Finance Minister Nirmala Sitharaman has started her Union Budget Speech in the Parliament.Is expected to grow at 9.27 per cent. The budget has something for everyone with aiming to boost growth and enhance the purchasing power of people . mainly focuses on macro economic growth,digital economy,use of tech enabled technologies and crowding in private investment.
- No changes in Income Tax
- Introducing New Digital Rupee using block chain technologies
- 30% Tax On Virtual Asset (Cryptocurrency) Transfer ,plus 1% tax on the transaction.
- Long Term Capital Gains to be taxed at 15%
- Corporate surcharge reduced from 12% to 7%
- Emergency Credit Line Guarantee Scheme: Extended till March 2023
- 1.5 lakh post offices will come on core banking system enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also providing online transfer of funds between post office accounts and bank accounts.
- 400 new Vande Bharat trains are to be launched with higher efficiency and better facilities for passengers will be developed in the next 3 years.
- One class One TV channel program PM eVIDYA It is to be expanded from 12 to 200 TV channels. This is to educate in regional languages from Class 1 to Class 12.
- CGTMSE is to be revamped Additional credit of Rs 2 lakh crores
- Zero Fossil Fuel policy to be introduced
- Issuance of E – Passports
- The proposal will reduce the surcharge on cooperative societies to be reduced from 12% to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.
- Employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employees.
- 75 digital banking units will be set up in 75 districts.