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Tuesday 28 January 2020

For every Re in govt kitty, 19 paise to come from borrowing

New Delhi: For every rupee in the government coffer, 19 paise will come from market borrowing and other liabilities in 2018-19, even as it will spend 18 paise towards interest payment.

According to the Budget 2018-19 presented in Parliament today by Finance Minister Arun Jaitley, 70 paise will come from direct and indirect taxes for the every rupee earned.

On the expenditure side, the biggest component is states’ share of taxes and duties at 24 paise and interest payment of 18 paise.

Allocation towards defence has been kept unchanged 9 paise.

As the single largest source of revenue, the collection from Goods and Services Tax (GST) has been pegged at 23 paise as a percentage of every rupee earned.

Similarly, tax mobilisation from corporation tax has been fixed at 19 paise.

Income tax mobilisation for the next fiscal has been kept at 16 paise. The government will earn 4 paise from custom in the next fiscal.

The government intends to earn 8 paise from non-tax revenue like disinvestment, while it plans to mobilise 3 paise from non-debt capital receipts.

PTI

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