 "Sitharaman, Union Budget, inteirm budget, budget 2024")
Finance Minister Nirmala Sitharaman on Thursday announced her sixth Budget in a row. In her Budget speech, FM Sitharaman stuck to the path of fiscal consolidation. She announced that the Centre expects the fiscal deficit to come at 5.8 per cent in the current year and fall to 5.1 per cent in 2024-25.
She, however, did not announce any changes to the direct or indirect tax slabs for the common person. Sitharaman said that the Centre has, in the past, "reduced and rationalised tax rates", adding that the focus has been to improve taxpayer services.
Now, it always interests the common man to know where the government gets its money from and where it spends it. The Interim Budget 2024 showed the statistics.
Interim Budget: Where does the rupee come from?
The highest proportion of the total receipts is received from Borrowings and Other liabilities. According to the Budget document, this accounts for 28 per cent of the total income.
It is followed by 19 per cent from Income Tax and 18 per cent from Goods and Services Tax (GST). Seventeen per cent of the total receipts is from Corporation tax, and another 7 per cent comes from non-tax receipts.
The Union Excise Duties and Customs account for 5 per cent and 4 per cent, respectively.
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One per cent comes from Non-debt Capital receipts.
Interim Budget: Where does the rupee go?
According to the Budget, the maximum expenditure is done towards Interest Payments and the state's share of tax duties. Both of these categories account for 20 per cent of the total spending.
These are followed by expenditures towards Central Sector Schemes (16 per cent) and Other Expenditure (9 per cent).
The Defence sector, Central Sponsored schemes and Finance Commission each account for 8 per cent of the total expenditure. The subsidies make up to 6 per cent of all spending and 4 per cent is spent on Pensions.
