Budget: The question arises in the minds of the common people that for what the government announces for the budget, where does the government get the revenue from and the revenue that the government receives is spent where it is.
Budget: Union Finance Minister Nirmala Sitharaman will present the budget for the next financial year i.e. 2022-23 on the first date of next month i.e. February 1. This will be the fourth budget of the second term of the Modi government. Budgets are announcements to support the economy along with the details of the government’s earnings and expenditure during the entire financial year. The government announces schemes for the common people. Makes announcements for various sectors. The budget is allocated for various ministries and departments, which use it for various expenditure and schemes throughout the year. In such a situation, the question arises in the minds of the common people that for what the government announces for the budget, from where does the revenue come to the government and the revenue that the government receives, where is it spent.
Budget Terms Explained: Know the meaning of these words before the budget, then it will be easy to understand the speech of the Finance Minister
Highest interest payment
In February last year, the government presented a budget of Rs 35 lakh crore for the current financial year 2021-22. According to the details presented by the government in this, the government gets 36 paise in one rupee from loans and other liabilities, while it spends the most in interest payment. The government estimated to spend 20 paise in one rupee on interest.
This is how the government’s earnings are (accounts for one rupee)
- Borrowings and other liabilities – 36 paise
- GST- 15 paise
- Income Tax – 14 paise
- Corporation tax- 13 paise
- Central Excise Duty – 8 paise
- Taxes from various revenues – 6 paise
- Capital income other than debt – 5 paise
- Customs duty – 3 paise
Budget 2022 Expectations: The agriculture sector, which supports the economy in the epidemic, has high hopes from the budget, veterans gave important suggestions to the Finance Minister
Government money would have been spent like this (Accounts of one rupee)
The government receives revenue, it is spent on various items. According to the budget estimate of the current financial year, the maximum expenditure is incurred in repaying the interest on the loan. Below are the details of how much part in one rupee is estimated to be spent on which things-
- To pay interest – 20 paise
- States’ share in taxes and duties – 16 paise
- Central Sector Schemes – 13 paise
- Finance commission and other transfer – 10 paise
- Center’s sponsored schemes – 9 paise
- Financial assistance – 9 paise
- Defense – 8 paise
- Pension – 5 paise
- Other expenses – 10 paise
(Disclaimer: This budget is for the current financial year. The details of where the government will get revenue and where it will be spent in the upcoming financial year 2022-22 will come out after the presentation of the budget. It is not necessary that In the next financial year also, the figures and ratios of the government’s earnings and expenditure should remain the same as in the current financial year.
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