Budget 2022: For Every Rupee In Govt Coffer, 58 Paise To Come From Taxes

 

New Delhi- For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 35 paise from borrowings and other liabilities, 5 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2022-23.

According to the Union Budget 2022-23 presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday, goods and services tax will contribute 16 paise in every rupee revenue, while corporation tax will contribute 15 paise to each rupee earned.

The government is also looking to earn 7 paise for every rupee from Union excise duty and 5 paise from customs duty. Income tax will yield 15 paise to every rupee collection.

The collection from 'borrowings and other liabilities' will be 35 paise, according to the Budget 2022-23.

On the expenditure side, the biggest outlay component is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 17 paise.

Allocation for the defence stood at 8 paise.

Expenditure on central sector schemes will be 15 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 will account for 8 paise and 4 paise, respectively, in each rupee spending.

The government will spend 9 paise in every rupee on 'other expenditures'.

Follow this link to join our WhatsApp group: Join Now

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS