Which state has the highest budget in India?
Among the major states, Uttar Pradesh tops the list, spending Rs 5.31 lakh crore on infrastructure development from FY19 to FY23, followed by India's largest economy, Maharashtra, which invested Rs 4.39 lakh crore in CAPEX.
The Ministry of Defence (MoD) continues to receive the highest allocation among the Ministries. The budgetary allocation to Defence for FY 24-25 is higher by approx. one lakh crore (18.35%) over the allocation for the FY 2022-23 and 4.72% more than allocation of FY 23-24.
The Revised Estimate of the total expenditure is Rs 44.90 lakh crore. The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
How and why does spending differ across states? State and local governments spent $10,540 per capita in 2020, but per capita direct spending varies widely across states. Among the states, Alaska had the highest per capita state and local spending in 2020 at $17,374, followed by Wyoming ($15,641) and New York ($15,373).
Of these, the Ministry of Defence has the highest allocation in 2022-23, at Rs 5,25,166 crore. It accounts for 13.3% of the total budgeted expenditure of the central government.
Defence: The Ministry of Defence has been allocated Rs 5,93,538 crore which is the largest across all ministries and accounts for over 13% of the total expenditure of the central government. Over the last decade, the expenditure of the Ministry as a percentage of GDP has reduced.
The gross collection encompasses CIT at ₹7,90,049 crore, and PIT including STT, at ₹8,02,902 crore. Advance tax collections for FY 2023-24 are reported at ₹6,25,249 crore, indicating a substantial growth of 19.94% compared to the previous fiscal year. This includes CIT at ₹4,81,840 crore and PIT at ₹1,43,404 crore.
The state governments impose income tax on agricultural income, state excise duty, professional tax, land revenue and stamp duty. The local bodies are allowed to collect octroi, property tax, and other taxes on various services like water and drainage supply.
Zero-based budgeting (ZBB) is a budgeting technique in which all expenses must be justified for a new period or year starting from zero, versus starting with the previous budget and adjusting it as needed.
India is the largest lower-middle-income country, accounting for almost 18% of the world's population.
Which sector has the highest budget?
Interim Budget 2024: The Ministry of Defence has received the lion's share in the Interim Budget with an allocation of ₹6.2 lakh crore.
Kerala have been a role model for the entire country with our social infrastructure such as literacy (96%), life expectancy (75.2 years), higher health indices, modernized social security, excellent law and order mechanism, ideal tourism infrastructure (winner of PATA Gold Awards, recognized biodiversity by UN, one of ...
Kerala is the least impoverished state in India according to NITI Aayog's Sustainable Development Goals dashboard and Reserve Bank of India's 'Handbook of Statistics on Indian Economy'. Kerala is the second-most urbanised major state in the country with 47.7% urban population according to the 2011 Census of India.
Karnataka tops this list, as the southern state has posted the highest CAGR of 14.7 per cent. Karnataka's per capita income has surged 294 per cent from Rs 76,578 in FY13 to Rs 3.02 lakh in FY23. It is followed by its neighbour and another south Indian state Telangana.
When it comes to the most affordable best state to live in USA, Mississippi takes the crown as the cheapest state. With a cost of living index of 85, it offers residents a significant economic advantage. Following closely behind as the best state to live in USA is Oklahoma, with a cost of living index of 85.8.
In terms of allocations, the Ministry of Defence received the highest amount at ₹6.2 lakh crore followed by the Ministry of Road Transport and Highways at ₹2.78 lakh crore. On the other hand, the Agriculture Ministry got the lowest amount at ₹1.27 lakh crore.
Answer: Since 2016, the Union Budget has been presented on 1 February every year to be materialised before the start of the next fiscal year in April. Answer: The current Finance Minister of Independent India is Nirmala Sitharaman.
Status of Defense Budget
The Union Budget for Financial Year 2023-24 envisages a total outlay of Rs 45,03,097 crore. Of this, the Ministry of Defence has been allocated a total Budget of Rs 5,93,537.64 crore, which is 13.18 % of the total budget. This includes an amount of Rs 1,38,205 crore for Defence Pensions.
Budget Estimates 2023-24:
The net tax receipts are estimated at Rs 23.3 lakh crore. The fiscal deficit is estimated to be 5.9 per cent of GDP. To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
Conclusion. The major sources of revenue for the Indian government are the GST and income tax. Both sources of taxation account for roughly 90 per cent of the government's overall revenue. GST contributed about 57 per cent of overall tax revenue in 2021-22.
What is the largest revenue in India is obtained from?
Detailed Solution. The correct answer is Direct Taxes. When goods are produced within the country excise tax is levied. The largest revenue of the central government comes from the Excise tax.
But the residents of Sikkim, a small state in northeastern India, are exempted from to paying income tax. As per the Article 372 (f) of the Indian Constitution, people living in Sikkim have to pay no income tax. In 1975, Sikkim merged with India under the condition that it would maintain its special status.
Himachal Pradesh has one of the lowest rates in India. Karnataka has the highest tax rate in India, at 14.43%.
The Ministry of Finance is the prime authority that announces changes in the income tax slab during the country's annual budget which is presented on 1 February. However, there's one Indian state that is exempted from paying income tax--it is Sikkim.
The federal government funds a variety of programs and services that support the American public. The government also spends money on interest it has incurred on outstanding federal debt, including Treasury notes and bonds. In 2023 the federal government spent $6.13 trillion, with the majority spent on Social Security.
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