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Get insights on Union Budget 2022 with Jaipuria School of Business

Get insights on Union Budget 2022 with Jaipuria School of Business

The Union Budget is one of the essential financial statements of the Government of India. It contains an overview of the Government’s budget and economic policies for the upcoming year.

Jaipuria School of Business organized an informative session on “Analysis of Union Budget 2022” on February 1, 2022, in which CA Amit Gupta was Guest speaker and moderated by CA Bikram Agarwal.

Mr. Agarwal began the session by highlighting the budget-22’s silent characteristics. He said, “The Government aims to deliver the budget in a way that will influence in the following 25 years. Our finance minister collected some statistics from their members during the budget presentation, and they declared that GST collection in January 2022 was more than 1 lakh 40 thousand crores.”

“The virtual system we are using right now these digital assets will also be a tax when there are any transactions at a rate of 30 %. There is no major change in the corporate tax only the corporate surcharge rate gets reduced from 12 % to 7 %.”, Mr. Agarwal elaborated.

CA Amit Gupta presented some major budget studies moving on to the session. He said, “whenever a budget is there generally a middle-class people mostly look into it as they look for some boundary from the government for taxation.”

He introduced students to the budget, saying the budget is a finance bill presented every year and is in advance so that every individual can plan their income and tax liabilities.

He further elaborated because of the pandemic how much we are suffering. Daily earners are not getting much income, but at the same time, expenses have increased. Manufacturing industries, hotel businesses, education are all sectors that are suffering. So everyone was looking at the budget plan.

“65 % purchases of defense purchases would be from the domestic vendor. Therefore. Make In India will flourish. Four hundred new regional media channels will launch. So, education could come in regional languages also. Power sectors many collaborations have done”, Mr. Gupta additionally added.

Mr. Gupta moving forward also talked about the assets. He said, “There are two types of assets. One is a direct asset, and the other is an indirect asset. When we say direct assets, it is Income tax and VAT tax. No one is not filing the wealth tax return; only the business people are filing the wealth tax.”

He also said that in this budget, individuals are getting ignored. The budget is for cooperative society in terms of surcharge. The surcharge gets reduced from 18 % to 15 %. He also talked about the differently-abled people.

“If one family has a differently-abled person in the family, they will be getting more advantage now.”, Mr. Gupta added.

He also discusses the digital rupee concept. Further, he said, “There is no tax for one whose income is 2.5 lakhs. However, there were no changes in this slab. One change in the direct tax is that if an individual has not disclosed his income, he can now disclose his income after paying the fine. It is known as self-declaration.”

And Finally, Mr. Gupta talked about cryptocurrency. He said, “Now, our Government has named cryptocurrency as a virtual Digital Asset (VDO), which means you transfer any money virtually and gain a capital it comes under VDO. Cryptocurrency is also known as Bitcoin. The Government has put a tax of 30% on cryptocurrency.”

Jaipuria School of Business highlights the advanced learning of students through experience and caters to this idea through workshops and seminars. Many students with a vast attendance attended the session, where they learned about Analysis of Union Budget 2022!