1) Gross GST collection reached a new high of 1,40,986 crore in January, owing to the swift economic recovery, according to Finance Minister Nirmala Sitharaman.
2) This year’s income tax rates have not been changed by the government.
3) A 30% tax on the transfer of digital assets. Gifts of digital assets will also be taxed. This includes any revenue generated from the sale or purchase of virtual or digital assets.
4) There is a need for equal pay for state and federal employees. Employees of state governments are eligible for a tax deduction on their EPF contributions.
5) The tax rate for cooperative societies has been cut to 15%.
6) The Internal Revenue Service has issued a new road map. File amended returns within two years to correct errors made by taxpayers.
7) Starting in fiscal year 2023, the RBI will issue a digital rupee based on blockchain and other technology.
8) Domestic industry will receive 68 percent of funding for defence procurement.
9) To promote financial inclusion, all post offices must be linked to a core banking service.
10) Private companies will undertake a spectrum auction in 2022-23 to roll out 5G mobile services.
