New Delhi: For every rupee in the government coffer, 53 paise will come from direct and indirect taxes. The other components in the rupee will be 36 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and five paise from non-debt capital receipts. This information is according to the Union Budget 2021-22 presented Monday in Parliament by Finance Minister Nirmala Sitharaman. The Union Budget also said goods and services tax will contribute 15 paise in every rupee revenue while corporation tax will contribute 13 paise to each rupee earned.
The government is also looking to earn eight paise for every rupee from Union excise duty and three paise from customs duty. Income tax will yield 14 paise to every rupee collection.
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 16 paise. Allocation for the defence stood at eight paise.
Expenditure on central sector schemes will be 14 paise, while the allocation for centrally-sponsored schemes will be nine paise.
The expenditure on the Finance Commission and other transfers is pegged at 10 paise. Subsidies and pension would account for eight paise and five paise, respectively, in each rupee spending. The government will spend 10 paise in every rupee on other expenditures.