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India's first post-vaccination union budget 2022 comes bearing an agile approach to accelerate sustainable economic growth of the nation. The budget that has been held in Lok Sabha today is majorly focused on fast-tracking economic development, enabling businesses growth, and creating employment opportunities.
The Finance Minister Nirmala Sitharaman delivered the shortest budget speech that focused on laying the foundation and providing the blueprint of the economy over 'Amrit Kal' of the next 25 years – from India at 75 to India at 100. With a focus on key sectors like agriculture, healthcare, MSMEs, and infrastructure, here's what the 2022-23 union budget looks like:
The union budget has proposed a number of measures to provide relief for taxpayers:
Additionally, there are other amendments announced pertaining to GST in the budget
Focusing on the development of the MSME sector, the Union Budget for 2022-23 has announced several measures. It has extended the Emergency Credit Line Guarantee Scheme (ECLGS) until March 2023. Earlier, the ECLGS provided a credit boost to more than 130 lakh MSMEs that helped tackle the pandemic's adverse impact.
To further provide relief to the MSME sector, the central government has extended the ECLGS program by another Rs 50,000 crore - taking the cumulative amount to Rs 5 lakh crore. The additional amount is reserved exclusively for the hospitality and its related MSMEs.
Additionally, the Centre will infuse capital to revamp the credit guarantee trust for MSMEs, which is expected to facilitate additional Rs 2 lakh crores for MSMEs and increase employment opportunities. The Centre will launch the Raising and Accelerating MSME Performance (RAMP) program with a fund of Rs 6,000 crores over the next 5 years to make the MSME sector more resilient, competitive, and efficient. The budget document also stated that the customs duty exemption given to steel scrap last year was extended for another year to enable MSME secondary steel producers.
The union budget 2022-23 that aims at enabling sustainable and agile economic development has provided tax benefits for startups. So far, startups founded between 1st April 2016 – 31st March 2021 were eligible for tax exemptions, which has now been extended to 31st March 2023. This implies that startups that have been founded within the stipulated timeline will be able to avail 100% tax rebate on profits made in 3 years within 10 years of operations, provided their overall turnover does not shoot over Rs 25 crore in a fiscal.
e-Invoice from 1st October 2022 for Businesses with Turnover Exceeding 10 Crore
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