Discover the lesser-known source of government income—non-tax revenue! From public sector profits to royalties and fines, this video breaks down how the government generates funds without raising taxes, and how it impacts you and the economy.
The government reduced the fiscal deficit target for FY25 to 4.9 percent of the GDP compared with 5.1 percent
In 2023-24, the Reserve Bank of India transferred a surplus of Rs 87,416 crore to the Centre, significantly higher than what the government had expected to receive
Economists are puzzled with the budget numbers—from nominal GDP assumption to estimates in revenue receipts to disinvestment figures to capex numbers.
At Rs 73,948 crore, the budgeted dividend revenue for FY23 from the central bank and PSU banks is 27.0 percent lower than the revised estimate.
Budget documents released on February 1 show that the government has slashed its budgeted telecom non-tax receipts for 2021-22 by 60 percent to Rs 53,987 crore. In the previous budget (2020-21), the government had set an ambitious revenue target of Rs 1.33 lakh crore but had later revised it to Rs 33,737 crore.
The most charitable interpretation of the Budget is it has lost an opportunity to invigorate the economy.
How India's fiscal deficit target has been achieved does little to boost credibility of the government's fiscal arithmetic
In terms of allocations or polices linked to revenue, there is limited room for major changes as fiscal deficit is sacrosanct
Gaurav Choudhury, Deputy Executive Editor at Moneycontrol explains all you need to know about non-tax revenue and major sources of government for such proceeds.
Watch the video to know where the government gets its revenue from and more.
The Receipts book is the government's record of revenues. All government earnings are clubbed under two heads; tax revenue and non-tax revenue.
The expense account is the record of the government‘s expenses. There are two kind of expenditures; revenue expenditure and capital expenditure.
The fiscal deficit is a measure of the government‘s annual borrowing. The government borrows because its expenses, like those of a household, often exceed income. It raises loans from the market; issues treasury bills and borrows from small savers.
Finance in their Budget speeches have often quoted poets, saints, economists and litterateurs to buttress a given political social and economic context.
Finance Minister Arun Jaitley presented the economic survey, authored by the chief economic adviser, on Tuesday January 31, 2017. It is an official report on the economy and sets the tone for the Union Budget.
Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.
It all begins with the finance minister‘s speech in the Lok Sabha. The Budget is then tabled in parliament. Discussions on the economy and broad Budget measures take place without voting. The parliament then breaks for a three-week recess. Parliamentary Standing Committees give reports on ministries‘ estimates or demands for grants.
The exercise to make the Budget is a long-drawn one. It juggles political pressures, economy‘s priorities and utmost secrecy. Budget work begins in August with a circular to ministries and departments. They reply with details of funds they need.
The government is committed to remain within the defined fiscal goals and is working closely to meet non-tax revenue target, according to a senior government official, reports CNBC-TV18‘s Sapna Das.
Government has collected over Rs 2 lakh crore as non-tax receipts in the current fiscal, with biggest pie coming from the dividends paid by state-owned firms and the Reserve Bank.
Jaitley said he would prefer to lower fiscal deficit by boosting revenues rather than cutting down on expenditure.