For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
Oneindia App Download

For every rupee in govt kitty, 64 paise come from taxes, borrowings contribute 20 paise

By
|
Google Oneindia News

New Delhi, Feb 02: For every rupee in the government coffer, 64 paise will come from direct and indirect taxes, while states' share of taxes and duties is the single-largest expense head accounting for 20 per cent of the total spending, Budget documents showed.

According to the Union Budget 2020-21 presented in Parliament by Finance Minister Nirmala Sitharaman on Saturday, goods and services tax collections will contribute 18 paise in every rupee revenue. Corporation tax will contribute 18 paise to each rupee earned.

For every rupee in govt kitty, 64 paise come from taxes, borrowings contribute 20 paise

The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection. The government intends to earn 10 paise from non-tax revenue like disinvestment, 7 paise from Union excise duty, 4 paise from customs duty and 6 paise from non-debt capital receipts out of every rupee collection.

Budget 2020: Startups hail tax changes, say will help attract, retain talentBudget 2020: Startups hail tax changes, say will help attract, retain talent

On the expenditure side, the biggest outlay component is the states' share of taxes and duties at 20 paise, followed by interest payment at 18 paise. Allocation for the defence has been reduced to 8 paise from 9 paise. Expenditure on central sector schemes will be 13 paise, while the allocation for centrally-sponsored schemes will be 9 paise.

The expenditure on the Finance Commission and other transfers is pegged at 10 paise. Subsidies and pension would account for 6 paise and 6 paise, respectively, in each rupee spending. The government will spend 10 paise on other expenditure.

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X