Union Budget 2022-23 Highlights : Check What gets Cheaper and Costlier?

The highly anticipated Budget of 2022 is now out by our FM Nirmala Sitharaman. The budget focuses on various sectors from health to railways to housing. Let's checkout the Union Budget 2022-23 Highlights along with what all has got costlier and what all has turned cheaper now!

The Union Budget 2022-23 focuses on the following aspects. Stay tuned to this space for all the latest updates.

• Digitization -Digital rupee, using blockchain, to be launched by RBI in 2023.
• FY23 total expenditure seen at Rs 39.45 lakh crore. Total Receipts other than borrowing seen at Rs 22.84 lakh crore.
• Capital expenditure is being stepped up to Rs 7.5 lakh crore.
• Sovereign Green Bonds to be launched.
• Emergency Credit Line Guarantee Scheme (ECLGS) extended till March 2022.
• Natural Farming.
• Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP.
• Digital Banks - 75 digital banks in 75 districts will be set up by scheduled commercial banks to encourage digital payments.
• 5G Spectrum Auction in 2022
• Rs 19500 crore for PLI for mfg. for solar power. This is to reach the goal of 280GW of solar power by 2030.
• Amendments for the Bankruptcy Code - enhance efficiency of resolution process, cross-border insolvency resolution, speed up voluntary winding up of companies.
• Rs 48,000 crore allotted for PM Awas Yojana - 80 lakh houses will be completed, 60000 beneficiary houses.
• Rs 60,000 crore allocated for providing access to tap water to 3.8 crore households.
• Farmers - Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers.
• PM Gati Shakti - Roads, Railways, Airports, Ports, Mass transport, Waterways, Logistics infra.
• E-passports with embedded chips and futuristic tech will be rolled out.
• 1.5 Lac post office to connect digitally.
• Gross GST collection for January 2022 is Rs 1,40,986 crore – Highest since the inception of GST!

• Education/e-Learning : 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 crore.
• Broadcasting
• Tourism
• Broadband Internet (rural areas)
• Electric Vehicles and its Maintenance - battery swapping policy, mobility zones.
• Computers/Laptops - Push for Digital India
• Mobile Phones - Push for Digital India
• Mobile Phone Chargers
• Camera lens for cellular mobile phone
• Apparel
• Housing - 80 lakh households will be identified for the affordable housing scheme.
• Medicines/Hospital & Clinic Services
• Agro-forestry
• Investment - Rs 1 trillion financial assistance to states to be provided in 2022-23 to catalyze investments.
• Co-operative Society Taxes - Alternate Minimum Tax for cooperative societies to be cut to 15% from 18.5%, reduction on surcharge on cooperative societies to 7% for those whose income is between Rs 1 crore and Rs 10 crore.
• Diamonds/Gems - Customs duty on cut & polished diamonds, gems to be reduced to 5%.
• Fruits & Vegetables, thanks to reduction in WPI inflation.
• leather/packaging boxes - To incentivize exports, duty on specified leather and packaging boxes reduced.
• Chemicals for Petroleum Products
• agricultural equipment
• electronic equipment
• steel
• imported manufacturing machines
• transformer equipment
• frozen mussels and frozen squids
• asafetida and cocoa beans
• methyl alcohol and acetic acid

• Digital Assets (includes Cryptocurrencies) - 30% tax on proceeds of digital assets
• Umbrellas - Duty on Umbrellas raised to 20%
• Cryptocurrency - Gift of cryptocurrencies to be taxed at the receiver's end.
• Fuel - Unblended fuel will attract additional excise duty at Rs.2 per liter from 1st Oct 2022.
• Imported Items
• headphones
• earphones 
• loudspeakers
• smart meters
• solar cells and solar modules
• imitation jewelry - Import Customs duty on imitation jewelry is now Rs 400 per kg.
• X-ray machines
• Parts of electronic toys

Stay tuned to this space for all the latest updates on Budget 2022. Do let us know your views on this Budget below. You can also checkout our Live Updates - Union Budget 2022 Discussion Thread to get more info.