FM takes giant stride in pushing 'Trust-based' governance in tax laws
Working meticulously away from media glare has been the most striking feature of Niramala
Sitharaman's stint as the Finance Minister.
Now, in Budget 2022-23, she has given a major push to trust-based governance as a concept in
the income-tax law.
In yet another important role, the tax deduction limit for state government employees' contribution to
NPS has been raised to 14 per cent from 10.
Ms Sitharaman announced a plan to shift to ‘trust-based governance’ which is set to change the culture of
regulatory oversight in the country.
This truly reflects a systematic approach to invite for new investments to push the much needed
economic growth especially in the post-Covid era.
The taxpayer community would welcome the move. The tax benefits offered to the startups have
also gone down well. It will ensure that the redemption of taxes to the 3 consecutive years is now
extended to one more year.
Experts also say that the 30 percent rate of tax and restriction to set-off losses is a very bold move
in discouraging transactions in crypto.
The Finance Minister announced 30 percent tax on the proceeds of virtual and digital assets.
Taxpayers can now file updated Income Tax Return within two years of the relevant assessment year.
This provision will ensure voluntary tax filing and reduce litigation, the FM said.
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PM Modi, BJP chief Nadda hail Budget 2022
Nirendra Dev
New Delhi
Prime Minister Narendra Modi on Tuesday, Feb 1, described the Union Budget for
2022-23 as people-friendly and progressive.
"This budget brings in new hopes and opportunities for the people. It strengthens the economy; it's full
of 'more infrastructure, more investment, more growth and more jobs'. There is also a new
provision of green jobs; the budget ensures a bright future for youth," the Prime Minister said.
"The Budget has been welcomed by all sections of society and the reaction of common man has increased
manifold our eagerness to serve people," he said.
In reference to the 'Parvat Mala' scheme in the Budget, Mr Modi said, "For the first time in the country,
'Parvat Mala' scheme is being introduced in Himachal Pradesh, Uttarakhand, Jammu and Kashmir
northeast. It will facilitate a modern system of transportation and connectivity in hills".
He said, natural farming on the banks of river Ganga in Uttarakhand, Uttar Pradesh, Jharkhand,
Bihar, West Bengal will also be promoted.
BJP national president J P Nadda in his reaction said, "The Budget fulfills the expectation and aspirations
of all sections of society including small and big industrialists. This is not an agenda of merely one year's
development, but a blueprint of the country's development in the next 25 years".
This is a 'Garib Kalyan' Budget, Nadda said, adding, "It will empower the poor and labourers. This Budget
is dedicated to the development of infrastructure, rural and hilly areas, and Northeast".
"This Budget is in line with the Government's policy of social justice and equality," Mr Nadda said.
The Prime Minister also said that over Rs 2.25 lakh crore of crops will be procured at minimum support price
(MSP) and directly transferred to farmers. He said that the Budget will double farmers' income.
For MSMEs, credit guarantee and many new schemes have been announced, he said.
In a series of tweets, Home Minister Amit Shah said that the budget brought in by the government was "visionary".
It will lay the foundation of a 'new India' in the 100th year of independence in 2047.
Congratulating Modi and FM Nirmala Sitharaman, he said that Budget 2022 will become
helpful in making India the world's leading economy under the leadership of the Prime Minister.
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Nirmala's Visionary Budget eyes "India @100"
New Delhi
Leadership is all about vision. It's all the more vital in terms of financial management, guiding
a nation's economy and preparing the Budget.
Living up to these three lofty targets, Finance Minister Nirmala Sitharaman said,
“We are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long lead
up to India @100”.
Presenting the Union Budget 2022-23 in Parliament on Tuesday, the Finance Minister stated
that her Budget seeks to lay the foundation and give a Blueprint to steer the economy over
the Amrit Kaal of the next 25 years “from India @75 to India @100.”
Twenty five years from now, India would reach 2047 - the 100th year of the country's Independence.
That would certainly be a major milestone.
The Minister said that the all-inclusive Welfare focus wherein complementing Macro Economic level
growth focus with the Micro Economic level; promotion of digital economy and Fintech,
technology enabled development, Energy Transition and Climate Action,
There would be four broad priorities. She stated that PM GatiShakti; Inclusive Development;
productivity enhancement & investment, Sunrise opportunities,
Energy transition and Climate action; and financing of investments will be the four priorities of this
futuristic and holistic budget.
Highlighting that with the estimated growth of 9.2 per cent in the current year and India being the
highest among all large economies, Ms Sitharaman said that this futuristic and inclusive
budget continues to provide impetus for growth, which would ensure direct benefit to
Youth, Women, Farmers, the Scheduled Castes and the Scheduled Tribes.
She further said, the PM GatiShakti shall guide ‘big public investments’ for modern infrastructure
to be benefitted by the synergy of Multi-Modal Approach. She further said that the country’s strong
resilience is being reflected in the sharp rebound and recovery of the economy.
The Minister expressed confidence that the speed and coverage of the Vaccination Campaign and
the accelerated development in health infrastructure in the past 2 years helped India to withstand
the challenges.
She also reiterated that, "....we are in the midst of an Omicron wave with high incidence but
milder symptoms" and asserted that ‘Sabka Prayas’ (efforts of all) will help India to continue
the journey of strong growth.
The Minister also expressed strong commitment to encourage the poor to tap all opportunities
as well as to provide necessary ecosystem to the middle class which is the vast section of
population falling under various income brackets.
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In FM's shortest Budget speech, North East gets Rs 1500 crore new scheme
Nirendra Dev
New Delhi
Union Finance Minister Nirmala Sitharaman on Tuesday, Feb 1, delivered the Budget speech
for the fiscal 2022-23 - her shortest one so far.
She spoke for one hour and 30 minutes, making it the shortest among the budget speeches
that generally go for about two hours.
In 2019, she had made the longest speech at two hours and 15 minutes (135 minutes), only to top that
the next year, in 2020, to speak for over 160 minutes.
Prior to her, Jaswant Singh as Finance Minister under Atal Bihari Vajpayee had spoken for 2 hours 15 minutes
in 2003.
Ms Sitharaman also made the second paperless budget presentation and she read the speech from
a tab. She referred to Mahabharat's 'Shanti Parva' as well.
In her Budget described as an 'inclusive Budget' by Union Law Minister Kiren Rijiju, a lawmaker from northeast,
the Finance Minister announced a new scheme PM-DevINE.
To be implemented through the North-Eastern Council, the mega scheme has been allotted an initial amount of
Rs 1,500 crore and has projects for all eight states including Sikkim.
The scheme will fund infrastructure, in the spirit of 'PM GatiShakti', and social development projects
based on felt needs of the North-East.
"This will enable livelihood activities for youth and women, filling the gaps in various sectors," the Minister explained.
However, it will not be a substitute for existing central or state Schemes.
While the central ministries may also pose their candidate projects, priority will be given to those
posed by the states, officials say.
The initial list of projects to be funded under the Scheme is given below include
Establishment of Dedicated Services for the Management of Paediatric and Adult Haemotolymphoid
Cancers in North East India, Guwahati (Multi-State).
This project has been given Rs 129 crore annually.
Other projects include NECTAR Livelihood Improvement Project (Multi-State),
Promoting Scientific Organic Agriculture in North East Indian (Multi-State), Construction of Aizawl By-pass
on Western Side (Rs 500 crore in Mizoram).
There will be a Gap funding for Passenger Ropeway system for Pelling to Sanga-Choeling in West Sikkim
and also Gap funding for Eco-friendly Ropeway (Cable Car) from Dhapper to Bhaleydhunga in South Sikkim,
Pilot Project for Construction of Bamboo Link Road at Different Locations in Various Districts in Mizoram.
"This is a very good Budget. It is a very inclusive Budget...," remarked Law Minister Rijiju, who hails
from Arunachal Pradesh.
He said the Budget proposals of 2022-23 takes care of the interests of every section of society
including the poor, rural and border areas, and the people living in the Northeast.
ends
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