India

Income Tax Unchanged, 30% Crypto Tax, Infrastructure Push: 10 Points

Budget 2022: 5G services, e-passports and tax on virtual assets are among the key announcements in this budget

A boost to infrastructure and a 30% tax on the transfer or sale of digital assets were highlights of Finance Minister Nirmala Sitharaman’s 2022 budget. Income tax rates remained unchanged.

Here are the 10 big announcements in this Budget:

  1. The government’s total expenditure has been increased by 4.8 per cent to ₹ 39.5 lakh crore.
  2. A 30 per cent tax will apply on income from the sale or acquisition of virtual and digital assets such as cryptocurrency.
  3. Taxpayers can file updated income tax returns within two years in one-time window. There is no change to Income Tax slabs.
  4. The surcharge on long-term capital gains has been capped at 15 per cent.
  5. A Gati Shakti Master Plan for expressways to facilitate faster movement of people and goods. A data centre and energy storage system will be given infrastructure status to provide easy financing to the sector.
  6. A digital rupee will be introduced by the Reserve Bank of India in 2022-23.
  7. 5G mobile services will be rolled out in the country within the next financial year.
  8. 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.
  9. The GDP is seen to grow by 9.2% — the quickest rate among major economies — in the current year, with the government expecting a repeat performance in the next year with an estimated 8% to 8.5% expansion.
  10. Higher spending through the pandemic has brought India on the path to regain its world’s fastest-growing major economy title from China in the current fiscal year. The government has the fiscal space to spend money on asset creation, and keep the economy on track for another year of world-beating 8%-8.5% expansion, the Economic Survey said on Monday.
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