Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the fiscal year 2022, beginning in April.
As proposed by the finance minister in the Union Budget for 2022-23, a large number of commonly used items, including mobile phones and mobile phone chargers, are set to become cheaper.
The finance minister announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India.
Custom duty on cut and polished diamonds and gemstones have been reduced to 5%, propose to phase out more than 350 customs duty exemptions over time, says FM Sitharaman.
What Has Gotten Cheaper?
Clothes
Domestic electronic wearable devices, hearable devices and electronic smart meters.
Mobile phones: Duty concessions are being given to parts of transformer of , mobile phone chargers and camera lens of mobile camera module and certain other items.
– Gem stones and diamonds: Customs duty on cut and polished diamonds and gemstones are being reduced to 5%. Simply sawn diamond would attract nil customs duty.
– Custom duties on chemicals needed for petroleum products
– Custom duties on certain chemicals, including methanol
– Concessional customs duty on steel scrap extended for 1 year.
COSTLIER
– All imported items
– Duty on umbrellas increased.
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J&K gets Rs 35581 crore in Budget.
The Government of India has allocated Rs 35581 crore for Jammu & Kashmir in the Union budget.
Of which, Rs 33923 crore has been allocated to meet revenue deficit gap/ resource gap of UT.
Rs 279 crore grants as UT disaster response fund.
Rs 273 crore as rehabilitation for Dal—Nageen lake, Rs 130 crore.
Rs 476.44 crore grant towards equity contribution for 624 MW Kiru and
Rs 500 crore support for capital expenditure
Other Highlights of Budget.
Crypto Tax: A 30 per cent tax will apply on income from the sale or acquisition of virtual and digital assets such as cryptocurrency.
Income Tax Slab: There is no change to Income Tax slabs. Taxpayers can file updated income tax returns within two years in one-time window.
Digital Currency: A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
Technology: 5G mobile services will be rolled out in the country within the next financial year.
Infra: e-Passports with embedded chips will be launched next year for more convenience to the public. In a big boost to the electric vehicles sector, battery swapping will be introduced.