Economy News

budget 2023 direct indirect taxes: Budget 2023: direct and indirect taxes account for 58 paise for every rupee in government coffers – Mintpaisa

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowing and other liabilities, 6 paise from non-tax revenue like divestment and 2 paise from non-debt related capital revenue, according to the budget documents. for 2023-24. According to the Union Budget presented to Parliament by Finance Minister Nirmala Sitharaman on Wednesday, the Goods and Services Tax (GST) will contribute 17 paise to every rupee of income, while the corporation tax will account for 15 paise.

The government also seeks to earn 7 paise on every rupee from excise duties and 4 paise from customs duties. Income tax will yield 15 paise.

The collection of “loans and other debts” will be 34 paise, according to the 2023-24 budget.

On the expenditure side, the largest expenditure is interest payments at 20 paise for every rupee, followed by state taxes and duties at 18 paise.
The defense allowance is 8 paise.

The expenditure for central sector schemes will be 17 paise for every rupee, while the allowance for central sponsored schemes is 9 paise.

Expenditure under the “Finance and Other Transfers Commission” is set at 9 paise. Grants and pension will be 9 paise and 4 paise respectively.

The government will spend 8 paise for every rupee on “other expenses”.


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