While presenting the Union Budget, Finance Minister Nirmala Sitharaman stated that the country will grow at a rate of 9.27 per cent in the coming year. The Budget, which focuses on four pillars of development — inclusive development, productivity enhancement, energy transition, and climate action — provides a blueprint for India’s economy from 75 to 100, according to Sitharaman.
In 2022-23, the Budget estimates the Central government’s effective capital expenditure to be Rs 10.68 lakh crore or about 4.1 per cent of GDP. The gross GST collections for January 2022 are Rs 1,40,986 crore, which is the highest since the tax was introduced in 2017.
In addition, the Budget proposed a 30% tax on virtual assets, effectively legalising the trading of private cryptocurrencies and non-fungible tokens. This is in line with the Centre’s plans to create a fiat digital currency while prohibiting private virtual coins from being used as legal tender.
During his presentation of the Union Budget, Finance Minister Nirmala Sitharaman stated that the RBI will begin issuing the Digital Rupee using blockchain technology in the coming fiscal year. The central bank’s adoption of digital currency will result in more cost-effective and faster currency management. Aside from the 30% tax, FM Sitharaman announced a 1% Tax Deducted at Source (TDS) on payments made on digital asset transfers.