Budget 2019: For Every Rupee in Govt Kitty, 68 Paise Will Come From Taxes, Says Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that Goods and Services Tax collections will contribute 19 paise in every rupee revenue.
Image for representation. (Image : Reuters)
New Delhi: For every rupee in the government coffer, 68 paise will come from direct and indirect taxes while states' share of taxes and duties is the single-largest expense head accounting for 23 per cent of total spending, budget documents showed.
According to the Budget for 2019-20 presented in Parliament by Finance Minister Nirmala Sitharaman, Goods and Services Tax collections will contribute 19 paise in every rupee revenue.
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The collection from borrowings and other liabilities will be 20 paise while income tax will yield 16 paise to every rupee collection.
The government intends to earn 9 paise from non-tax revenue like disinvestment, 8 paise from Union excise duty, 4 paise from customs and 3 paise from non-debt capital receipts in the every rupee collection.
On the expenditure side, the biggest outlay component is the states' share of taxes and duties at 23 paise, followed by interest payment at 18 paise.
Allocation for the defence has been kept unchanged at 9 paise.
Expenditure on central sector schemes will be 13 paise, while the allocation for centrally-sponsored schemes will be 9 paise.
The expenditure on the Finance Commission and other transfers is pegged at 7 paise. Subsidies and pension would account for 8 paise and 5 paise, respectively, in each rupee spending.
The government will spend 8 paise on other expenditure.
Recommended For You
- ICJ Orders Pakistan To Grant Consular Access To Kulbhushan Jadav
- Nick Jonas Explains Meaning of 'Saat Pheras' with Priyanka Chopra on US Chat Show
- Priyanka Chopra Posts Special Note to 'J Sister' Sophie Turner After Emmy Nomination
- World Emoji Day: There are New Differently Abled, Food, Animal and Saree Emojis Coming to Your iPhone
- US Lawmakers Call Facebook's Cryptocurrency Plan Crazy And Delusional After Senate Hearing