Union Budget 2022: PM Modi said, "An important aspect of this budget is the welfare of the poor".
Prime Minister Narendra Modi had instructed that taxes not be raised amid the Covid pandemic, Union Minister Nirmala Sitharaman told reporters today after presenting the Union budget in parliament. PM Modi, she added, had given the same direction last year as well.
"Didn't want to increase tax at the time of pandemic... PM Modi's instruction was very clear --'No additional taxes'," Ms Sitharaman said.
Accordingly, Income tax slabs have not been changed in this budget.
The finance minister has also proposed that both Centre and states government employees' tax deduction limit be increased from 10 per cent to 14 per cent. This will help state government employees with social security benefits and bring them at par with the Central government employees, she said.
Earlier today, PM Modi said the budget will benefit all, especially the poor and those from backward sections of society. "This budget is full of new possibilities for more infrastructure, more investment, more growth, and more jobs," the Prime Minister said, adding that it will also open up the field of green jobs... An important aspect of this budget is the welfare of the poor".
The government said the budget aims to boost economic growth amid the continued disruption from the Covid pandemic and the rising inflation. Ms Sitharaman also said this year's budget will be a "blueprint to steer economy from India@75 to India@100".
The budget this time includes a huge push for infrastructure and estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, comprising around 4.1 per cent of the GDP.
Talking of revenue, Ms Sitharaman said the gross GST collections for January is Rs 1,40,986 crore — the highest since the inception of the tax in 2017.
Ms Sitharaman said the government will soon be issuing a digital rupee using the blockchain technology by the Reserve Bank starting 2022-23, which will be a big boost for economy.
Income from the transfer of any virtual digital asset will be taxed at the rate of 30 per cent.