By Goutam sil
February 02, 2024
India is a great country. First Feb, 2024, announced budget 2024 by Finance Minister Nirmala Sitharaman. But every budget comes with a plan of earnings and expenditures. In this story, I will show you the budget 2024 earnings and expenditure ratio in “%”.
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1. 19% of Earnings comes from income tax. This tax is collected from Indian citizens, Which has doubled in the last decades.
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2. Borrowing and Liabilities are another source of our country's capital. In Budget 2024 it’s around 28%. But we should reduce this as much as possible. 3. 7% comes from Non-tax receipts / Non-taxable income.
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4. Non-debt capital receipts give 1%. 5. Customs provide 4% which comes from customs duty. 6. GST and other taxes provide 18%. We all know this term, whenever we buy or sell anything we pay GST on the product.
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7. Corporation tax earns 17% of the total revenue of budget 2024. 8. The rest 5% comes from Union Excise duties.
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1. 4% goes to pension. This money goes to retired government employees. 2. Interest payment takes a very large part of the earnings. That is why we should expense our borrowings in earnable projects. The percentage is 8%.
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3. 8% goes to centrally sponsored schemes. 4. Subsidies take 6% of the budget. This money goes to all poor and subsidy-eligible persons.
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5. Defence is one of the most important parts of our country. This takes 8%. 6. 16% takes central sector schemes. 7. 8% goes to Finance commission and other transfers.
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8. The state’s share of taxes and duties is 20%. This is an important earning source for any state government. 9. The remaining 9% takes other expenses. I hope this information will help you to understand the budget 2024 well.
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