Rachana Holds Talk on Expert Analysis of Union Budget 2022
Mangaluru: Rachana Catholic Chamber of Commerce and Industry held a talk on “Expert Analysis of Union Budget 2022”, at MCC Bank Premises Hampankatta here on February 11.
The programme began with an invocation. President of Rachana Vincent Cutinha welcomed the gathering. Rachana member Norbert introduced the speaker, Investment Advisor and Partner of Colaco and Aranha Gerard Colaco to the gathering.
Speaking on the union budget 2020, Gerard briefed on the budget and said, “Two vitally important measures of the Indian economy and government finances are the Gross Domestic Product (GDP) and The Gross Fiscal Deficit (GFD). The GDP is the total market value of finished goods and services produced in the country in a given year. The income of local residents from investments made abroad. The income earned by foreigners from the domestic market. The fiscal deficit is simply the extent to which the government has to borrow to meet its expenditure after it has exhausted its income streams”.
Gerard further said, “The government’s massive borrowing programme is likely to crowd out the private sector, even though the Finance minister spoke about crowding in private sector investment in her budget speech. The bad news for FY 2022-23 is that finance costs are bound to arise, both for the government as well as for other borrowers”.
Speaking on the cryptocurrency Gerard said, “Nothing ‘Crypto’ about taxing Cryptos”.
. No indexation benefits when calculating LTCG tax
. The seller has to part with a TDS of 1%
. This gets adjusted against tax liability or can be claimed as a refund, later.
. But this locks up liquidity.
. So, traders are likely to be hit.
. The final results of budgetary efforts will depend mainly upon implementation and outcomes.
. Failing that, it will be left, as usual, to the hard work and efforts of the people of this country to keep its people economic engines running.
Secretary Laveena Monteiro delivered the vote of thanks. Leslie Rego compered the programme.