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Key notes from Budget 2022: All things tech, startups and digital from Finance Minister Sitharaman’s Budget speech

*1:00 PM, February 1: 

Finance Minister Nirmala Sitharaman has concluded her Union Budget speech. We will be posting in depth stories on all things technology, startups and digital from the Budget over the course of the day. Stay tuned!

*12:54 PM, February 1:

Withdrawing exemptions in mobile manufacturing: Domestic electronic manufacture has grown rapidly, we are exporting mobiles and chargers. For greater domestic value addition, we are withdrawing some exemptions. Some parts of mobiles will move from nil rates to moderate 2.5%, said Finance Minister Nirmala Sitharaman.

*12:50 PM, February 1:

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AI and deep analytics in GSTN: Capacity of GSTN network has been enhanced. We have deployed deep analytics and artificial intelligence to identify tax evaders, fake billers and launched special drives against them. “The results speak for themselves. We have made record collections in last few months,” said Sitharaman.

*12:45 PM, February 1:

Incentive for startups: Eligibility of claiming tax holiday to be extended by one more year, till March 31, 2022. Further, to incentivise funding, capital gains exemption to be also extended till March 31, 2022.

Pre-filling of returns: To ease filing of returns, details of capital gains from listed securities, dividend income, interest from banks, post office etc will be pre-filled. Details of salary income, tax payments, TDS already come pre-filled.

*12:38 PM, February 1:

‘Faceless’ income tax tribunal: To ease tax compliance, a faceless income tax appellate tribunal centre will be established. All communication between tribunal and appelate will be electronic.

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Where personal hearing is needed, it shall be done through video conferencing, said Sitharaman

MSME: Government has doubled its expenditure allocation towards micro small medium enterprises to Rs 15,700 crore in FY22.

*12:28 PM, February 1:

Digital census: “Forth coming Census, could be the first digital Census in the history of India. For this monumental milestone marking task, I have allocated Rs 3,768 crore in this year 2021-22,” said Nirmala Sitharaman, Finance Minister

*12:20 PM, February 1:

Digital payments: Manifold increase in digital payments in recent past. A sum of Rs 1,500 crore earmarked for scheme that will provide financial incentive to promote digital payments.

National Language Translation Mission: A new National Language Translation Mission. This will enable wealth of governance and policy related knowledge on internet being made available in major Indian languages, said Sitharaman.

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*12:15 PM, February 1:

Unorganised labour force and migrant workers: I propose to launch portal to collect info on gig workers, building and constrution workers among others. This will help forumate health, housing, skill, insurance credit and schemes for all migrant wokrkers. We will conclude process that began 20 years with implementation of labour code.

  • Gig and platform workers: For first time globally, social security benefits will be extended to gig and platform workers. minimum wages will apply to categories of worekrs. And they will all be covered by state insurance corporations.

Women will be allowed to work in all categories, in night shifts with adequate protections. At same time, compliance burden on employers will be reduced with single registration, licensing and online return.

One-ration, one nation scheme: Migrant workers have benefited greatly. Both families at native places and migrant workers can claim rations. It is being implemented in 32 states and UTs, reaching 69 crore beneficiaries (86% of total beneficiaries). Remaining 4 states and UTs will be integrated in next few months.

*12:05 PM, February 1:

AI and ML-driven MCA21: During coming fiscal, we will be launching data analytics, artificial intelligence, machine learning-driven MCA21 version 3.0. This version 3.0 will have additional modules for e-scrutiny, e-adjudication, e-consultation and compliance management.

NCLT framework will be strengthened, e-courts will be implemented and alternative methods for debt resolution and special framework for MSMEs will be introduced.

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FDI in Insurance: Amendment of Insurance Act, 1938 to increase foreign direct investment limit to 74% from 49% in insurance companies, allowing foreign ownership and control with safeguards. Companies will have a majority of resident Indians as directors.

Disinvestment: NITI will be asked to work on next PSUs that will taken up for strategic investment. Central government will work on incentive package on central funds to states. Idle assets wil not contribute to Atmanirbhar Bharat, said Sitharaman

One-person companies: Government to incentivise incorporation of one-person companies

  • Incentivise setting up of one-person companies, without a restriction on paid-up capital and turnover
  • Allowing one-person companies to convert to any other
  • Reduce residency limit from 182 days to 120 days, allow non-resident Indians to incorporate as one-person companies

Small companies threshold: Revising definition of small companies under Companies Act, 2013 by increasing the threshold for capitalisation to not exceeding Rs 2 crore from Rs 50 lakh at present and for turnover to not exceeding Rs 20 crore from Rs 2 crore at present

*11:55 AM, February 1:

Creating a single securities market code: Provisions of Securities and Exchange Board of India Act of 1992, the Depositories Act of 1996, Securities Contracts (Regulation) Act of 1933 and Government Securities Act of 2007 to be consolidated.

Fintech: Government to support world-class fintech hub at GIFT International Financial Services Centre

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SEBI to regulate gold exchanges: SEBI will be notified as the regulator for gold exchanges in the country. Warehousing, development and regulation will be strengthened to set up a commodity market ecosystem arrangement for gold exchanges.

Investor protection: Propose to introduce an investor charter as a right of all financial investors, across all financial products

*11:40 AM, February 1: 

Covid-19 Vaccine: FY22 expenditure on health and well-being has been pegged at Rs 2.23 lakh crore, of which Rs 35,000 crore has been earmarked for COVID-19 vaccine, Sitharaman said.

*11:30 AM, February 1: Atrmanirbhar Bharat is not a new idea, ancient India was largely self-reliant, and a business centre of the world, said Finance Minister Nirmala Sitharaman, presenting the Union Budget for 2021-22. The Union Budget comes after several months of financial distress brought on by the COVID-19 pandemic. Sitharaman noted that this is only the third time a Budget has followed a contraction in the country’s economy.

Budget proposals for 2021-22 rest on six pillars. Health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and minimum government and maximum governance, said Sitharaman.

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The proposals will further strengthen the sankalp of the nation, doubling farmers’ income, strong infrastructure, healthy India, good governance, opportunities for youth, education for all, women empowerment and inclusive development among others.

Atmanirbhar Bharat PLI schemes: For a Rs 5 trillion economy, our manufacturing sector has tog row at double digits on a sustained business. Our manufacturing companies need to become an integral part of global supply-chains, possess core competence and cutting-edge technology, said Sitharaman.

To acheive all of the above, PLI schemes to create manufacturing global champions have been announced 13 sectors. For this, the government has committee over Rs 1.97 lakh crore over 5 years starting this financial year.

This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth

To grow at double digits on a sustained basis, our manufacturing companies need to become an integral part of global supply-chains, possess core competence and cutting-edge technology, said Sitharaman.

***This is a live post and will be updated through the day. 

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