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UNION BUDGET 2022 - HIGHLIGHTS

By
Team Bilimoria
February 2, 2022

Source for Expenditure (Estimates):

Sr.

Sources

Amount (in Lakh Crores)

Percentage

1

Corporate-Tax

7.20

18%

2

Income-Tax

7.00

18%

3

Customs Duty

2.13

5%

4

Union Excise Duties

3.35

8%

5

Goods & Service Tax

7.83

20%

6

Non Tax Revenue

2.69

7%

7

Non-Debt Capital Receipts

0.79

2%

8

Borrowings & Other Liabilities

8.45

22%

Budgeted Expenditure

39.44 Lakh Crores

100%

The Fiscal Deficit shot up to 6.9% of GDP for FY21-22 on account of the COVID-19 pandemic.

PROPOSED AMENDMENTS UNDER FINANCE BILL, 2021

A. TAX & COMPLIANCE

1. DIRECT TAX

o INCOME TAX

  • Any gains arising from sale of Virtual Digital Assets (NFT’s & Crypto currency) will be taxed at a special rate of 30%, also no deductions for expenses other than cost of acquisition will be allowed.
  • Any losses from sale of Crypto currency will not be set-off against any other head of Income;
  • Any kind of Gift received in Crypto currency will be taxed at the hands of the receiver.
  • TDS at the rate of 1% will be applicable on the transfer of Virtual Digital Assets above an amount of 10,000/- in case of non-specified persons. However, in case of specified persons the limit will be Rs. 50,000/-
  • Start-ups established before 31st March 2023 (earlier- 31.03.2022, now extended by 1 year) will be provided with tax holiday of 3 years;
  • Last date for commencement of Manufacturing Business for claiming lower tax regime u/s 115BAB will be 31st March 2024 (earlier- 31.03.2023, now extended by 1 year);
  • If Undisclosed Income detected during ‘Search’, no deduction will be allowed on such additional income;
  • Surcharge on Long Term Capital Gains on any asset will be capped at 15%;
  • Health & Education Cess and Surcharge shall not be allowed as Business Expenditure;
  • Provision for filing ‘Updated Return’ with payment of additional tax within 24 months from the end of relevant assessment year in case of any omission or mistake;
  • Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years;
  • Reduced Alternate Minimum Tax (AMT) rates for Co-operative Societies from 5% to 15%;
  • Reduction in surcharge from 12% to 7% for Co-operative Societies with total income of 1 crore to 10 crores;
  • Deduction for National Pension Scheme (NPS) for State Government employees u/s 80CCC made at par with Central Govt.
  • Better litigation management to avoid repetitive appeals;

2. INDIRECT TAX

o GST

  • The Gross GST Collection touched the all-time-high from its inception due to rapid economic recovery post Covid-19. The Gross GST Collection in January 2022 equals 1,46,986 crores.

o CUSTOMS

  • To give a boost to the Gems & Jewellery sector, Custom Duty on cut and polished diamonds and gemstones is being reduced to 5% from 7.5%. Simply sawn diamond would attract NIL Customs duty;
  • Custom Duty on Imitation Jewellery will be atleast 400/kg on its import;
  • Custom Duty on Umbrellas is being raised to 20%;
  • Unblended fuel to attract additional excise duty of Rs.2/litre from October 1 to promote blending biofuels in petrol and diesel;
  • Customs duty cut on certain chemicals including Methanol to promote domestic manufacturing.
  • Certain anti-dumping duties and countervailing duties on certain steel products are being revoked due to high prices;

3. KEY POLICY ANNOUNCEMENTS

  • Digital Rupee to be issued using blockchain and other technologies; to be issued using by RBI starting 2022-23.
  • Issuance of E-passports will be ruled out in 2022-23 to enhance convenience for citizens.
  • No Changes in Slab rates for Individuals & others;
  • India Economic Growth in FY22 to be at 9.2%.

Economic Growth estimated at 9.2%.

  • MSMEs such as Udhyam, e-shram, NCS & Aseem portals will be interlinked, their scope will be widened, providing G-C, B-C & B-B services.
  • 5 lakh post offices to be connected to core banking.
  • To reduce the delay in payment, an online bill system to be launched which will be used by all Central Ministries.

Explore More

June 24, 2025

Team Bilimoria

TAXATION OF INFLUENCERS AND CONTENT CREATORS: THE NEW FRONTIER

In recent years, the rise of social media has given birth to a new and powerful profession: AN INFLUENCER What began as individuals sharing their personal lives, opinions, and talents online has now evolved into a full-fledged marketing industry. Influencers are people with a dedicated following on social media platforms like Instagram and YouTube who partner with brands to promote products and services in a relatable & authentic way. This form of marketing, known as influencer marketing, has gained immense attraction due to its ability to reach niche audiences and drive engagement.

Read More

June 23, 2025

Team Bilimoria

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) is outlined in Section 135 of Companies Act, 2013 and has been made mandatory for the companies following the specified criteria from April 1, 2014. CSR Activities were introduced with an intention to allow companies to contribute to the social, environmental, and economic development of the country.

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