Budget 2022 Update: Union Finance Minister Nirmala Sitharaman presented the General Budget- 2022 in Parliament today.
During this, he presented a budget of Rs 39.45 lakh crore. Where will the money come from in this budget and where will it go? Let’s tell.
Union Finance Minister Nirmala Sitharaman presented the budget in Parliament. During this he made many announcements. The Finance Minister presented a budget of Rs 39.45 lakh crore for the financial year 2022-23. We are going to tell you complete information about where the money will come from and where it will go in this budget.
Where Will The Money Come From?Â
1. 36 percent from debts and liabilities.
2. 15 percent from the Goods and Services Tax (GST).
3. 14 percent from income tax.
4. 13 percent from corporate tax.
5. Eight per cent from Central Excise Duty.
5. Six per cent from non-tax revenue.
6. Five per cent from non-debt capital.
7. Three per cent from customs duty.
Where Will The Money Be Spent?
1. 20 percent on interest payment.
2. 16 per cent on the states’ share in taxes and duties.
3. 14 percent on the regional plans of the central government.
4. 10 per cent on Finance Commission and other transfers.
5. 10 per cent on other expenditure.
6. 9 percent on centrally sponsored schemes.
7. Eight percent on subsidy.
8. Eight percent on the defense sector.
9. Five per cent on pension.
Let us tell you that as part of Finance Minister Nirmala Sitharaman’s 2022 budget speech, the major announcements include spectrum auction, which will be conducted in 2022 by private firms to launch 5G mobile services within 2022-23.
In a major move, the minister announced a 30% tax on the income of digital assets. Along with this, he has announced to give 2 years time to rectify the mistake in ITR.
