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  • Category: Miscellaneous

    Did you get what you expected from the Budget 2022? Discuss the budget in this thread.

    Refer the earlier thread What are your expectations from the upcoming Union Budget of India and to the responses therein.

    The respected Minister has, as usual, made many announcements and proclaimed many projects. She was repeatedly applauded in the parliament during her budget speech. The announcements include Digital currency, 5G spectrum, e-passport and much more. No personal income tax rate change nor any extra rebate is there. Provisions have been made for developmental projects and loans for small scale projects have been increased. There are many promises that were made earlier on which the budget is silent.

    Most of you might have seen the Budget speech by the Finance Minister or must have at least heard some analysis about the same by now. It might be too early to discuss the same without knowing the full details but from what we have heard, do you think your expectations, generally, as a common man, has been met?

    Let us discuss the budget in total, from a common man's perspective.

    {Edited}
  • #750488
    The highlights of the budget so far goes like this. That India is poised to grow 9.27 percent in the coming year and that is great progress as all the sectors are doing extremely well. The highlight of the speech was the GST collection for the month of Jan 22 was 1,40,989 crores which is highest so far. The surcharge on unlisted shares has been brought from 28.5 percent to 23 percent. The proposal to launch own digital currency only proves that the govt does not want to give free hand to private companies on crypto currencies. Through new introduction of digital rupee, the block chain technology transfers are now made easy. The diamonds are going to cost less as 5 percent reduction on customs duty proposed. For the long term capital gains the tax is fixed at 15 percent. The income from virtual digital assets to be taxed at 30 percent plus one percent.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #750493
    The highlight of the budget is the confidence of the government that it has poised to grow substantially in the next year due to the changed growth rate estimated around 9.27%.This definitely appears to be a good news for all of us. One more good news is the industrial growth of almost all industrial sectors due to sudden spurt of demands. Again for the customers interested to have diamond jewelleries in their coffers, it is the best time for them to go in for such purchases. There will be a deduction of 15% flat rate as interest in respect of capital gain for the long term tenure. There has not been any change in respect of existing income tax structure for the tax payers.

  • #750494
    There are very few changes in the budget and whatever are there are related to some industries and some export import items. One thing which I like most in this budget is that when there is some undisclosed income caught while raiding on the business house or the individual person then tax will be taen on that fully. It means that he cannot set off the loss against earning or profit of his disclosed income with this undisclosed income during that year. Many people took advantage of this and escaped paying tax. This is a very good step and why the various governments could not apply it for last 75 years it is a surprise for me.
    Another good thing is that some more items are brought in the TDS net. Frankly speaking TDS is the only thing by which government can catch any doubtful or dishonest financial operation. So including more items under TDS net is a very good step.

    Knowledge is power.

  • #750506
    I have not heard the budger speech, But I read in newspapers. It is good that the government is decided to help farmers in many ways. They want to encourage organic forming that is known as Zero budget forming. It is also mentioned that using modern methods and equipment in agriculture will be encouraged. Equipment for gaming may be made available on a rent basis and drones usage may also be permitted for spraying insecticides and pesticides etc.
    There is no change in income tax levels. No talk about standard deduction change and other changes in slabs and percentages. This is disappointing many employees.
    Many schemes were announced to encourage startups in the agricultural field. Cryptocurrency and e-passport are some good announcements made by the finance minister,
    There is no mention of any increase in the minimum levels of pension to private employees under the EPF scheme.

    drrao
    always confident

  • #750521
    Usually budgets will be people friendly or not. In the past, many years we have seen since Independence many popular budgets where many benefits were given to various sections of people. People usually very interested to know the details of budget. But this budget is not people friendly as there are not any direct benefits to people. After Covid , many people lost their earning opportunities and are fed with money crisis. These people lost their buying capacity and that affecting businesses of market. But the budget has not shown any means by which the people's the economic condition get improved. Instead the budget more benefits to business and industry. If people's buying capacity is not improved, what is the benefit of giving incentives to industry. People are expecting benefits through increase in tax slabs. But nothing happened. Health and education didn't receive proper importance. In my opinion, it is not at all people friendly budget and also economy boosting budget.

  • #750525
    Probably this is the first time that I did not bother about Budget and Budget speech.

    Over the years I had developed a sort of cynicism with the politicians and political ruling methods and tricks.

    I was very sure that nothing good will be there for us, except the usual verbose. So just in the way of Murphy's Law I sat telling myself 'whatever can happen will happen'. I did not view TV nor did I search for budget news in net. Towards evening I saw a few Whatsapp posts giving some budget key points in nutshell. That is all.

    But from the tit-bits appearing in the Whatsapp posts,, I feel that the government had initiated many things and schemes which will be quite beneficial for the country and people. That is welcome. The one nation-one Registration idea especially I welcome.

    But otherwise, the general ordinary middle class of middle income do not have anything in this and as usual can expect the burden of price increase, more cess and taxes coming under decorative terms.

    I did no have any expectations other than a cold shoulder fling and hence am not disappointed also.

  • #750541
    In a press conference, the finance minister said that the tax was not increased in the last budget as per the order of the prime minister and this time the tax was not increased keeping in mind the pandemic situation. Where we are talking about reducing the tax burden, she said not to increase. The opposite thinking is there.
    In some cases, however, good steps have been taken. However, in the current situation of the country, it seems that she has played Tests matches instead of 20-20 matches. Because there is no direction for any special action like an emergency.

    Believe in the existence of God the superpower.
    Regards
    Dhruba


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