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As always, there have been mixed responses from the industry and people with respect to the changes brought in the 2022 budget. Following are the highlights from the Union budget of 2022.
Direct Taxes
Indirect taxes and Customs
MSMEs
Telecom sector
Self-dependence in Defence and Research and Development
Introduction of Digital Rupee
Clean Energy and e-vehicle
Employment Benefits
Digital Banking and Digital Payments
Housing for everyone and related amenities
The 2022 budget is presented in the backdrop of pandemic with highest recorded GST collection of 1.38 lakh crores in the government coffers. The budget has mainly concentrated in providing liquidity to the MSMEs, with incentives for PLI schemes, impetus to the R&D sector, taxation of virtual assets, digital banking. The indirect taxes have been introduced to boost domestic manufacturing.
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