For every Re in govt kitty, 24 paise to come from borrowing

February 28, 2015

New Delhi, Feb 28: For every rupee in government coffer, about one-fourth will come from market borrowing in 2015-16, while 20 paise would be spent towards interest payment.

indian rupee

The government's dependence on debt has remained unchanged at 24 paise in the coming year, reflecting tight situation on revenue collections despite projected better economic outlook.

There has been no change in revenue mobilisation in terms of every rupee earned compared to the current fiscal.

During the current fiscal 63 paise were earned from both direct and indirect taxes, while for the next fiscal the estimate is 62 paise of every one rupee earned.

As per the budget proposals presented by Finance Minister Arun Jaitley in Parliament today, net borrowings of the government in 2015-16 are pegged at Rs 4.56 lakh crore, against Rs 4.53 lakh crore for the last fiscal.

On the expenditure side, the biggest component is interest payments with 20 paise followed by central plan allocation unchanged at 11 paise in 2015-16.

Defence allocation has been increased to 11 paise as compared to 10 paise in the current fiscal.

As the single largest source of revenue income, the collection from corporate tax has been lowered to 20 paise as a percentage of every rupee earned.

Similarly, tax mobilisation from service tax has been reduced to 9 paise against 10 paise in the current fiscal even as the service tax rate has been increased to 14 per cent, from from 12.36 per cent currently.

However, income tax mobilisation will go up marginally to 14 paise as compared to 13 paise in 2014-15 indicating more individual tax payers coming under the tax net.

On indirect tax front, government will earn 19 paise from excise and customs.

"Gross tax receipts are estimated to be Rs 14,49,490 crore. Devolution to the states is estimated to be Rs 5,23,958 crore. Share of Central Government will be Rs 9,19,842 crore. Non Tax Revenues for the next fiscal are estimated to be Rs 2,21,733 crore," he said.

The government intends to earn 10 paise from non-tax revenue like disinvestment while it plans to mobilise 4 paise from non-debt capital receipts.

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News Network
April 26,2024

A 91-year-old woman passed away minutes after casting her vote in Karnataka's Hunsur on Friday, April 26. Hunsur comes under Mysuru Lok Sabha constituency. Despite her advanced age, Puttamma exercised her democratic right.

Voting held on Friday in 14 constituencies in Karnataka. Polling began at 7 am and will ended at 6 pm.

Chende artiste Manohar dies 

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Chende artiste Manohar (58) died of cardiac arrest after exercising his franchise in Kodagu district.

He had cast his vote at B Shettigeri polling station in Ponnampet taluk. Later, Chende artiste Manohar (58) reportedly collapsed after coming out of the polling booth. Though he was rushed to hospital, doctors declared him brought dead.

Ponnampet Tahsildar Mohankumar said “Manohar had come out of the polling booth and collapsed 200 metres away from the booth.

For the uninitiated, Chende (also known as Chenda) is a cylindrical percussion instrument widely used in cultural events in Tulu Nadu of Karnataka and Tamil Nadu in India.

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April 30,2024

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Guwahati: Union Home Minister Amit Shah on Tuesday condemned the alleged sexual abuse of women involving Lok Sabha MP Prajwal Revanna, asserting that the BJP will not tolerate any insult to women.

Revanna (33) is the BJP-JD(S) alliance candidate for Hassan Lok Sabha constituency, which went to polls on April 26.

Earlier in the day, the JD(S) suspended Revanna from the party with immediate effect.

“The issue regarding Revanna that has been reported in the media is very hurtful and cannot be tolerated in any way,” Shah told a press conference here.

“The BJP’s stand is very clear; we will not tolerate any insult to ‘matri aur nari shakti’ (women empowerment),” he asserted.

Some explicit video clips allegedly involving Prajwal Revanna, the grandson of former prime minister H D Deve Gowda, were circulated in Hassan over the last few days.

The home minister said Congress has been alleging that an NDA partner’s candidate is involved in the incident, “but I just want to ask a small question - whose government is there in that state (Karnataka)?”

“The Congress is in power in Karnataka, and this matter must have come to their attention. Why has it not taken any action on it so far? We cannot take any action as law and order is a state issue,” Shah said.

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News Network
May 4,2024

Mangaluru: Dakshina Kannada Deputy Commissioner (DC) Mullai Muhilan MP said that election for the South West Teachers and Graduates constituencies will be held on June 3.

The notification for the same will be issued on May 9. The last date for filing nominations is May 16. The nominations must be submitted to Regional Commissioner in Mysuru and the last date for withdrawal of nomination is May 17.

The counting of votes will be held on June 6.

As of December 30, 2023 there are 6753 voters in DK district in the South West Teachers Constituency out of which 4520 are women. On the other hand, there are 16,869 graduate voters in the district for the South West graduates constituency.

The voters can submit their application for enrollment in electoral list of the South West Teachers and graduates constituency till May 6. The applications can be submitted at Mangaluru City Corporation or all the taluk offices.

Bulk applications can be submitted by Bar Association, Doctors association, Chartered Accountants Association, registered engineers association for the graduates constituency.

Those who are graduates prior to November 11, 2020 can enroll for voters list in the graduates constituency  by submitting Form 18 along with photo copy of marks card, Aadhaar card, voters' identity card and residential address.

For getting oneself enrolled in the teachers constituency voters, an individual should be teaching for minimum three years prior to November 1, 2023 in high school or higher educational institutions.

For the teachers constituency, educational institutions can submit applications in bulk. If wrong details are furnished in these applications, then they will be punishable under Section 31 of Representation of People Act, warned the DC.

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