For every rupee that the Government of India earns, 34 paise comes from borrowings. And liabilities while Goods and Services Tax contributes 17 paise.
New Delhi: For every rupee that the Indian government earns. 34 paise comes through borrowing. And liabilities while Goods and Services Tax (GST) contributes 17 paise. The 2023 Union Budget revealed.
The Income Tax and Corporation Tax Centers add 15 paise to every rupee of income earned every year. While the Union Excise Duty and Duty add seven and four paise respectively.
The remaining eight paise comes from non-tax receipts and non-debt capital receipts.
These two taxes, along with total debt and liabilities. Contribute to 64 per cent of the government’s total revenue. Which stands at ₹45 lakh crore in 2023-24.
Non-tax revenue, estimated at ₹3,01,650 crore in 2023-24 — a 15.2 per cent increase over the revised estimate for 2022-23. Adds six per cent to the Centre’s coffers.
Debt and liabilities are a high percentage of the government’s annual income, yet. meaning interest payments are 20 per cent of expenditure in 2023-24.
In other words: 20 paise for every dollar the government spends goes to pay off debt and liabilities.
The second largest share of expenditure. For the Center is sharing the revenue earned from taxes and duties with the states – 18 percent. The total amount to be shared with the states for the financial year 2023-24 is ₹10.21 lakh crore. Which is 41 per cent of the total shareable central tax revenue. As recommended by the 15th Finance Commission.
The states of UP and Bihar will get about 28 percent of the total share of central taxes and duties. According to Union Budget 2023. Central sector schemes (17 per cent) And. sponsored (9 per cent), which are 100 per cent centrally-funded. And partially centrally-funded respectively, account for more. Than one-fourth of the total government expenditure. In terms of one rupee, 26 paisa goes to these schemes
Defence, which is the single-largest sectoral expenditure in the Indian budget. Accounts for eight paisa for every rupee spent by the Centre. The defense budget stands at ₹5.94 lakh crore in 2023, which is 13.2 percent of the. Total budgetary expenditure of the Centre.
At least seven paise will go to subsidies, one paise less than in 2022-23. In the Union Budget, the Center has reduced expenditure on food, fertilizers. And petroleum by 28 per cent compared to the revised estimates. For the current financial year.
