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On February 1, 2022, the Finance Ministers will present the fourth Union Budget to Parliament. While retaining the announced goal of a stable and predictable tax regime, the Union Budget 2022-23 proposes to introduce more reforms that will advance the vision of establishing a trustworthy tax regime. Tax and duty reforms, according to Smt Nirmala Sitharaman, will further simplify the tax system, encourage voluntary compliance by taxpayers, and reduce litigation.
On the direct tax front, the budget permits taxpayers to amend inaccuracies on their income tax returns by filing an updated return within two years. It also offers tax help to people who are disabled. Alternate minimum tax rate and surcharge for cooperatives are also reduced in the budget. The time of incorporation for eligible startups has been extended by one year as an incentive for them. To bring state government employees on level with central government employees, the budget proposes raising the tax deduction ceiling on employer contributions to NPS accounts. Manufacturing companies that are newly formed will be rewarded with a tax break. Transfers of virtual assets will be taxed at a rate of 30%. Better litigation management is proposed in the budget to avoid repeat appeals.
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On the Indirect tax side,
- The Union budget says that Customs administration in Special Economic Zones will be fully IT driven. It provides for phasing out of concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5%.
- The budget underlines review of customs exemptions and tariff simplification, with more than 350 exemptions proposed to be gradually phased out.
- It proposes that customs duty rates will be calibrated to provide a graded structure to facilitate domestic electronics manufacturing. Rationalization of exemptions on implements and tools for agri sector manufactured in India will be undertaken.
- Customs duty exemption to steel scrap will be extended. Unblended fuel will attract additional differential excise duty.
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