FM Sitharaman to present Union Budget 2022-23 today; big announcements expected

Finance Minister Nirmala Sitharaman will present the Union Budget for the Financial Year 2022-2023 in the Lok Sabha on Tuesday, February 1, 2022, at 11 AM. A copy of the Budget will be laid on the Table of the Rajya Sabha soon thereafter.

A meeting of the Union Cabinet will be held today to approve the Union Budget 2022-23. After getting the nod from the Cabinet, Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 in a paperless form for the second time in the Lok Sabha. Overall, Union Finance Minister Nirmala Sitharaman will present her fourth Union Budget today.

Earlier, the Union Budget of 2021-22 was delivered in paperless form last year for the first time.

Meanwhile, India is expected to report 8-8.5 per cent GDP growth and is estimated to grow by 9.2 per cent in real terms in 2021-22, said the Economic Survey 2022 tabled in the Parliament on Monday.

Besides, a day ahead of the presentation of the Union Budget, the gross GST revenue collected in January 2022 stood at Rs 1,38,394 crore. Of which CGST is 24,674 crore, SGST is over 32,000 crore, IGST is over 72,000 crore and cess is Rs 9,674 crore. Finance Ministry said, the highest monthly GST collection has been Rs 1,39,708 crore in April 2021.

The revenues for January this year is 15 per cent higher than the GST revenues in the same month last year. The Ministry said, this is for the fourth time GST collection has crossed the Rs 1.30 lakh crore rupees mark. It said, the improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure. The Ministry has expected that the positive trend in the revenues will continue in the coming months as well.