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

PTI

New Delhi, February 1

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’.

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