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Interim Budget 2024-25: Direct, indirect taxes comprise 63 paise of every rupee in govt coffer

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NewsDrum Desk
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New Delhi, Feb 1 (PTI) For every rupee in the government coffer, 63 paise will come from direct and indirect taxes, 28 paise from borrowings and other liabilities, 7 paise from non-tax revenue like disinvestment and 1 paise from non-debt capital receipts, according to the interim Budget 2024-25 documents.

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Of the total, 36 paise will come from direct taxes which include corporate and individual income tax. Income tax will yield 19 paise, while corporate tax will account for 17 paise.

Among indirect taxes, Goods and Services Tax (GST) will contribute the maximum 18 paise in every rupee of revenue. Besides, the government is looking to earn 5 paise out of every rupee from excise duty and 4 paise from customs levy.

The collection from 'borrowings and other liabilities' will be 28 paise per rupee, as per the interim Budget 2024-25 presented in Parliament by Finance Minister Nirmala Sitharaman on Thursday.

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The budget documents provide a fractional break-up for around Re 1 that comes in as well as gets spent.

On the expenditure side, the outlay for interest payments and states' share of taxes and duties stood at 20 paise each for every rupee.

Allocation for defence stands at 8 paise per rupee.

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Expenditure on central sector schemes will be 16 paise out of every rupee, while the allocation for centrally-sponsored schemes is 8 paise.

The expenditure on 'Finance Commission and other transfers' is pegged at 8 paise. Subsidies and pension will account for 6 paise and 4 paise, respectively.

The government will spend 9 paise out of every rupee on 'other expenditures'. PTI BKS DRR HVA

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