Corporation tax has highest contribution to Rupee

By Staff
|
Google Oneindia News

New Delhi, Feb 28 (UNI) Out of every Rupee spent this year, corporation tax will be contributing the maximum of 21 paise followed by borrowings and other liabilities and excise at 19 paise and 17 paise respectively.

According to the breakup of the contribution of various sectors to the Rupee, Income-Tax accounts for 13 paise and Customs 12 paise.

Of this, non-tax revenue shares 10 paise, service tax and other taxes is a meagre 7 paise and only 1 paise is the cotribution of the non-debt capital receipts.

As much as 81 paise out of a Rupee will come from different taxes and the rest 19 paise is from borrowings, analysis of the budgetary proposals for 2006-07 shows.

And where does the Rupee go? The highest -- 20 paise of every Rupee -- goes towards the Central Plan and interest repayment in equal measure.

The states' shares of taxes and duties is pegged at 18 paise of a Rupee while Defence gets a substantial 12 paise.

Other non-Plan expenditure stakes claim to 11 paise of the expenditure.

Every seven paise of a Rupee is spent on subsidies and on states and U T Plan assistance.

Thirty per cent of the Rupee flows as transfers to states and Union Territories.

UNI

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