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Budget 2022 which seeks to lay the blueprint for the next 25 years for growth for India has been widely recognized by the business community as a growth and infrastructure-focused budget that will put the country on the right trajectory. In terms of performance, the government has done well in collecting tax revenues, keeping spending tight, and is now taking steps towards long-term fiscal stability. The key areas of attention are future income and employment-generating capital expenditure. 317,643 crore will be allocated to grants-in-aid, including MNREGA.

As far as expenditure is concerned, the government proposes to spend Rs. 39,44,909 crore in 2022-23, which is 4.6% higher than the updated estimate of 2021-22. The receipts (excluding borrowings) in 2022-23 are estimated to be Rs. 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. The expectation from tax collections is higher than last year, which is expected to come in from direct taxes, both on personal and corporate income. The FM has estimated GDP growth of 9.27% which is among the highest in the world's large economies.

The fiscal deficit in 2022-23 is targeted at 6.4% of GDP, which is lower than last year. And Interest expenditure at Rs. 9,40,651 crore is estimated to be 43% of revenue receipts. The budget has not relied on EBR (Extra Budgetary Resources) or loans from the National Small Savings Fund. As far as ministry allocation is concerned the highest percentage-wise increase is seen for the Ministry of Communications, Ministry of Road Transport and Highways, and Ministry of Jal Shakti.

Budget 2022 which seeks to lay the blueprint for the next 25 years for growth for India has been widely recognized by the business community as a growth and infrastructure-focused budget that will put the country on the right trajectory. In terms of performance, the government has done well in collecting tax revenues, keeping spending tight, and is now taking steps towards long-term fiscal stability. The key areas of attention are future income and employment-generating capital expenditure. 317,643 crore will be allocated to grants-in-aid, including MNREGA.

As far as expenditure is concerned, the government proposes to spend Rs. 39,44,909 crore in 2022-23, which is 4.6% higher than the updated estimate of 2021-22. The receipts (excluding borrowings) in 2022-23 are estimated to be Rs. 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. The expectation from tax collections is higher than last year, which is expected to come in from direct taxes, both on personal and corporate income. The FM has estimated GDP growth of 9.27% which is among the highest in the world's large economies.

The fiscal deficit in 2022-23 is targeted at 6.4% of GDP, which is lower than last year. And Interest expenditure at Rs. 9,40,651 crore is estimated to be 43% of revenue receipts. The budget has not relied on EBR (Extra Budgetary Resources) or loans from the National Small Savings Fund. As far as ministry allocation is concerned the highest percentage-wise increase is seen for the Ministry of Communications, Ministry of Road Transport and Highways, and Ministry of Jal Shakti.

Budget 2022 which seeks to lay the blueprint for the next 25 years for growth for India has been widely recognized by the business community as a growth and infrastructure-focused budget that will put the country on the right trajectory. In terms of performance, the government has done well in collecting tax revenues, keeping spending tight, and is now taking steps towards long-term fiscal stability. The key areas of attention are future income and employment-generating capital expenditure. 317,643 crore will be allocated to grants-in-aid, including MNREGA.

As far as expenditure is concerned, the government proposes to spend Rs. 39,44,909 crore in 2022-23, which is 4.6% higher than the updated estimate of 2021-22. The receipts (excluding borrowings) in 2022-23 are estimated to be Rs. 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. The expectation from tax collections is higher than last year, which is expected to come in from direct taxes, both on personal and corporate income. The FM has estimated GDP growth of 9.27% which is among the highest in the world's large economies.

The fiscal deficit in 2022-23 is targeted at 6.4% of GDP, which is lower than last year. And Interest expenditure at Rs. 9,40,651 crore is estimated to be 43% of revenue receipts. The budget has not relied on EBR (Extra Budgetary Resources) or loans from the National Small Savings Fund. As far as ministry allocation is concerned the highest percentage-wise increase is seen for the Ministry of Communications, Ministry of Road Transport and Highways, and Ministry of Jal Shakti.

Budget 2022 which seeks to lay the blueprint for the next 25 years for growth for India has been widely recognized by the business community as a growth and infrastructure-focused budget that will put the country on the right trajectory. In terms of performance, the government has done well in collecting tax revenues, keeping spending tight, and is now taking steps towards long-term fiscal stability. The key areas of attention are future income and employment-generating capital expenditure. 317,643 crore will be allocated to grants-in-aid, including MNREGA.

As far as expenditure is concerned, the government proposes to spend Rs. 39,44,909 crore in 2022-23, which is 4.6% higher than the updated estimate of 2021-22. The receipts (excluding borrowings) in 2022-23 are estimated to be Rs. 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. The expectation from tax collections is higher than last year, which is expected to come in from direct taxes, both on personal and corporate income. The FM has estimated GDP growth of 9.27% which is among the highest in the world's large economies.

The fiscal deficit in 2022-23 is targeted at 6.4% of GDP, which is lower than last year. And Interest expenditure at Rs. 9,40,651 crore is estimated to be 43% of revenue receipts. The budget has not relied on EBR (Extra Budgetary Resources) or loans from the National Small Savings Fund. As far as ministry allocation is concerned the highest percentage-wise increase is seen for the Ministry of Communications, Ministry of Road Transport and Highways, and Ministry of Jal Shakti.

Budget 2022 which seeks to lay the blueprint for the next 25 years for growth for India has been widely recognized by the business community as a growth and infrastructure-focused budget that will put the country on the right trajectory. In terms of performance, the government has done well in collecting tax revenues, keeping spending tight, and is now taking steps towards long-term fiscal stability. The key areas of attention are future income and employment-generating capital expenditure. 317,643 crore will be allocated to grants-in-aid, including MNREGA.

As far as expenditure is concerned, the government proposes to spend Rs. 39,44,909 crore in 2022-23, which is 4.6% higher than the updated estimate of 2021-22. The receipts (excluding borrowings) in 2022-23 are estimated to be Rs. 22,83,713 crore, an increase of 4.8% over the revised estimate of 2021-22. The expectation from tax collections is higher than last year, which is expected to come in from direct taxes, both on personal and corporate income. The FM has estimated GDP growth of 9.27% which is among the highest in the world's large economies.

The fiscal deficit in 2022-23 is targeted at 6.4% of GDP, which is lower than last year. And Interest expenditure at Rs. 9,40,651 crore is estimated to be 43% of revenue receipts. The budget has not relied on EBR (Extra Budgetary Resources) or loans from the National Small Savings Fund. As far as ministry allocation is concerned the highest percentage-wise increase is seen for the Ministry of Communications, Ministry of Road Transport and Highways, and Ministry of Jal Shakti.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Based on the case study given below answer the questions that follow

GST Council way may replace 5% rate with 3%, 8% slabs.

With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.

Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.

In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy. Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.

Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.

Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually. Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.

Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for badging the revenue gap in GST collection.

Read some salient features of 'Budget 2022' and answer questions.

BUDGET: 2022-23

Finance Minister Nirmala Sitaraman presented the union Budget 2022.

There were a host of measures for a number of sectors, aimed at boosting growth amid high and rising inflation and continuing COVID uncertainties.

Few highlights

• Capex target expanded by 35.4%- from Rs.5.54 lakh crore to Rs.7.50 lakh crore. FY23 effective capex seen at Rs.10.7 lakh crore.
• Top focus of the Budget this year are PM Gati Shakti.
• In 2022-23, states will be allowed fiscal deflicit of upto 4% of GDP.
• Projected fiscal deficit of 6.4% of GDP in 2022-23
• Receipt from disinvestment proceeds in next financial year pegged at Rs.6500 crore, lower than the current years mobilization of Rs.78000 crore.
• The government will tax income from digital asset transfers at 30%
• Strategic transfer of ownership of Air India completed now.
• Rs.4800 crore allotted to PM Awas Yojana
• Rs.6000 crore allotted to provide tap water connections to 3.8 crore households in 2022-23

Read some salient features of 'Budget 2022' and answer questions.

BUDGET: 2022-23

Finance Minister Nirmala Sitaraman presented the union Budget 2022.

There were a host of measures for a number of sectors, aimed at boosting growth amid high and rising inflation and continuing COVID uncertainties.

Few highlights

• Capex target expanded by 35.4%- from Rs.5.54 lakh crore to Rs.7.50 lakh crore. FY23 effective capex seen at Rs.10.7 lakh crore.
• Top focus of the Budget this year are PM Gati Shakti.
• In 2022-23, states will be allowed fiscal deflicit of upto 4% of GDP.
• Projected fiscal deficit of 6.4% of GDP in 2022-23
• Receipt from disinvestment proceeds in next financial year pegged at Rs.6500 crore, lower than the current years mobilization of Rs.78000 crore.
• The government will tax income from digital asset transfers at 30%
• Strategic transfer of ownership of Air India completed now.
• Rs.4800 crore allotted to PM Awas Yojana
• Rs.6000 crore allotted to provide tap water connections to 3.8 crore households in 2022-23

Read some salient features of 'Budget 2022' and answer questions.

BUDGET: 2022-23

Finance Minister Nirmala Sitaraman presented the union Budget 2022.

There were a host of measures for a number of sectors, aimed at boosting growth amid high and rising inflation and continuing COVID uncertainties.

Few highlights

• Capex target expanded by 35.4%- from Rs.5.54 lakh crore to Rs.7.50 lakh crore. FY23 effective capex seen at Rs.10.7 lakh crore.
• Top focus of the Budget this year are PM Gati Shakti.
• In 2022-23, states will be allowed fiscal deflicit of upto 4% of GDP.
• Projected fiscal deficit of 6.4% of GDP in 2022-23
• Receipt from disinvestment proceeds in next financial year pegged at Rs.6500 crore, lower than the current years mobilization of Rs.78000 crore.
• The government will tax income from digital asset transfers at 30%
• Strategic transfer of ownership of Air India completed now.
• Rs.4800 crore allotted to PM Awas Yojana
• Rs.6000 crore allotted to provide tap water connections to 3.8 crore households in 2022-23

Read some salient features of 'Budget 2022' and answer questions.

BUDGET: 2022-23

Finance Minister Nirmala Sitaraman presented the union Budget 2022.

There were a host of measures for a number of sectors, aimed at boosting growth amid high and rising inflation and continuing COVID uncertainties.

Few highlights

• Capex target expanded by 35.4%- from Rs.5.54 lakh crore to Rs.7.50 lakh crore. FY23 effective capex seen at Rs.10.7 lakh crore.
• Top focus of the Budget this year are PM Gati Shakti.
• In 2022-23, states will be allowed fiscal deflicit of upto 4% of GDP.
• Projected fiscal deficit of 6.4% of GDP in 2022-23
• Receipt from disinvestment proceeds in next financial year pegged at Rs.6500 crore, lower than the current years mobilization of Rs.78000 crore.
• The government will tax income from digital asset transfers at 30%
• Strategic transfer of ownership of Air India completed now.
• Rs.4800 crore allotted to PM Awas Yojana
• Rs.6000 crore allotted to provide tap water connections to 3.8 crore households in 2022-23