union-budget-2022-23-analysis-summary-highlights-for-upsc

Union Budget 2022 is a very important topic for all UPSC aspirants, every student wants to clear all important terms and know about facts, here we provide you a full analysis of Union Budget 2022-23, highlights & a summary for UPSC by Jatin Verma sir.

 

Click Here:   Union Budget 2022-23 analysis

 

High Light of Union Budget 2022-23

  • Introduction of tax regime important for mainstreaming of digital assets: Abhay Sharma

  • Budget 2022 Explained: Why FM is pushing for enhanced capex allocation

  • Budget focusses on longterm growth support, says expert

  • Reduction of surcharge on unlisted shares from 28.5% to 23%

  • Launch of own digital currency shows govt not willing to permit cyptos: Sundara Rajan

  • Digital Rupee to be issued, gains from digital assets to be taxed at 30%`

  • Sitharaman introduces Finance Bill 2022, Lok Sabha adjourns

  • Customs duty on diamond to be reduced to 5%: Nirmala Sitharaman

  • Good that taxation of virtual assets is now clearly defined, says Adil Shetty

  • January gross GST collection highest since inception of tax: FM

  • Focus on deep tech will give strategic depth to country: PN Sudarshan

  • Inclusion of design-led initiatives for 5G in PLI is good step forward: Jaideep Ghosh

  • LTCG to be taxed at 15%

  • Corporate surcharge to be reduced from 12% to 7%

  • Income from virtual digital assets to be taxed at 30%

  • Rs 48,000 crore allocated for completion of construction of 80 lakh houses: FM

  • Tax deduction limit to be increased from 10% to 14% for Centre, state govt employees

  • Taxpayers can now update I-T returns within 2 years

  • Rs 1 lakh crore allocated to states to help investments: FM

  • Digital rupee to be issued by RBI in the upcoming year: Nirmala Sitharaman

  • Additional allocation of Rs 19,500 crore for manufacturing solar modules: FM

  • Capital expenditure to be around Rs 10.68 lakh crore: FM

  • Ken Betwa linking project to cost around Rs 44,605 crore: Finance Minister

  • Spectrum auctions this year to enable 5G roll out by 2023

  • 'Special Economic Zones Act to be replaced soon': FM in Budget 2022

  • 68% of the capital procurement budget for Defence to be earmarked for domestic industry

  • Animation, gaming task force to be set up

  • Drones to be used for crop assessment, digitization of land records, spraying of insecticides: FM

  • Will start issuing e-passports soon, says Nirmala Sitharaman

  • 400 new Vande Bharat trains to be manufactured in the next 3 years, says FM

  • Emergency Credit Line Guarantee Scheme to be extended to March 2023

  • Open platform for healthcare services to be rolled out soon

  • PM Modi's development initiatives for North East to be implemented by NEC: Finance Minister

  • Fund to be set up to finance agriculture, rural start-ups

  • Rs 2.37 lakh crores will be the direct payment of MSP to farmers: Sitharaman

  • Production Linked Incentive Scheme to create 60 lakh new jobs in next 5 years, says FM

  • Gati Shakti masterplan to make world-class infra, says Nirmala Sitharaman

  • Budget lays blueprint from India at 75 to India at 100, says Sitharaman

  • This Budget focusses on youth, women and farmers, says Finance Minister

  • Strong vaccination campaign helped us tackle Omicron wave, says Finance Ministe

  • India's growth is estimated to be at 9.27%: Finance Minister Nirmala Sitharaman in Parliament
     

 

 

As Finance Minister is organized to present the Budget for the financial year 2022-23 on 1 February and Finance Minister Nirmala Sitharaman started Pre-Budget soundings with different stakeholder Groups from December 15. The Union Budget will be presented by 11 am on February 1, 2022. Everyone is very excited to know about what will be new in this budget, as this pandemic situation nothing is clear but Expectations from the hospitality industry is seeking lower taxes and incentives.

 

 

The Union Budget 2022-23 is the Indian Republic of India's annual budget. It is generally presented by the Union Finance Minister in the month of February each year. The upcoming Union Budget 2022-23 will address the concerns around growth, inflation and spending with the economy.

Every budget gives three sets of figures:

  • Budget estimate (BE) for the next financial year.
  • Budget and revised estimate (RE) for the current financial year.
  • Actual figures for the preceding financial year.

 

Constitutional Provisions

 

Article 112: A statement of estimated receipts and expenditure of the Government of India.
Article 114: Appropriation bill; no money shall be withdrawn from the consolidated fund of India except under appropriation made by law.

Relative position of both the houses of the Parliament with respect to the enactment of budget:
Article 109(1): Money bill or finance bill dealing with taxation must be introduced only in Lok Sabha.

Article 109(5): Rajya Sabha needs to return the money bill to the Lok Sabha within 14 days and if not it is deemed to be passed anyway.

 

PREPARATION OF BUDGET

 

  • The Department of economic affairs (DEA), Finance Ministry started making a Budget about six months prior to its date of presentation.
  • Issuance of circulars to all ministries
  • Consultations on proposals
  • Allocation of revenues
  • Pre budget meetings
  • Budget Presentation

 

 

 

  • Budget goes through the following 6 stages in Parliament.
  • Presentation of the budget
  • General discussion
  • Scrutiny by department committees
  • Voting on demand for grants
  • Passing of appropriation bill
  • Passing of finance bill

 

 

To help the students, JV’s IAS is coming up with detailed and full analysis of  'THE UNION BUDGET 2022-23', join us in this interactive session and enrich your knowledge.

 

Union Budget Expectations 2022-2023 only a few days left but the expectation is very high, hope simplified direct tax system, Hike tax profits, cut GST ratio to boost insurance diffusion, The focus of this year’s Budget is projected to be on speeding up India's repossession from the pandemic shock, as well as strengthening the country's healthcare structure to protect against future outbreaks.The Union Budget 2022 will be broadcast live on Lok Sabha TV and on social media networks, such as Facebook, YouTube and Twitter. The Fininance minister will present the Budget in the Lok Sabha on February 1 at 11 a.m. Earlier, the budget was presented on February's last business day.

Budget 2022 Expectations and  Analysis : What different sectors, industries want from Modi government, FM Nirmala Sitharaman in Union Budget 2022-23.

In past few years, operationally nimble and technologically oriented NBFCs and Fintechs have deepened the credit diffusion to the underserved regions of the country. Hence, in the future budget, legislators should afford due consideration to boost liquidity support to the NBFCs as well as boost frameworks like co-lending, which will greatly boost the reach of financial institutions and progress in the financial inclusion imperative. EASE 4.0 talks about Co – Lending between Banks and NBFC as a means to increase the credit penetration, however the treatment of Tax Deduction at Source (TDS) treatment for NBFC and Banks are different and that is proving to be a major operational encounter to accelerate acknowledgement. It is expected that TDS rules would be harmonized concerning Banks and NBFCs."

Union budget is very important for every Indian because everyone is affected by the budget. This year Finance Minister Nirmala Sitharaman will present budget 2022-23. Generally Union Budget runs 120 minutes. 

Union Budget is classified into Revenue Budget and Capital Budget:

Revenue Budget: The revenue budget includes the government's profits receipts and revenue outflow. Revenue receipts are classified into two parts – tax revenue and non-tax revenue expenditure is the expenditure incurred on the day-to-day functioning of the government and on many facilities offered to citizens. If revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit.

Capital Budget: Capital budget, whose constituents are of a long-term nature, includes capital receipts and payments of the government. Loans from the public, foreign governments, and RBI form a major part of the government's capital receipts. Capital expenditure is the expenditure on progress and maintenance of technology, tools, building, health facilities, education, etc. A fiscal deficit is incurred when the government's total outflow exceeds its total income.

 

What is Union Budget?

 

Also, known as the annual financial statement, a Budget is a report of the projected profits and expenditure of the government for One year, according to Article 112 of the Constitution. The Budget accounts for the financial year that turns from April 1st to March 31st.

 

Who will present the Budget 2022-23?

The Budget 2022-23 will be produced by FM Nirmala Sitharaman.

 

What are the components of the Budget?

 

The Budget is separated into Revenue Budget and Capital Budget. The revenue budget includes the revenue profit and expenditures.

 

Budget is a very important topic for every UPSC aspirant, we all know that every year at the beginning of February union budget is announced by the finance minister, So Jatin Verma Sir analysis the union budget 2022.