Budget 2023: Direct, indirect taxes comprise 58 paise of every rupee in government coffer
By Team Newsable | First Published Feb 1, 2023, 4:03 PM ISTAs per the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, Goods and Services Tax (GST) will contribute 17 paise in every rupee of revenue, while corporation tax will account for 15 paise.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24.
According to the Union Budget that Finance Minister Nirmala Sitharaman delivered to Parliament on Wednesday, corporation tax will generate 15 paise for every rupee of income, with the Goods and Services Tax (GST) providing 17 paise.
Latest Videos
The government is also looking to earn 7 paise out of every rupee from excise duty and 4 paise from customs duty. Income tax will yield 15 paise. The collection from 'borrowings and other liabilities' will be 34 paise, according to the Budget 2023-24.
In terms of expenditures, the states' share of taxes and charges comes in second at 18 paise for every rupee, followed by interest payments at 20 paise.
Allocation for defence stands at 8 paise. Expenditure on central sector schemes will be 17 paise out of every rupee, while the allocation for centrally-sponsored schemes is 9 paise.
The expenditure on 'Finance Commission and other transfers' is pegged at 9 paise. Subsidies and pension will account for 9 paise and 4 paise, respectively. The government will spend 8 paise out of every rupee on 'other expenditures'.
(With inputs from PTI)
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.