Budget 2022: Digital Rupee, 5G auctions, 30% Crypto Tax, and more details here

By Sanjay Maurya

On 1^st February, Hon’ble Finance Minister Nirmala Sitharaman delivered the Union Budget to Parliament. The Union Budget included many significant announcements, including 5G auctions, internet availability in rural villages, a Digital Rupee based on blockchain, and more. If you missed the Finance Minister’s speech yesterday, here’s a recap of the most important developments for tech enthusiasts.

Here are the 10 big announcements in the 2022 Budget:

The government’s overall spending has risen by 4.8% to 39.5 lakh crore.
Income from the sale or acquisition of virtual and digital assets, such as bitcoin, will be subject to a 30% tax.
Taxpayers can file updated income tax returns within two years in the one-time window. The income tax slabs remain unchanged.
The long-term capital gains surcharge has been restricted to 15%.
A Gati Shakti Master Plan for expressways to let people and products move more quickly. A data centre and an energy storage system will be designated as infrastructure, making it easier to finance the industry.
In 2022-23, the Reserve Bank of India will adopt a digital rupee.
Within the following financial year, 5G mobile services will be available in the country.
To improve public convenience, e-Passports with integrated chips will be introduced next year. Battery swapping will be implemented, which will provide a significant boost to the electric vehicle industry.
GDP is expected to grow at a rate of 9.2 percent this year, the fastest among major economies, with the government projecting an 8 percent to 8.5 percent expansion next year.
Higher spending through the pandemic has put India on track to take the title of the world’s fastest-growing major economy from China in the current fiscal. According to the Economic Survey, the government has the fiscal space to spend money on asset creation and keep the economy on track for another year of world-beating 8 percent to 8.5 percent growth.

Timeline for 5G

Digital Rupee

India will introduce the Digital Rupee, which would be based on blockchain technology. Yes, this is one of the announcements that has been much awaited for months. During her speech, Finance Minister Nirmala Sitharaman stated that the launch of Central Bank Digital Currency (CBDC) will provide a significant boost to the digital economy. The Reserve Bank of India (RBI) will release the Digital Rupee in 2022-23, based on blockchain and other technologies. “Digital currency will also result in a more efficient and cost-effective currency management system,” she added.