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Tuesday, February 1, 2022

Union Government Budget - 2022

Union Government Budget - 2022


Union Government Budget App makes Government of India budget documents available to Members of the Parliament (MPs) and general public alike, at one place. The App would facilitate viewing of total 14 Union Budget documents, including constitutionally prescribed Annual Financial Statement (AFS), Demands for Grants (DG), Financial Bill etc., in digital mode and eco-friendly manner. This initiative is aimed at providing Union Budget information to various stakeholders including general public at the click of a button.


The list of Budget documents (14) presented to the Parliament include:
A. Finance Minister’s Budget Speech
B. Annual Financial Statement (AFS)
C. Demands for Grants (DG)
D. Finance Bill
E. Statements mandated under FRBM Act:
a. Macro-Economic Framework Statement
b. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
F. Expenditure Budget
G. Receipt Budget
H. Expenditure Profile
I. Budget at a Glance
J. Memorandum Explaining the Provisions in the Finance Bill
K. Output Outcome Monitoring Framework
L. Key Features of Budget 2020-21
M. Key to Budget Documents


The documents shown at Serial Nos. B, C, and D are mandated by Art. 112,113 and 110 (a) of the Constitution of India respectively, while the documents at Serial No. E (a) and (b) are presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. Other documents at Serial Nos. 


F to K are in the nature of explanatory statements supporting the mandated documents with narrative in a user-friendly format suited for quick or contextual references. The “Output Outcome Monitoring Framework” will have clearly defined outputs and outcomes for various Central Sector Schemes and Centrally Sponsored Schemes with measurable indicators against them.


Every year in the central budget the first look of the general public is at the income tax slab. In each budget the income tax rate is reviewed. However, the income tax slab has not changed since 2014. Will Finance Minister Nirmala Sitharaman give relief to the taxpayers by changing the income tax slab in the budget on Tuesday? That is a big question.


No change in tax exemption limit since 2014
The personal tax exemption limit was last changed in 2014. Presenting the first budget of the Prime Minister Narendra Modi-led government in 2014, Finance Minister Arun Jaitley raised the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. Tax exemption limit for senior citizens is Rs. 2.5 lakh to Rs. 3 lakh. The basic exemption limit has not changed since then.


This change may occur this time
Finance Minister Nirmala Sitharaman will present her fourth Union Budget on Tuesday, February 1, 2022. Some analysts believe that the finance minister may announce a major relief to taxpayers. The tax exemption limit can be increased from 2.5 lakhs to 3 lakhs. For senior citizens, it is Rs. 3 lakh to Rs. 3.5 lakh is likely to be done. Whereas, the slab of the top income is also Rs. 15 lakh is likely to be improved.

Union Finance Minister Nirmala Sitharaman today released the Economic Survey 2022 on January 31. At the same time, the proceedings of the Lok Sabha have been adjourned till tomorrow. According to the Economic Survey, GDP growth is projected at 8-85% in 2022-23. It may be mentioned that GDP growth is projected to be 9.2% in the current financial year i.e. 2021-22, i.e. GDP growth in 2023 is projected to be less than GDP growth in 2021-22.


Growth will be supported by coverage and supply side reforms, the Economic Survey said. The government's GDP forecast is based on the fact that further economic activity will not be affected by the epidemic and the monsoon will remain normal. This means that if the monsoon or the epidemic has any effect, the GDP may fall.


The IT-BPO sector grew by 2.26%
According to the survey, excluding e-commerce, the IT-BPO sector grew at an annual rate of 2.26 per cent to 19 19.4 trillion in the financial year 2020-21. The agriculture sector is expected to grow at a rate of 3.9 per cent in the current financial year. It rose 3.6 percent last year.


What is an economic survey?
We live in a country where there are more middle class people. We make a diary in most of the houses there. All the accounts are kept in this diary. When we look at the end of the year, we find out how our house works. Where did we spend it? How much did you earn? How much did you save? Based on that we re-determine how we will spend next year. How much to save? What will be our condition?




The economic survey is like our home diary. Does this show the state of our country's economy? The economic survey mentions last year's accounts and suggestions, challenges and solutions for the coming year. The economic survey is presented one day before the budget.

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