Is it true that capital gains tax on equities has been reduced in Budget 2022?

If the markets were disappointed there was no mention about scrapping of LTCG tax, there is something to celebrate about. In Union Budget 2022, the government provided a ceiling on the surcharge on LTCG tax at 15%. As a result, the long term capital gains tax impact on equities will now be capped at 11.5% overall including surcharge. This is likely to reduce the overall impact of LTCG tax for persons in the higher income groups.