FM will announce Union Budget 2022 guidelines in Feb 2022
Finance Minister Nirmala Sitharaman will announce the fourth Union Budget Tuesday, February 1, 2022. According to the source, the Budget session will be held in two parts. The first part will conclude on February 11, 2022, and the second will be on April 8, 2022. Budget 2022 Expectations are at the peak stage.
Budget 2022 Expectations
Experts said as Budget 2022 may take a long-term view on the EV sector. In recent days, automobile sectors performed well, especially in Electric Vehicle (EV) Segment. According to the source, India’s EV market will be a US$206 billion opportunity by 2030 if the country holds constant improvement to meet its enterprising 2030 target.
In the renewables sector, all hoped muscular policy guidelines. The government of India’s announced to increase the non-fossil-fuel-based capacity to 500 GW by 2023. Currently, it was at 150 GW.
Coming to the logistics business, the union budget 2022 will offer the best chance to reduce India’s extremely high logistics costs, said a source. All know that the Commerce Department formulated the policy process of the National Logistics. In UB 2022, it focused to improve India’s trade competitiveness. It also plans to increase the global rankings and make India a logistic hub.
The experts said as the upcoming Union Budget guidelines will create a way to boost the growth. It may also recover the economy. Further, the Goods and Services Tax will be a game-changer for various sectors, in which the Natural Gas sector is one of the major ones.
GST on insurance policies
Further, End-users should be benefited from lowering the GST rate in the range of 2-5% and easing off the tax burden of 18% on term insurance policies.
In the face of the ongoing epidemic, Indians have realized the importance of term insurance for the safety and security of their families. The key task is to make this important financial protection tool more affordable for the masses and lucrative for taxpayers. For this reason, we propose to allow the tax burden of 18% on term insurance policies and to reduce the GST by 2-5% to benefit end-users.
On the other hand, the individuals may pay GST of Rs. 13,000 if annual income crosses Rs. 5 Lakhs. All are waiting for the new guidelines for recovering the economy.