Budget Explained: Where does India collect each rupee of revenue from?
India is set to witness the Narendra Modi government's first Union Budget after the 2024 general elections, with Union Finance Minister Nirmala Sitharaman scheduled to present what will be her seventh Union Budget in Parliament on July 23. Sitharaman will create history by becoming the first finance minister of the country to present the annual document for the seventh time in a row, surpassing former finance minister Morarji Desai's record of six.
India is set to witness the Narendra Modi government's first Union Budget after the 2024 general elections, with Union Finance Minister Nirmala Sitharaman scheduled to present what will be her seventh Union Budget in Parliament on July 23. Sitharaman will create history by becoming the first finance minister of the country to present the annual document for the seventh time in a row, surpassing former finance minister Morarji Desai's record of six. All eyes will be on the finance minister's speech in Parliament amid hopes for economic reforms and expectations of income tax sops. The full-year Budget in July will follow an Interim Budget presented in February in the election year.
As the country awaits the upcoming Union Budget, due on July 23, here's a summary of where Government of India generates revenue from:
This is where every rupee that Government of India earns comes from
![This is where every rupee that Government of India earns comes from This is where every rupee that Government of India earns comes from](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304823-july15budgetdocwheremoneycomesfrom.jpg)
First things first, take a look at the country's Budget Profile
![First things first, take a look at the country's Budget Profile First things first, take a look at the country's Budget Profile](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304831-july15budgetdocbudgetprofile.jpg)
Part of India's official Budget documents, the Budget Profile page provides a concise summary of the country's key fiscal aspects and allocations. All in all, it serves as a condensed overview that allows policymakers, analysts, and the public to grasp the fiscal strategy and priorities of the government for the upcoming financial year.
Out of every rupee collected, about 5 paise come from central excise duties
![Out of every rupee collected, about 5 paise come from central excise duties Out of every rupee collected, about 5 paise come from central excise duties](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304807-rupeepexels-pixabay.jpg)
4 paise come from customs duties
![4 paise come from customs duties 4 paise come from customs duties](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304810-rupeepexels.jpg)
7 paise come from sources other than taxes
![7 paise come from sources other than taxes 7 paise come from sources other than taxes](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304811-rupeepexels.jpg)
Direct taxes account for 36 paise
![Direct taxes account for 36 paise Direct taxes account for 36 paise](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304812-pexels-disha-sheta-3521353.jpg)
Indirect taxes account for 27 paise
![Indirect taxes account for 27 paise Indirect taxes account for 27 paise](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304813-rupeepexels-2.jpg)