Budget


Union Budget 2022-23


Budget Analysis by Expert – Nitin Bhuta & Co., Chartered Accountants, Mumbai

Direct Tax Amendments by Finance Bill 2022

Indirect Tax Amendments by Finance Bill 2022


Changes related to GST Act


Budget Analysis by Expert – M/s. M G S G and Associates, Chartered Accountants, Chandigarh

Changes related to GST Law, Customs Act & Rules


Budget Analysis by Expert – CA Hemant Singhal

Changes related to GST Law


The Lok Sabha on March 25 passed the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal. The Finance Bill was approved ...
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Finance minister Nirmala Sitharaman on Monday highlighted that the Union Budget 2022-23 provided a tax predictable regime and vision for the next 25 years, in a post Budget interaction with ...
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The Finance Bill, 2022, has proposed various changes in CGST Act, 2017. The gist of proposed change are incorporated from clause 99 to clause 117 of the Finance Bill, 2022 ...
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Source: Press Release dated 05.02.2022 Union Minister for Commerce and Industry, Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today termed the Union Budget 2022-23 as a ...
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By, G Natarajan, Advocate, Swamy Associates Note: This article was published in TIOL The high rates of customs duties, the penchant for foreign articles and the volatile nature of our ...
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Source : Press Release dated 27.01.2022. To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo “lock-in” at their ...
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29.01.2022 : Budget may propose creating GST tribunal

The government is considering setting in motion the creation of a Goods and Service Tax Appellate Tribunal (GSTAT) for the expeditious resolution of indirect tax litigations in lines with its efforts to reduce compliance burdens and promote ease of business, as taxpayers are currently forced to appeal in high courts, which is expensive and time consuming, two people aware of the development said. Read more

28.01.2022 :GST on smartphones should be lowered to 12% from 18%- ICEA

The Indian government imposed an 18 per cent goods and services tax on smartphones in 2020, which upscaled the prices of handsets, making it costlier. The pandemic, acted as a catalyst to make things go bad to worse. As we all are dependent on our mobile technology for majorly most things, it was tough for many of us during the price hike and inflation. At this juncture, it’s the most effective sense to count on a lenient method in the direction of the mobile enterprise from the Union Budget 2022. There is further an argument that smartphones/mobile phones must be handled as a primary utility for every household. Read more

27.01.2022 : Budget 2022: Thermal power companies eye coal-cess cut, signals on GST for electricity

Thermal power generation companies are pegging their hopes on finance minister Nirmala Sitharaman to recommend that electricity be brought under the purview of the goods and services tax in the upcoming Union Budget, which would translate into lower tariffs for consumers. The companies are also seeking a waiver or reduction of coal cess for power producers that have complied with sulphur oxide norms by adapting flue-gas desulphurisation equipment to significantly reduce emissions. Sitharaman will present the Union Budget for 2022-23 on February 1. Read more

27.01.2022 : Union Budget may tweak customs duties, ensure ease of import compliance

The Union Budget is likely to bring about fresh changes in Customs duties and procedures with the aim of fulfilling two key objectives, protect and encourage domestic value addition as part of the global supply chain, and have reasonable tariff space for concessions under various free trade agreements (FTAs) currently under negotiation people aware of the matter said. Read more

27.01.2022 : Union Budget 2022-23 to be presented on 1st February, 2022 in Paperless form

Press Release dated 27.01.2022. To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo “lock-in” at their workplaces, instead of a customary Halwa ceremony every year in view of the prevailing pandemic situation and the need to … Read more

26.01.2022 : Budget 2022: Bring natural gas under GST to realise PM’s vision of gas-based economy, urges industry

The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi’s vision for a gas-based economy and raising the share of the environment-friendly fuel in India’s energy basket, an industry body that represents the likes of Reliance Industries as well state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes — central excise duty, state VAT, central sales tax — continue to be applicable on the fuel. Read more

25.01.2022 : Check Budget 2022 date, time here; what individuals can expect from it

The budget will be presented on February 1, 2022. The Union Budget 2022 will be broadcast live on Lok Sabha TV (which will be picked by other news channels) and on social media channels, such as YouTube and Twitter. The FM will present the Budget in the Lok Sabha on February 1 at 11 a.m. Read more

25.01.2022 : ‘Tax games of skill differently from games of chance’

IndiaTech, an industry association representing consumer internet startups, has urged the government to tax games of skill differently from games of chance. In a letter to Finance Minister Nirmala Sitharaman ahead of the Union Budget 2022-23, IndiaTech has proposed that goods and services tax be levied only on the amount received by the platform for providing its services and not on the prize pool kept for distribution among the players. Read more

23.01.2022 : Budget 2022: Indian startups seek friendly policies, tax incentives

To further aid small businesses and empower entrepreneurs, the Union Budget 2022-23 should introduce additional startup-friendly policies and tax relaxations to enable spending on innovation, ease-of-doing business and reducing compliance costs, a slew of homegrown startups said New reforms, policy assistance and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy, they stressed. Read more

22.01.2022 : Include outbound tours under LTC scheme, provide GST and TCS concession: OTOAI writes

The Outbound Tour Operators Association of India (OTOAI) has written to the Union Finance Minister Nirmala Sitharaman, ahead of Budget 2022, requesting certain relief measures and concessions for the outbound tour operators. The association in its letter has demanded the government to roll back TCS on outbound tour packages, not make Pan Card mandatory for foreign remittanes and relief from GST for a minimum period of two years. Read more

21.01.2022 : Union Budget: J&K MSMEs seek exemption from income tax and GST

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1, at a time when India’s economy is suffering and has witnessed one of the worst periods of a slowdown in decades Several Micro, Small, and Medium Enterprises (MSMEs) from various sectors are eying at the budget with a ray of hope that the forthcoming budget might strengthen them to deal with the upcoming challenges which they are facing amid an economic slowdown. Read more

19.01.2022 : Govt may offer taxpayers incentives to shift to new income tax regime

The budget may sweeten the optional income-tax regime of lower tax rate without exemptions that it announced in 2020, with most people preferring to continue with the older regime. While a similar tax regime for corporate taxpayers received good response, it hasn’t been the case with individual taxpayers. The matter is being examined by the finance ministry, which might further incentivize taxpayers to move away from old and complicated exemption regime, two people with direct knowledge of the matter said on condition of anonymity. Read more

19.01.2022 : Home buyers may get higher tax deductions on home loans in Budget next month: Report

Finance minister Nirmala Sitharaman may increase the annual tax deduction limit on principal payment of housing loans under Section 80 C of the Income Tax Act. Currently, the limit is capped at Rs 1.5 lakh which can be raised to Rs 2 lakh in Budget 2023. Read more

18.01.2022 : Jewellers urge FM to reduce GST rate, increase PAN card limit to Rs 5 lakh in Budget 2022

All India Gem & Jewellery Domestic Council (GJC), the apex body of gems and jewellery industry, has sought to reduce the GST rate on jewellery to 1.25 per cent from 3 per cent now in the upcoming budget. GJC has also urged FM to raise the PAN card limit from Rs 2 lakh to Rs 5 lakh citing that many households in rural India do not hold PAN cards and face difficulty in arranging minimum required jewellery in times of need especially post pandemic. Read more

18.01.2022 : Crypto Bill likely to miss Budget session as govt seeks time to build consensus

The Centre is unlikely to introduce the much-awaited cryptocurrency bill in the upcoming budget session of Parliament as it wants to hold more discussions and build consensus on the regulatory framework. No Consensus on Tax Another reason for the delay may be the lack of consensus over the taxation framework for virtual currencies, said people with knowledge of the matter. While the government may give some direction on taxation for investors in crypto assets in the upcoming budget, a full-fledged taxation framework for the cryptocurrency industry is still a work in progress, they said. Read more

18.01.2022 : MTaI seeks reduction in GST, customs duties on medical devices, cold chain units

The Medical Technology Association of India (MTaI) has urged the government to reduce GST and customs duties on medical devices, cold chain units and spare parts used in the healthcare appliances in the upcoming Union Budget. The organisation noted that the reduction of GST on medical devices and medical cold chain from 12% to 5% would lead the expansion of the healthcare sector through reduced costs improving patient accessibility, MTaI said in a statement. Read more

17.01.2022 : FADA wants 18% GST on two-wheelers, 5% on used vehicles in Union Budget

Federation of Automobile Dealers Association (FADA) has highlighted few issues to Union Finance Minister, Nirmala Sitharaman, which are hurting the growth of the Indian Automobile Industry and Auto Dealerships at large. The Association has bifurcated the recommendation into two different aspects Demand Revival Appeal and Dealer Issue. We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will bring back the sector and the entire automobile industry back on track and the overall economic growth too, said FADA. Read more

15.01.2022 : India Budget 2022: Economists prescribe tax relief, higher capex

Economists want the government to do the heavy lifting in the February 1 budget to support economic recovery amid the wave of Covid infections, proposing higher allocations for capital spending and tax incentives to spur private investment. Other suggestions include reduction in the goods and services tax (GST) for a limited duration to spur demand, front-loading of transfers to states, income-enhancing or support measures, and subsidised credit to small and medium enterprises and contact-intensive sectors. Read more

14.01.2022 : Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on licence fee, SUC

Telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies and waive GST on licence fees and spectrum usage in the upcoming Budget. According to pre-Budget recommendations of telecom industry body COAI, whose members include Vodafone Idea, Bharti Airtel and Reliance Jio, the telecom sector wants the government to suspend universal service obligation fund (USOF), which financially supports rollout of telecom services in the rural area, to reduce burden on the service providers. Read more

14.01.2022 : Budget Session to begin on Jan 31, 2022

The upcoming Budget Session of Parliament will being on January 31, 2022 and conclude on April 8, 2022 as per the recommendations of the Cabinet Committee on Parliamentary Affairs… Read more

11.01.2022 : Budget 2022 Expectations: ‘Reduce GST to 5% 

Health insurance is an essential commodity and needs to be slotted in the 5% GST tax slab to make it more affordable to access quality healthcare. A significant reduction in the GST on all personal lines of products—from the existing 18% to 5% will encourage more people to buy health insurance. For senior citizens, it should be exempted. Read more


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