Page 30 - Plastics News February 2022

FEATURE

Some Other Highlights In Nutshell

Scheme to develop infrastructure in to farmers and a new fund with blended university to provide access to world-
villages along China border capital to finance startups for agriculture class education to Indian students.
During her budget speech on Tuesday, and rural enterprise in the Union Budget The budget this year also focused on
union finance minister Nirmala 2022-23. digital learning citing the prolonged
Sitharaman touched briefly upon a closure of schools impacting students’
scheme to boost infrastructure in the Push for zero-budget natural farm- academic performance. The minister also
villages along India’s border with China. ing, to be included in syllabus of ag- announced that the digital university will
Prime Minister Narendra Modi later riculture universities impart lessons in all regional languages
stressed that developing infrastructure Building on the Modi government’s creating a network of ‘hub and spoke’.
in such villages are also necessary for the push for organic, zero-budget natural The university will work with the other
country’s security. farming, Finance Minister Nirmala central universities in the country to
Sitharaman said in her budget speech
6 amendments to personal taxation that the agriculture universities in the provide the required digital infrastructure
in Budget 2022 country will be encouraged to include and training..
The Finance Minister tabled the much- these areas in their syllabus. The Union Next year's I-T return to have sepa-
awaited Union Budget on Tuesday. While government has started pushing the rate column for crypto income
the common expectation was there could concept of zero-budget natural farming Income tax return forms from next
likely be some tax breaks from personal as an initiative that will work towards year will have a separate column for
taxation, the focus appeared to be more making the vocation of farming more making disclosures on gains made from
on providing stability to taxpayers and sustainable as well as improving the
encouraging voluntary compliance. income of the farmers by reducing costs cryptocurrencies and paying taxes,
As expected, the Finance Minister did of inputs, in addition to other areas such Revenue Secretary Tarun Bajaj said. The
address the open issue of taxation of as better market access and improved government will from April 1 charge a
digital currency. product returns to the farmers. 30 per cent tax plus cess and surcharges,
on such transactions in the same manner
Agri Budget: PPP, ‘Kisan drones’ Focus on regional language educa- as it treats winnings from horse races or
harvest new hopes tion, new digital university and skill other speculative transactions.Bajaj said
Finance Minister Nirmala Sitharaman courses announced gains from cryptocurrencies were always
announced a new scheme in public- Presenting the Union Budget 2022, taxable and what the Budget proposed
private partnership (PPP) mode for Finance Minister Nirmala Sitharaman is not a new tax but providing certainty
delivery of digital and hi-tech services announced the formation of a digital over the issue.

Sector Specific Proposals

Electronics: Gems and Jewelery: kg, in order to discourage the import of
To support local manufacturing of To encourage the Gems and Jewellery low-value imitation jewellery.
wearable gadgets, hearing devices, and sector, customs duty on cut and polished Chemicals:
electronic smart metres, customs duty diamonds and gemstones would be Duty on certain vital chemicals, such as
rates will be calibrated to create a graded decreased to 5%; customs duty on simply methanol, acetic acid, and heavy feed
rate structure. sawn diamonds will be nil. stocks for petroleum refining, is being
Duty exemptions for portions of To facilitate the export of jewellery via decreased; duty on sodium cyanide, for
transformers in mobile phone chargers, e-commerce, a simplified regulatory which ample domestic capacity exists,
camera lenses in mobile camera modules, framework will be adopted by June of is being raised - this will help boost
and a few other items will be provided this year. domestic value addition.
to encourage domestic production of Import of fake jewellery will be subject
high-growth electronic products. to a customs duty of at least Rs. 400 per

30 PLASTICS NEWS FEBRUARY 2022