Budget 2021 Live from Parliament, Union Budget 2021-22 Live Updates: 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 has always tried to make compliance easier for taxpayers by means of technology upgradations.
Budget 2021 Announcements, Union Budget 2021 Announcements, Budget 2021 News: For every rupee in the government coffer, 53 paise will come from direct and indirect taxes, 36 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 5 paise from non-debt capital receipts.
According to the Union Budget 2021-22 presented in Parliament by Finance Minister Nirmala Sitharaman on Monday, 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 8 paise for every rupee from Union excise duty and 3 paise from customs duty. While, income tax will yield 14 paise to every rupee collection.
The collection from borrowings and other liabilities will be 36 paise, as per the Budget 2020-21. 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 8 paise. Expenditure on central sector schemes will be 14 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 would account for 8 paise and 5 paise, respectively, in each rupee spending. The government will spend 10 paise in every rupee on other expenditures.