Budget 2022: Promoting Electric Vehicle, Battery Service and Battery Exchange Policy

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2022 in Parliament. Finance Minister Nirmala Sitharaman announced setting electric vehicle (EV) sharing stations while presenting the union budget 2022. She also said, the private sector would be encouraged to develop sustainable business models for the battery as a service and battery swapping policy.

I propose to provide that, any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition, said minister Sitharaman.

1% TDS on payment made in relation to transfer of virtual digital assets...Gift of virtual digital assets is also proposed to be taxed in the hands of the recipients.

While presenting the Budget, Nirmala Sitharaman announced that the country's economic growth is expected to be at around 9.2 per cent in the current financial year.

The Union Budget of 39.45 trillion rupees for the coming fiscal year focused on stepping up investment on infrastructure and digitalisation to put growth on a firmer footing as the economy recovers from the Covid-19 pandemic.

Creation of jobs, a push for digital education, focus on mental health wellbeing, and preparations for new-age technologies such as blockchain and 5G services were among the highlights of Budget 2022.