Budget 2022-2023: All eyes are on the budget. Everyone is trying to see how much the government fills their bag. There are also eyes on whether something will be cheap and what will be expensive. If people want some relief in tax, then the industry is looking for financial help from the government.
FM Nirmala Sitharaman (PTI)
Union Finance Minister Nirmala Sitharaman on Tuesday the Union Budget for the financial year 2022-23 (Budget 2022) will be presented in the Parliament. This will be the fourth consecutive time that Finance Minister Nirmala Sitharaman will present the budget. In the first phase of the budget session, all eyes will be on the Union Budget-2022 to be presented by Finance Minister Nirmala Sitharaman. The Finance Minister will present the budget in Parliament at 11 am. As Finance Minister Nirmala Sitharaman also holds the record for giving the longest budget speech. Earlier on Monday, the budget session of Parliament (Budget Session) and President Ram Nath Kovind addressed the joint sitting of both the Houses of Parliament. After this, Finance Minister Nirmala Sitharaman presented the Economic Survey for the year 2021-22. The third wave of the Kovid epidemic during the budget (Covid PandemicIn view of this, during the first phase of the session, the meetings of Lok Sabha and Rajya Sabha will be held at different times of the day, so that the rules of social distance related to Kovid can be followed.
The discussion on the Motion of Thanks on the President’s Address in the Lok Sabha will start from Wednesday. There is a possibility that Prime Minister Narendra Modi will reply to the discussion on February 7. Earlier on Monday, Prime Minister Narendra Modi said that elections have their place in democracy and that process will continue, but the budget session of Parliament, which draws the blueprint for the whole year, is very important. Addressing the journalists on the first day of the budget session, the Prime Minister called upon all the MPs and political parties to make this session fruitful. The first phase of the budget session of Parliament is proposed from January 31 to February 11. After this, there will be a holiday for considering the budgetary allocation of different departments. The second phase of the budget session will start from March 14, which will continue till April 8.
what is public demand
Before the budget, there are some expectations and demands from the general public to the industry and the people associated with it. There is also a demand that the government should increase the basic exemption limit of income tax from 2.5 lakhs to 3 lakhs. This will give great relief to the general public. There is also a demand of the people that long term capital gains tax should not be paid on different investments. Investors want the government to abolish this tax. However, the government has refused to end it. But whether there will be any change in this in future, it will be a matter to be seen. The reality sector has many expectations from this budget. The reality sector demands incentives for itself so that it can compensate for the losses during Kovid. The health sector also has many demands. Common people and the health sector want the government to increase the scope of tax exemption on premium. Four types of demands are being told below, which are expected from the budget.
- Deduction under 1-80C to be increased from Rs 1.5 lakh to Rs 2 lakh
- Demand to increase the income limit of Rs 15 lakh for the highest 30 percent tax rate to make the alternative concessional tax regime more acceptable.
- 3-Leave tax on Long Term Capital Gains (LTCG) on sale of listed equity shares
- 4- Corporate world should get tax exemption on expenditure on social and employee welfare during Kovid-19 or a large part of it
- Demand to increase the basic exemption limit in income tax
- Demand for sector specific exemption for semiconductor manufacturers
- Demand to increase budget allocation for expansion of incentive scheme related to production
- Demand for reduction of GST rates on two wheelers to 18 percent
- Demand for changes in the tax structure of electric vehicles and accessories
Demand for change in customs tax structure for renewable energy generation equipment and its related components
Priority sector status to the healthcare sector, the allocation for the sector should be increased to three percent of gross domestic product (GDP)
There should be a separate exemption of one lakh rupees on the payment of insurance premium, so that more people can be brought under the cover of insurance.
Demand to create separate category for life insurance premium and make pension benefits tax free
Start of Emergency Credit Facility Guarantee Scheme (ECLGS) for the business establishments of the retail sector in the area affected by Corona virus.
gold and jewelery sector
Demand to reduce import duty on gold from 7.5 percent to four percent and demand for special package to the Gems and Jewelery sector
what can happen in railway
- No hike in fares
- Many new trains may be announced
- Speed up the work of modernizing the stations
- New bullet train may be announced
- Announcement of new track for high speed vehicles
- Work on the plan to increase the speed of goods trains
- Number of modern, convenient rail coaches will increase
- Possible announcement of new technologies like Hyperloop
what will happen in the budget session
A total of 29 sittings will be held during the budget session, in which there will be 10 sittings in the first phase and 19 in the second phase. The budget session is being organized at a time when assembly elections are going to be held in five states- Uttar Pradesh, Uttarakhand, Goa, Punjab and Manipur. The main opposition Congress has decided to surround the government in the budget session on relief package for Corona affected families, inflation, unemployment, issues related to farmers, standoff with China on the border and some other issues.
If funding will increase in the railways, Indian Railways will emerge as the ‘engine’ of the country’s progress, read what the Economic Survey says