New Delhi: The day when the Union Budget 2022 will be presented and every sector of the economy has its own expectations from the budget.
Income tax exemption, spending on infrastructure are some of the key points that will be eyeing everyone as Finance Minister Nirmala Sitharaman presents the Union Budget in Parliament on Tuesday.
The budget is also given in the background of five assembly elections, thus, some announcements can be made for the electoral states.
Here is a list of 10 key points
- The Economic Survey 2021-22, released by the Finance Minister on Sunday, has projected a growth rate of 8-8.5 per cent which indicates more investment in the economy.
- In continuation of point 1, it is expected that this year’s budget will help lift growth above the level it was in 2019 after recovering from the worst slowdown since independence last year.
- This year’s budget is expected to boost spending in a big way to boost jobs and investment to move towards a $5 trillion economy by 2025.
- As the prices of everyday items rise, one of the main things that most everyone will be paying attention to is the increase in income tax exemption, which currently stands at Rs 2.5 lakh.
- Experts expect that the government can increase expenditure on railways, roads and waterways to increase its expenditure in infrastructure.
- As the budget comes out just before the assembly elections in five states of Manipur, Goa, Punjab, Uttarakhand and Uttar Pradesh, spending in rural and agriculture sectors is expected to increase.
- To support small businesses, ease of doing business as well as ease of tax compliance, simplification and digitization are expected to provide an ethical boost to small traders.
- Lately, Prime Minister Narendra Modi is emphasizing on startups, so startup friendly policies and tax exemptions are also expected for upcoming and existing entrepreneurs.
- The fiscal deficit for this year is estimated at 6.3 per cent, which is lower than the projected deficit of 6.8 per cent. Tax revenues, higher nominal GDP growth and limited spending are expected to be contributing factors.
- There has been a lot of talk of cryptocurrencies this fiscal year. Organization Budget 2022 Can classify virtual currencies as an asset class with high tax rates.
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