Budget 2022 Live Updates: Modi hails Nirmala Sitharaman for a people-friendly and progressive Budget

Highlights of Union Budget for 2022-23

*To facilitate use of surety bonds in govt procurement

*Required spectrum auctions to be held in 2022

*5G tech can enable growth, job opportunities

*To set up panel to promote audio visual, gaming sector

*Required 5G spectrum auctions to be held in 2022

*SEZ Act to be replaced with new law

*To provide affordable broadband, mobile svcs in rural areas

*To give contract to lay optic fibre for all villages via PPP

*To award optical fibre contracts in all villages in PPP mode

*Committed to cutting import in defence equipment

* New SEZ Act to promote optimal use of infra

*To complete laying optic fibre for all villages by 2025

*Govt committed to reduce defence equipment imports

*Defence R&D to be opened up for start-ups, academia

*To set up umbrella body for defence equipment certification

*68% of defence capex to be earmarked for domestic cos FY23

*25% of defence budget to be used on research, development

*Climate change risks strongest externality

*Propose several new actions to mitigate climate change

*Need mindful usage of resources

The gross GST collections for the month of January 2022 are Rs 1,40,986 crores which is the highest since the inception of GST: Finance Minister Nirmala Sitharaman

Co-operative surcharge to be reduced from 12% to 7%: FM Nirmala Sitharaman

I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition: FM Nirmala Sitharaman

Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23: FM Sitharaman

Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees: FM Nirmala Sitharaman

To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year: FM Nirmala Sitharaman

For 2022-23,allocation is Rs 1 lakh cr to assist the states in catalyzing overall investments in economy. These 50-yr interest-free loans are over&above normal borrowings allowed to states. It'll be used for PM Gati Shakti-related&other productive capital investments of states: FM

Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman

To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, addl allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made: FM