Sources of Receipt for the Government
Revenue receipts refer to those that the government receives which do not result in a liability or a decrease in the government’s assets. These include receipts for customs, fines, taxes, and non-tax income as well as interest and dividend payments on assets and investments held by the government.
Sources |
Contribution in Percentage |
---|---|
Borrowings & Other Liabilities |
34% |
Goods and Services Tax |
17% |
Income Tax |
15% |
Corporation Tax |
15% |
Union Excise Duties |
7% |
Non-Tax Revenue |
6% |
Non-Debt Capital Receipts |
2% |
Customs |
4% |
Union Budget 2023-24 : Highlights & Analysis
Union Budget 2023-24: The Union Budget is the annual budget of the Indian Union. It is presented every year in February by the Union Finance Minister. It focuses on development that is inclusive of all. It includes people from certain groups and a few regions under Sabka Sath, and Sabka Vikas. It includes Scheduled Castes, Scheduled Tribes, OBCs, farmers, women, EWS and PwDs.
The main goals include boosting farmers’ income and generating job opportunities in rural regions. Additionally, the government plans to allocate Rs. 2 lakh crore for providing free food grains to all priority households as part of the PM scheme. The budget also focuses on the Northeast Region (NER), UTs of J&K and Ladakh. The act also aims to incentivize the private sector. It will help to create jobs and push growth. To increase the capex and raise more revenues via disinvestment, the Government is focusing on ‘Minimum Government, Maximum Governance’.
Table of Content
- Union Budget 2023
- Highlights of Union Budget 2023-24?
- Union Budget 2023-24 Analysis
- Key Takeaways of the Union Budget
- Sources of Receipt for the Government
- Important Schemes and Budgetary Allocations