New Delhi :

Out of every rupee of the Government of India's earnings, 34 paise comes through borrowings and liabilities, while the Goods and Services Tax contributes 17 paise.

This information has been received from the Union Budget of 2023.

Along with this, income tax and corporation tax contribute 15 paise to every rupee earned every year.

At the same time, seven and four paise come from central excise and customs duty respectively.

After this, the remaining eight paise comes from non-tax receipts and non-debt capital receipts. 

According to the Union Budget 2023, the outstanding internal and external debt and other liabilities of the Center for the financial year 2023-24 are estimated at Rs 1,69,46,666.85 crore.

On the other hand, GST is estimated to increase by 12 percent from Rs 8,54,000 crore to Rs 9,56,600 crore in 2023-24. 

Income tax is paid by only a small part of India's population.

It is expected to cross Rs 9 lakh crore in 2023-24.

There is corporation tax on the income of companies, it is expected to be Rs 9,22,675 crore by March 2024. 

These two taxes together with the total debt and liabilities contribute 64 per cent to the total income of the government, which is Rs 45 lakh crore in 2023-24. 

Where does one rupee go?

The annual income of the government has a high percentage of debt and liabilities.

However, this also means that the interest payment is 20 per cent of the expenditure in 2023-24. 

In other words, out of every rupee spent by the government, 20 paise goes towards repayment of loans and liabilities. 

The second largest share of expenditure for the Center is sharing the revenue earned from taxes and duties with the states, it is 18 per cent.

The total amount to be shared with the states is Rs 10.21 lakh crore for the financial year 2023-24, which is 41 per cent of the total net proceeds of shareable central taxes, as per the recommendations of the 15th Finance Commission. 

According to the Union Budget 2023, the states of UP and Bihar will be given about 28 percent of the total share of central taxes and duties. 

Central sector schemes (17 per cent) and centrally sponsored schemes (9 per cent), which are 100 per cent centrally funded and partially centrally funded, respectively, account for more than one-fourth of total government expenditure.

In terms of one rupee, 26 paise goes in these schemes. 

Defense budget is the largest sectoral expenditure in the Indian budget.

Eight paise out of every rupee spent by the Center goes to the defense budget.

The defense budget in 2023 is Rs 5.94 lakh crore, which is 13.2 percent of the total budgeted expenditure of the Centre.

At least seven paise will go in subsidy, it is one paise less than in 2022-23.

In the Union Budget, the Center has cut expenditure on food, fertilizers and petroleum by 28 per cent as compared to the Revised Estimates for the current fiscal. 

Featured Video Of The Day

Cracks are increasing in Doda, cracks in more than 20 houses