Budget 2023: The Center is responsible for the money received! Do you know how the government earns money? – mssewb.org

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Budget 2023: The upcoming budget i.e. the budget for the financial year 2023-24 is very important from two aspects. Firstly, the country has Lok Sabha elections next year i.e. 2024. From that point of view, this year is the last full budget of the ruling ruling party at the center. As a result, this budget has a different political significance. On the other hand, the current international economic situation is turbulent. There is a risk of recession. Inflation is on the rise. The Russia-Ukraine war and the rise of China’s covid infections have created a general sense of uncertainty. As a result, this budget has a different significance in how India can maintain its economic growth rate in that situation. Even if there are no special events, every year’s budget has equal attention at all levels. Just as common citizens see whether the tax rate has increased or decreased in the budget, entrepreneurs, in the industrial sector also see what advantages or disadvantages of investment they have to face. As a result, the budget is a very important event from all sides.

But many people don’t know how to calculate income and expenses in the budget? Or, the central government earns some way. Let’s take a look below to understand more about the budget.
According to the FY22 budget document, the bulk of the country’s Rs 1 revenue comes from debt and other taxes such as GST, corport, IRS.
Let’s say the country’s income is Rs. Now let’s see through which sources this income is coming.-
From Borrowings and other taxes- 35 paise
Goods and Service Tax (GST) – 16 paise
Corporate Tax- 15 paise
Income tax- 15 paise
Excise duty-7 paise
Duty- 5 paise
Non-tax revenue-5 paise
Non-Debt Capital Receipts – 2 paise

What is fiscal deficit?—
The fiscal deficit is the difference between total revenue and total expenditure of the central government. If expenditure exceeds income, the government borrows to cover the gap. But debt is not shown in income.
The proposed budget for the current financial year i.e. FY23 is a total of Rs 3944157 crore. This money is allocated as per requirement.
If the amount allocated is more than the proposed expenditure, the center has to take a loan.

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