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Revenue Budget

About Revenue Budget

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What is Revenue Budget

The revenue budget consists of revenue receipts of the Government of India and the expenditure met using that revenue. The revenue budget details the sources from where the revenue is coming to the government. The government's sources for revenue are tax collected from people and corporations. The government also makes investments through various instruments and receives interest and dividends on those. Its non-tax revenue includes the disinvestments that the government does in the companies where it holds stakes. This also accounts for the revenue for the government. 
 
According to the Budget Estimates of 2019-20, the revenue receipts of the government are likely to come around Rs 19,62,761 crore. Of this, Rs 16,49,582 crore is expected to come in the form of tax revenue and the remainder as non-tax revenue. According to the BE of 2019-20, the corporation tax should generate a revenue of Rs 7,66,000 crore for the government. Income tax, on the other hand, may come close to Rs 5,69,000 crore. The government can have Rs 1,55,904 crore via customs duty in its coffers. The revenue through GST collection for Budget estimate 2019-2020 may come around Rs 6,63,343 crore. 
 
In the non-tax segment, the total for interest receipts, dividends and profits is expected at Rs 1,77,239 crore. Fiscal services, general services, social and community services, and economic services may amount to Rs 1,32,783 crore.

Source of Tax Revenue
 
The government generates its revenue from taxes and several other non-tax revenue sources. Tax is one of the major sources of revenue for the government to carry out its work. Tax revenue can be classified into a few major categories — corporation tax, tax on income, Customs, Union excise duties, service tax, and several others.
 
Corporation tax is the biggest source of revenue for the government. Public and private companies registered under the Companies Act, 1956, are liable to pay corporation tax. Corporation tax is levied on the net income of the company. The collection, surcharge, cess and other receipts make up the huge chunk of the revenue.
 
Tax on income is the other source of income for the government. Tax is levied on salaried persons and they are categorised in several tax brackets with different tax rates. The tax on income includes collections, surcharges, Securities Transaction Tax (STT), and other such kinds of charges.
 
Wealth tax includes tax on real estate, tax on other kinds of wealth, and gift tax. The revenue generated by custom duties include import duties, basic duties, and duties levied on specific items. Cess on export and export duties also contribute to the same. The union excise duties levied on several items also contribute to the tax revenue.

Latest Updates on Revenue Budget

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Updated On: 01 Feb 2023 | 4:37 PM IST

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Updated On: 01 Feb 2023 | 4:30 PM IST

Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1

Updated On: 31 Oct 2022 | 7:40 PM IST

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Updated On: 14 Oct 2022 | 12:08 AM IST

A 500-company sample of Q3 results, including many of the private sector majors, shows signs of inflation impacts

Updated On: 03 Feb 2022 | 12:27 AM IST

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Updated On: 02 Feb 2022 | 9:00 AM IST

Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights

Updated On: 01 Feb 2022 | 8:37 PM IST

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Updated On: 30 Jan 2022 | 11:48 PM IST

FinMin also exploring the option of rationalising capital gains tax rates

Updated On: 20 Jan 2022 | 6:03 AM IST

A faster growth projection may cause inflation concerns, say officials

Updated On: 17 Jan 2022 | 6:04 AM IST

Provisional actuals of the Budget for 2020-21 have once again varied sharply from the revised estimates. The variation provides fiscal cushion, but also raises several questions

Updated On: 03 Jun 2021 | 5:15 PM IST

Here is the full text of the memorandum of the Finance Bill as tabled in Lok Sabha by Finance Minister Nirmala Sitharaman

Updated On: 01 Feb 2021 | 5:13 PM IST

Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights

Updated On: 02 Feb 2021 | 12:29 PM IST

Experts say the terms mirror the govt's intentions, priorities and policies and provide a hint of financial resources among various sectors

Updated On: 31 Jan 2021 | 7:57 PM IST

BUDGET SESSION 2021 LIVE UPDATES: Finance Minister Nirmala Sitharaman tabled Economic Survey today. Stay tuned for LIVE updates on Budget session of the Parliament

Updated On: 29 Jan 2021 | 9:07 PM IST

The report of 15th Finance Commission, which will be released along with the Budget, will pave way for tax revenue sharing in coming years

Updated On: 12 Jan 2021 | 12:48 PM IST

FC's final report should mirror the interim award

Updated On: 06 Feb 2020 | 12:42 AM IST

Waiver from interest and penalty if paid by March 31; estimated value of contested money over Rs 5 trillion

Updated On: 01 Feb 2020 | 11:53 PM IST

The government has wasted the chance to firmly establish its reform credentials

Updated On: 02 Feb 2020 | 2:02 AM IST

On January 6, he held a series of meetings with Indian Inc, economists and experts on the Union Budget for 2020.

Updated On: 01 Feb 2020 | 10:05 AM IST