Union Budget 2022: 5G mobile service rollout, Digital Rupee among key measures announced

Rollout of 5G mobile services, a hefty increase in Capital Expenditure (CapEx), issue of Digital Rupee by the Reserve Bank of India (RBI) and a 30% tax on Cryptocurrency are among the highlights of the Union Budget 2022 presented by Union Finance Minister Nirmala Sitharaman on Tuesday.

The Union Budget 2022 seeks to lay the foundation to steer the economy over Amrit Kaal of next 25 years, from India at 75 to India at 100, continuing to build on the vision of Budget2021-22, Sitharaman said while presenting the Budget in Parliament.

Here are 10 points from Union Budget 2022

1. Required Spectrum auctions to be conducted in 2022 to facilitate roll-out of 5G mobile services in 2022-23 by private Telecom providers.  2. Capital expenditure outlay being stepped up sharply by 35.4% from Rs. 5.54 lakh crore in Current Year to Rs. 7.50 lakh crore in 2022-23. Outlay in 2022-23 will be 2.9% of the GDP.

3. 68% of defence capital procurement budget in 2022-23 to be earmarked for domestic industry, up from 58% in 2021-22. 4. Digital Rupee using Blockchain and other technologies to be introduced by Reserve Bank of India; to be issued starting in 2022-23.

5. Any income from the transfer of any virtual digital asset (Cryptocurrency) shall be taxed at the rate of 30%. 6. Sovereign Green Bonds to be issued for mobilizing resources for Green Infrastructure.

7. Animation Visual Effects, Gaming and Comic Promotion Taskforce to be set up, to recommend ways to realize potential of AVGC sector and serve markets and global demand.

8. Up to 5 existing academic institutions to be designated as ‘Centres of Excellence’, to develop India-specific knowledge in Urban Planning, design and deliver training.

9. Issue of e-passports using embedded chip and futuristic tech to be rolled out in 2022-23, to enhance convenience for citizens for Overseas Travel.

10. New provision to be introduced, permitting Taxpayers to file ‘Updated return’ on payment of additional tax, enabling corrections or omissions in income estimation. Updated return can be filed within years from the end of the relevant assessment year.