Thread by @DealDissekt

Hello readers!

The Union budget speech is seconds away!

Stay tuned for #BudgetBytes

FM reiterates estimated GDP growth of 9.2%. Recognises potential for robust growth despite omicron.

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Committed to strengthening the abilities of the poor and financial inclusion: FM

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PLI received excellent response; 50 lakh new jobs created, 30 lakh crore of value add expected in next 5 years: FM

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This budget lays a parallel track to benefit youth, women, backward classes, focus on big public spend: FM

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Economic transformation, seamless connectivity and logistical transformation focus of PM Gati Shakti: FM

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National Highway network to be expended by 25000 km, 20000 crores to be raised through innovative modes of financing: FM

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Contracts for implementation of logistical parks through PPP mode to be awarded in 4 locations: FM

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Aatmanirbhaar Bharat: 400 new gen vande Bharat trains, 100 PM gati Shakti cargo terminals to be ensured, metro, multimodal connectivity a priority: FM

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1208 MT wheat, from 1.63 crore farmers to be procured, chemical free farming along Ganga to be promoted: FM

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Reduce dependence on import of oil seeds, deliver hitech solutions to farmers: scheme to be launched in PPP modes: FM

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NABARD to finance agro start-ups, push on use of technology: FM

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MSMEs: portals to be interlinked, scope widened, life organic databases, services for credit facilitation, skilling and formalisation: FM

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ECLGS to be expanded to March 2023, total cover to be expanded to 5 lakh crores: FM

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Additional credit for MSMEs of 2 lakh crores

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Digital ecosystem for skilling and livelihood: skill, reskill and upskill, facilitate jobs and entrepreneurship, startups to engage in drone as a service: FM

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Impart supplementary teaching: one class one TV channel program expanded to 200 TV channels, supplementary education in regional languages, high quality e-content in all languages to be developed: FM

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Open platform for national digital health ecosystem to be rolled out, better access to mental health counseling a prime focus, NIMHANS to be nodal centre.

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60k crores allocated for providing access to tap water to 3.8 crore households. Centre to work with states for speedy land acquisition, expand access to capital with cost reduction.

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Infra spending in Northeast made a priority along with existing central and state schemes, initial allocation of 1500 crores.

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95% districts have made significant progress in financial inclusion and infrastructure, surpassed state average values, lagging blocks to be focus.

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Border villages to be covered under a new vibrant villages program: infra DTH, livelihood, tourism promotion to be prime focus.

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100% of post offices to come under core banking systems, to boost interoperability and financial inclusion.

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Digital banking and fintech: 75 digital banking units to be setup by scheduled commercial banks, promote use of economical and user friendly payment platforms.

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Ease of doing business 2.0: follow the idea of trust based governance, active involvement of states, single point access, standardisation, streamlining and elimination of duplicate compliances.

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E-passports using embedded chips and futuristic tech to be rolled out.

Orderly urban development: nurture megacities, facilitate tier 2 and 3 cities, urban planning to see paradigm change led by expert committee, to make recommendations on urban capacity building

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Upto 5 existing academic regions to be designated as COE, endowment fund of 250 crores each to be provided.

Promote use of public transport, special mobility zones, zero emission, battery swapping, EVs to be focus for clean mobility.

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Efficient use of land uses, IT based management of land records to be adopted, to be integrated with NGDRS, uniform process of registering deeds and documents.

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Amendments to be made to IBC to facilitate cross border insolvency.

Accelerated corporate exits: voluntary winding up to be expedited to reduce timeline from 2 years to 6 months.

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Digital payment for government contracts, e-invoicing to receive boost.

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Telecom: required spectrum auctions to be conducted, 5G within FY 2022-23.

Scheme for design based manufacturing in telecom sector.

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Contracts for laying optical fibre in all villages; completion in 2025

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SEZ : states to become partners in development of infrastructure and enhance services.

68% of capital procurement budget will be earmarked for domestic defence procurement.

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Climate change: actions to target climate change.

280 GW installed solar capacity: PLI of 19500 crores to give push to solar energy components manufacturing.

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5-7% biomass pellets to be used in thermal power plants; reduce carbon emissions, secondary income to farmers and prevent stubble burning

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Promotion of agro forestry and private forestry, incentives to backward farmers

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Sustain high growth: public investment to take lead, outlay for capex stepped up to 7.5 lakh crores in current FY, up 35% yoy, to constitute 2.9% of GDP.

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Green bonds: sovereign bonds to be issued to mobilise resources for green infra.

GIFT IFSC: world class universities to be permitted to operate free from domestic regulation, international arbitration centre to be set up in GIFT IFSC.

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VC & PE invested more than 5.5 lakh crores, expert committee to recommend framework for such investment.

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Govt to promote thematic funds managed by private fund managers.
Enhance financial viability of projects in PPP, adopting global best practices
Digital rupee: intro of digital currency, more efficient and cheaper currency management, to be issued by RBI using blockchain
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Digital rupee to be issued by RBI using blockchain technology from 2022-23

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States to be allowed fiscal deficit of 4% of GDP.

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37.70 lakh crores revised estimate of capex in 2021-22.

Total exp in 2022-23 at 39.45 lakh crores, total receipts other than borrowings at 22.84 lakh crores.

Revised fiscal deficit in 2022-23 estimated at 6.4% of GDP. To reach below 4% fiscal deficit by 2025-26

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More reforms to establish trustworthy tax regime.

Correct errors: file updated return within 2 years from end of AY.

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Reduced AMT and surcharge for cooperatives: AMT reduced to 15%, in line with MAT for companies. Surcharge of cooperatives reduced to 7% for income upto 10 crores.

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NPS: deduction for contribution increased to 14% for contribution of state govt employees.

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Extend period of incorporation of eligible startups to 31 March 2023.

Newly incorporated manufacturing entity under concessional tax regime: commencement of manufacturing extended to 31 March 2024.

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Crypto tax: any income from transfer of virtual digital assets to be taxed at 30%, no deduction other than cost of acquisition, loss cannot be set off against other income, TDS at 1%, gift to be taxed on the hands of recipient.

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IFSC: income of NR from offshore derivatives, OTC derivatives, fund management to be exempt.

Rationalisation of surcharge: cap surcharge of AOPs at 15%

LTCG from any asset capped at 15%.

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Health and education cess is an additional surcharge. Some court's have allowed this as business income, against legislative intent. This will not be allowed as business deduction.

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No set off of any loss shall be allowed against undisclosed income unearthed in search and seizure operations.

TDS by person giving benefits if it exceeds 20000 during FY

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Fully IT driven and progressive GST regime emphasised.

1,40,986 crores GST collected in January 2023.

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Concessional customs duty on capital goods to be phased out, initial rate of 7.5% to be imposed.

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Simplify customs regime on chemicals, textiles etc after consultation with expert committee.

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To encourage blending of fuel, additional excise duty on unblended fuel from October, 2022.

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