Budget 2022

Budget proposes 20% hike in TCS on overseas travel, remittances going out

The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of India. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for overseas travel perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other t

India has to compete to gain from 'China Plus One' strategy: Eswar Prasad

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University

Work demand under MGNREGS at 4-month high, FY23 funds almost exhausted

The budgetary allocation for MGNREGS has already been exhausted, if pending liabilities for the financial year are included

Exporters demand fiscal support, credit at affordable rates in next Budget

Exporters on Thursday demanded measures such as creation of a fund and credit at affordable rates in the forthcoming Budget to boost the exports and create jobs. In a pre-budget meeting with Finance Minister Nirmala Sitharaman, Federation of Indian Export Organisations (FIEO) said depreciation of the rupee against the US dollar is affecting exports' competitiveness and due to that the sector requires more support. "Creation of employment is the biggest challenge faced by the country....We would urge the government to provide fiscal support to units who provide additional employment in the export sector. Such a scheme will also help workers move from informal employment to formal employment," the federation said. Incentives may be provided based on twin criteria of growth in exports and growth in workers so that while on the one hand exports are increased, on the other hand, employment intensive units also get a boost, it said adding when global demand is declining, it becomes all

Centre asks ministries, depts to identify new assets for monetisation

The report said the govt has been able to garner only Rs 33,443 crore in revenue from assets sale in the first 7 months

Expenditure on India's information commissions has fallen 91% in six years

Since FY17, the budget allocation for information commissions has shrunk by 82.7% from Rs 31.9 crore

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Govt not to procure fresh Covid vaccines; surrenders Rs 4k cr from budget

The government's Covid vaccination programme is in its final leg with the Health Ministry deciding against procuring more vaccines as of now and surrendering Rs 4,237 crore, or nearly 85 per cent of the 2022-23 budget allocation for inoculation purposes, to the Finance Ministry. Official sources told PTI that more than 1.8 crore doses are still available with the governments at the Centre and in states and the stock is sufficient to continue the vaccination drive for around six months, given the low uptake of vaccines among people due to declining Covid case burden. Even if the government's stock gets exhausted, Covid vaccines will be available in the market. "Any decision on whether to procure Covid vaccine doses through the government channel or get (fresh) budget allocations for the purpose after six months will depend on the coronavirus situation prevailing in the country at that time," an official source told PTI. As part of the nationwide vaccination drive which began on Janu

Govt likely to save around Rs 80k crore in FY23 from unused budgeted funds

The government will be saving more than two per cent on the Rs 39.4 trillion budget

Rajasthan govt approves financial assistance of Rs 100 crore for MSMEs

This scheme was announced in the state Budget 2022-23 to promote micro, small, and medium enterprises (MSMEs), and give loans on easy terms for small businesses and investors

Punjab power subsidy at multi-year high, other sops in focus in new budget

Punjab's new budget promises sops that may delay the state's date with fiscal prudence

AAP presents 1st budget in Punjab; provision for 300 units of free power

Punjab FM Harpal Singh Cheema said budgetary provisions have been made for giving 300 units of free electricity to the households from July 1, as the AAP govt presented its first budget for FY23

AAP-led Punjab govt's maiden budget session to commence on Friday

The Bhagwant Mann-led Punjab govt's maiden budget session will commence on Friday, with opposition parties gearing up to launch an offensive against the ruling AAP over law and order and other issues

Govt to borrow Rs 8.45 trn from market during Apr-Sep period of FY23

Out of gross market borrowing of Rs 14.31 lakh crore estimated for FY2022-23, Rs 8.45 lakh crore is planned to be borrowed in the first half (H1), an official statement said

Budget to yield dividends for years; pvt sector should invest: RBI article

The article also said that while the post-pandemic debt consolidation will rely primarily on GDP growth, it needs to be complemented by fiscal consolidation

Govt seeks Parliament's nod for net additional spending of Rs 1.07 trn

The government on Monday sought Parliament's nod for net additional spending of over Rs 1.07 trillion

Top Congress leaders chalk out strategy for Budget Session

Top Congress leaders discussed the party's strategy for the upcoming Budget Session of Parliament and decided to work in coordination with other like-minded parties to raise issues

Parliament to resume normal sittings from Monday, Covid measures to stay

Amid declining Covid-19 cases in the country, the Rajya Sabha and Lok Sabha are set to resume their normal sittings for the second part of the Budget session, beginning from March 14 at 11 am.

Budget assumptions prudent, will help macro-fundamentals to hold-up: CEA

Chief Economic Advisor V Anantha Nageswaran on Friday said prudent budget assumptions for FY23 will ensure that the macro-fundamentals will be able to hold-up in the near-term.

PM Modi addresses 11th webinar to discuss Budget-related annoucements

Prime Minister Narendra Modi on Wednesday addressed the 11th webinar for discussing Budget-related announcements of DIPAM, an official statement from the PMO said.