New Delhi, February 1: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022-23 in Parliament. In one of the announcements in the budget, cryptocurrency income will now be taxed. Income from virtual digital assets will now be taxed at 30 percent.  There will not be any change in income tax slabs and rates  as no announcement was made by the Finance Minister during her budget speech in this regard.

Digital rupee will be issued by the Reserve Bank of India (RBI) using blockchain and other technologies in the financial year 2022-23. "The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a more cheaper and efficient currency management system." said Sitharaman. The development came at a time when the government is mulling over the regulation of cryptocurrency. Economic Survey 2022 Highlights: GDP Growth Projected at 8-8.5% For FY 2022-23; Here Are The Key Takeaways From The Report Card Tabled by Nirmala Sitharaman Ahead of Union Budget.

Budget 2022-23 Latest Update And Highlights:

  • 400 new generation Vande Bharat trains with better efficiency to be brought in during the next 3 years.

  • 100 PM Gati Shakti Cargo terminals to be developed during next 3 years and implementation of innovative ways for building metro systems

  • Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods.

  • The implementation of the Ken-Betwa link worth Rs  44,605 crore will be taken up at providing irrigation of over nine lakh hectares of farmers land providing irrigation, farming & livelihood facilities to farmers and local population.

  • For mental health counselling, a National Tele Mental Health Program will be launched, said Nirmala Sitharaman.

  • An open platform for the National Digital Health Ecosystem will be rolled out.

  • PM development initiatives for North East will be implemented for the North Eastern Council.

  • A digital university will be developed to provide access to students for world-class quality education with ISTE Standards.

  • Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023. "The guaranteed cover will be expanded by Rs 50,000 crores to total cover of Rs 5 lakh crores," said the Finance Minister.

  • Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for citizens.

  • Fund to be facilitated through NABARD to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. Startups will support FPOs and provide tech to farmers.

  • Scheme in PPP mode to be introduced, for delivery of digital and hi-tech services to #Farmers, with involvement of public sector research and extension institutions and stakeholders of agri value chains.

  • Centre to conduct spectrum auction for 5G network roll-out this year.

  • 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment.

  • "Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy," said Sitharaman.

  • Effective Capital Expenditure of the Central Govt is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1 percent of GDP.

  • Rs. 60,000 crore allocated to provide tap water connections to 3.8 crore households in 2022-23.

  • Taxpayers can file an updated return within two years from the relevant assessment year.

  • Cryptocurrency income will now be taxed. Centre to charge 30 percent tax on income from virtual digital assets.

  • Co-operative surcharge to be reduced from 12 to 7 percent.

  • Rs 48,000 crores allocated for completion of construction of 80 lakh houses under PM Awas Yojana in rural and urban areas in the year 2022-23.

  • Customs duty on cut, polished gem reduced to 5 percent.

  • No Change in income tax slab.

On Monday, FM Sitharaman presented the Economic Survey 2021-22 in Parliament, pegging the country's GDP growth for the financial year 2022-23 at 8-8.5 percent. It said that the farm sector was least affected by COVID-19 pandemic and is expected to grow at 3.9 percent in 2021-22.

(The above story first appeared on LatestLY on Feb 01, 2022 01:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).