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- Duty on umbrellas rose to 20 percent with exemption to parts of umbrellas being withdrawn.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