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How a rupee is earned and spent Thursday, March 1, 2001
NEW DELHI, Feb 28 (Narad Online): The Union government earns major part of every rupee through borrowings and spends biggest portion of every rupee towards interest payment.
27 paise of every rupee earned come from Borrowings whereas Excise brings 19 paise, Customs 12 paise and Non-tax Revenue 16 paise, according to the Union Budget for 2001-02 which the Union Finance Minister presented in Parliament today.
On the other hand, Interest Payments account for 26 paise of every rupee spent followed by expenditure on Defence at 14 paise, Central Plan at 14 paise and States' share of taxes and duties again at 14 paise of every rupee spent.
State's share of taxes, duties and assistance provided to them together account for 23 per cent of the government's expenditure, with nine paise of every rupee earned going into State and Union Territory Plan Assistance.
While corporate tax accounted for 10 paise of every rupee earned this fiscal, income tax collections accounted for nine per cent of the country's earnings in 2001-02.
The government spent up to 12 per cent of its revenue generated on `other non-plan expenditure' in 2000-01 whereas non-plan assistance to states and Union Territories accounted for four paise of every rupee spent during the year.
The subsidy bill accounts for only seven paise of every rupee earned, according to the Union Budget for 2001-02.
On the earnings side, the government mopped up a mere one paisa for every rupee earned under the head of other taxes while non-debt capital receipts accounted for six paise of every rupee earned during the fiscal under review.
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