Lagatar24 Desk
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Tuesday presented Budget 2022 and tabled the Finance Bill 2022 to the Parliament.
There was no change in income tax slabs for 2022-23. Along with this, the income tax rates for 2022-23 were also not revised.
“The king must collect taxes in accordance with dharma,” said Finance Minister, quoting from Shanti Parva of the Mahabharata. However, a new updated return system was proposed where people can file updated returns within 2 years of the filed IT Return.
Customs duty on cut and polished diamonds, gemstones is reduced to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June 2022.
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.
Many commodities are set to become a little cheaper and some items of daily use will have revised prices. As proposed by the finance minister in the Union Budget for 2022-23, commonly used items including mobile phones and mobile phone chargers, are set to become cheaper
Meanwhile, the Finance Minister informed that 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.
