Highlights

  • 58% of govt revenues come from taxes
  • 35% of the funds are borrowed by the govt

Latest news

Police arrests `mastermind' of chemist's killing in Amravati

Police arrests `mastermind' of chemist's killing in Amravati

Escorted by Maharashtra CM Shinde, rebel Shiv Sena MLAs return to Mumbai

Escorted by Maharashtra CM Shinde, rebel Shiv Sena MLAs return to Mumbai

 Pulitzer-winning Kashmiri photojournalist stopped from flying abroad

Pulitzer-winning Kashmiri photojournalist stopped from flying abroad

Ukraine video shows Russian warplanes dropping 'phosphorus bombs' on Snake Island

Ukraine video shows Russian warplanes dropping 'phosphorus bombs' on Snake Island

2024 Lok Sabha election: BJP announces host of campaigns

2024 Lok Sabha election: BJP announces host of campaigns

Budget 2022: For every rupee in govt coffer, 58 paise to come from taxes

Government's major source of revenue to come from the taxes, almost 58%.

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'.

Up Next

Budget 2022: For every rupee in govt coffer, 58 paise to come from taxes

Budget 2022: For every rupee in govt coffer, 58 paise to come from taxes

Govt raises taxes on export of ATF, diesel and petrol, RIL & ONGC hit

Govt raises taxes on export of ATF, diesel and petrol, RIL & ONGC hit

World MSME Day: India's MSME industry set for a global introduction

World MSME Day: India's MSME industry set for a global introduction

'Can high rates really bring down inflation?' Fed Chief faces brutal questioning

'Can high rates really bring down inflation?' Fed Chief faces brutal questioning

Explained: Falling global markets and what is the new 'GST' fear

Explained: Falling global markets and what is the new 'GST' fear

Sri Lanka govt employees to get extra leave every week for farming

Sri Lanka govt employees to get extra leave every week for farming

More videos

New LPG connection to get costlier

New LPG connection to get costlier

Watch Fed Chief Powell get quizzed! Can rate hikes really reduce inflation?

Watch Fed Chief Powell get quizzed! Can rate hikes really reduce inflation?

Russia made $98bn in fuel exports in 100 days of Ukraine war

Russia made $98bn in fuel exports in 100 days of Ukraine war

PM Modi's job bonanza: 10 lakh government job opening soon

PM Modi's job bonanza: 10 lakh government job opening soon

Lakhs of housing projects stuck incomplete, which region is the worst?

Lakhs of housing projects stuck incomplete, which region is the worst?

World Bank sharply cuts India GDP growth forecast, raises global recession risk

World Bank sharply cuts India GDP growth forecast, raises global recession risk

RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike

RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike

A 75 km highway built in just 100 hours! A new world record for India

A 75 km highway built in just 100 hours! A new world record for India

RBI Monetary Policy: Hike for sure but will Governor Das be swift or soft?

RBI Monetary Policy: Hike for sure but will Governor Das be swift or soft?

India in talks to buy more oil at a discount from Russia: reports

India in talks to buy more oil at a discount from Russia: reports

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.