Budget: For every rupee in govt coffers, 19 paise to come from borrowing, says Jaitley
According to Budget 2017 documents presented in Parliament on Wednesday by finance minister Arun Jaitley, 68 paise will be earned through direct and indirect taxes during the next fiscal.union budget Updated: Feb 01, 2017 15:40 IST
For every rupee in the government coffers, 19 paise will come from market borrowing in the fiscal 2017-18 and 18 paise will be spent towards interest payment.
According to Budget 2017 documents presented in Parliament on Wednesday by finance minister Arun Jaitley, 68 paise will be earned through direct and indirect taxes during the next fiscal.
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 reduced to 9 paise compared to 10 paise in the current fiscal.
As the single largest source of revenue, the collection from corporate tax has been pegged at 19 paise as a percentage of every rupee earned. Similarly, tax mobilisation from service tax has been fixed at 10 paise.
However, income tax mobilisation for the next fiscal has been raised to 16 paise from 14 paise this year.
On indirect tax front, the government will earn 23 paise from excise and customs against 21 paise in the current fiscal year. The government intends to earn 10 paise from non-tax revenue like disinvestment, while it plans to mobilise 3 paise from non-debt capital receipts.