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Nirmala Sitharaman, the Finance Minister of India, presented the Union Budget 2022-23 in Parliament on February 1. Here are some key highlights of the blueprint of the Government’s revenue and expenditure for the coming fiscal year.

The Government expects India to grow at 9.27%, which is the highest among all large economies. The top focus of the budget this year are PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action, and Financing of investments. The government has increased its total expenditure by 4.8% to ₹ 39.5 lakh crore.

A tax of 30% will apply on income from the sale or acquisition of virtual and digital assets such as cryptocurrency. Income Tax slabs saw no change. A one-time window will be provided to taxpayers for filing updated income tax returns within two years. The surcharge on long-term capital gains has been capped at 15%.

Within the next financial year, the government will roll out 5G mobile services. Formulation of a Gati Shakti Master Plan for expressways to facilitate faster movement will be underway soon. Reserve Bank of India will introduce a Digital Rupee in 2022-23 using blockchain technology.

Next year, government will launch e-Passports with embedded chips. They will also introduce a battery swapping policy for setting up EV charging stations and launch a National Tele Mental Health Program for counselling of citizens’ mental health.

Furthermore, government will initiate a digital ecosystem to skill, reskill and upskill citizens through online training. They will also create 60 lakh new jobs in 14 sectors under the productivity linked incentive scheme.

Customs Duties:

An increase in customs duties on imported items will result in some common items becoming costlier. These include imitation jewellery, umbrellas, loudspeakers, headphones, and earphones. X-ray machines and solar modules will also become costlier. On the other hand, a decrease in customs duties on imported items will lower the prices of some commodities like clothes, leather goods, mobile phones, and mobile chargers. Cut and polished diamonds and gemstones will also become cheaper as customs duty on them has been reduced to 5%.

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