Finance Minister Nirmala Sitharaman introduced the Finance Bill 2022 in Parliament on Tuesday.
Dear all,
Your association SIMA is forwarding herewith the Finance Bill 2022 introduced by Lok Sabha on 01/02/2022.
Finance Minister Nirmala Sitharaman introduced the Finance Bill 2022 in Parliament on 01/02/2022, Tuesday. The Finance Bill 2022 will give effect to the financial proposals of the Central Government for the Financial Year 2022-23.
* FM stated that Goods and Services Tax (GST) played a remarkable reform in India's GDP "GST revenues are buoyant despite the pandemic gross GST collection for the month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST".
* Income from Long Term Capital Gains will be taxed at 15%.
* Corporate surcharge to be reduced from 12% to 7%, says Finance Minister Nirmala Sitharaman.
* 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.
* Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central Govt Employees.
* Customs on polished Diamonds, Gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate export of jewellery through e-commerce, simplified regulations will be in place by June this year.
To view the Finance Bill 2022, PLEASE CLICK HERE.
Thanking You,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
