say Year in general. The Government of India i.e., Ministry of Finance after consultation with all the other ministries prepares the annual budget. The budget will be generally presented by the Finance Minister on the first day of February in Parliament. The proposed budget will come into effect from April 1st of the respective year.
Emphasis on Digitisation of healthcare, transportation, education, agriculture, new digital rupee initiative, raised customs duty to create more jobs. But no major changes to Taxes (Income Tax & GST)
It was stunning to realise that the union budget 2022 is beyond typical expectations from the common people, .. it's prime focus is on long term benefit realisation and visionary. Focussed on increasing the importance for self-reliance in manufacturing, infrastructure, domestic service sector. The theme of the budget is to increase the prospects in job creation and real assets in the society.
The Budget has ended the long awaited suspense on Cryptos due to it's spread in Indian society with an announcement of new Digital Rupee initiative that would be regulated by RBI.
What are we missing ?
Rationalisation in GST slab rates to promote some, and discourage import oriented goods and / or services. Relief in income tax for salaried class through increased rebate. Reforms in ease of doing business.
No Changes or new rules has been notified for NRI's
Customs Duty rationalisation to promote domestic production. Promoting domestic manufacturing and helping India get onto global value chain and export better.
Top three observations from the analysis were
Pictorial analysis on New Vs Old Personal Income Tax Regime