BUSINESS
Equities cheer Budget; Tata Steel, L&T among top gainers
Sensex settled at 58,862 points, up 1.5 per cent, whereas Nifty settled at 17,576 points, up 1.4 per cent. To sustain high growth rate, the Centre has earmarked a massive budgetary outlay of Rs 7.50 lakh crore for FY23. In her Budget speech to the Lok Sabha on Tuesday, Finance Minister Nirmala Sitharaman proposed to increase the capital budget outlay by over 35 per cent year-on-year.
Tax for cooperative societies reduced in Union Budget
She added that the government also proposes to reduce the surcharge on co-operative societies to 7 per cent from 12 per cent at present for those having total income of more than Rs 1 crore and up to Rs 10 crore. She said that this would help enhance the income of cooperative societies and its members, who are mostly from rural and farming communities.
Centre to issue sovereign Green Bonds to finance green infra
In her Budget speech to the Parliament, Sitharaman said: "As a part of the government's overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green infrastructure.""The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy."
Union Budget: Sops for capex, infra, MSME, electric vehicles
The initiatives under infrastructure have been largely grouped under "PM Gatiishakti Master Plan". The thrust on faster movement of goods and people will clearly have a positive impact on easing supply constraints and improving export competitiveness. What is noteworthy is the investment in cargo terminals, logistic parks, railways modernisation and importantly, the integration between the transport systems, it said.
Crypto party over in India with 30% tax on digital assets
Stressing that since there has been a phenomenal increase in transactions in virtual digital assets, Finance Minister Nirmala Sitharaman, presenting the Budget 2022-23, said that the magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime.
FY23 fiscal deficit target kept at 6.4%
In her Budget speech in Parliament on Tuesday, Finance Minister Nirmala Sitharaman termed the target as "consistent" with the broad path of fiscal consolidation last year to reach a fiscal deficit level below 4.5 per cent by 2025-26.
Budget gives renewed thrust to new-age businesses for $5 tn economy
From cracking down on private cryptocurrencies along with a soon-to-be-launched digital rupee by the RBI to announcing a 5G spectrum auction this year and more allocations under the PLI scheme, the government went ballistic on its digital-driven 'Atmanirbhar Bharat' agenda.
Budget 2022: No changes in personal income tax slabs
Union Budget 2022-23 has not proposed any changes in the personal income slabs for the salaried class people. Given the current economic milieu which has seen record high fuel prices and food inflation, the middle-income taxpayers were expecting relief in the income tax rates. Rationalization of tax slabs were expected to boost consumption to assist economic recovery. But the budget did not propose any changes in the tax rate.
Surety bonds instead of bank guarantees in govt procurements: FM
Presenting the Union Budget 2022-23, she said that in order to reduce indirect cost for suppliers and work-contractors, the use of surety bonds as a substitute for bank guarantees will be made acceptable in government procurements. She said gold importers may also find this useful and the Insurance Regulatory and Development Authority of India (IRDAI) has given the framework for issue of surety bonds by the insurers.
Budget gives renewed thrust to new-age businesses for $5 tn economy
From cracking down on private cryptocurrencies along with a soon-to-be-launched digital rupee by the RBI to announcing 5G spectrum auction this year and more allocations under the PLI scheme, the government went ballistic on its digital-driven 'Atmanirbhar Bharat' agenda.
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