Which of the following was estimated to contribute the highest to the government's tax revenues according to the Union Budget 2010-11?
-
Income tax
-
Corporation tax
-
Excise
-
Customs
Reveal answer
Fill a bubble to check yourself
B
Correct answer
Explanation
Estimates for financial year 2010-11 made in the Union Budget 2010-11|| |---| |
Profile of Centre's Gross Tax Receipts in 2010-11 (in Rs crore)
|
|||
|---|---|
| Income tax
| 1,20,566
|
| Corporation tax
| 3,01,331
|
| Excise
| 1,32,000
|
| Customs
| 1,15,000
|
| Service tax
| 68,000
|
| Total
| 7,46,651
|
Budget Highlights: Facts to Remember
BUDGET ESTIMATES 2010-11
The Gross Tax Receipts are estimated at Rs. 7,46,651 crore
The Non Tax Revenue Receipts are estimated at Rs. 1,48,118 crore.
The total expenditure proposed in the Budget Estimates is Rs. 11,08,749 crore, which is an increase of 8.6 per cent over last year.
The Plan and Non Plan expenditures in BE 2010-11 are estimated at Rs. 3,73,092 crore and Rs. 7,35,657 crore respectively. Fiscal deficit for BE 2010-11 at 5.5 per cent of GDP, which works out to Rs.3,81,408 crore.
Taking into account the various other financing items for fiscal deficit, the actual net market borrowing of the Government in 2010-11 would be of the order of Rs.3,45,010 crore.
The rolling targets for fiscal deficit are pegged at 4.8 per cent and 4.1 per cent for 2011-12 and 2012-13, respectively.
Disinvestment in PSUs: Presenting budget 2011, finance minister Pranab Mukherjee upped the revenue target from sale of government equity in CPSUs to Rs 40,000 crore in 2010-11 from the targeted Rs 25,000 crore in 2009-10.
Credit support to farmers: Banks have been consistently meeting the targets set for agriculture credit flow in the past few years. For the year 2010-11, the target has been set at Rs. 3,75,000 crore. Incentive of additional one per cent interest subvention to farmers who repay short-term crop loans as per schedule, increased to 2% for 2010-11.
Infrastructure: Rs 1,73,552 crore provided for infrastructure development which accounts for over 46 per cent of the total plan allocation. Allocation for road transport increased from Rs. 17,520 crore in 2009-10 to Rs 19,894 crore in 2010-11. Rs 16,752 crore provided for Railways, which is about Rs.950 crore more than last year.
Social sector spending: The spending on social sector has been gradually increased to Rs.1,37,674 crore in 2010-11, which is 37% of the total plan outlay in 2010-11.
Education: Plan allocation for school education increased by 16 per cent from Rs.26,800 crore in 2009-10 to Rs.31,036 crore in 2010-11. In addition, States will have access to Rs.3,675 crore for elementary education under the Thirteenth Finance Commission grants for 2010-11.
Health: Plan allocation to Ministry of Health & Family Welfare increased from Rs 19,534 crore in 2009-10 to Rs 22,300 crore for 2010-11.
Financial Inclusion
Appropriate Banking facilities to be provided to habitations having population in excess of 2000 by March, 2012
Insurance & other services will be provided using the 'Business Correspondent' model. By this arrangement, it is proposed to cover 60,000 habitations.
Augmentation of Rs.100 crore each for the Financial Inclusion Fund (FIF) and the Financial Inclusion Technology Fund, which shall be contributed by Government of India, RBI and NABARD.
Rural Development
Rs. 66,100 crore provided for Rural Development.
Allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme stepped up to Rs.40,100 crore in 2010-11.
An amount of Rs.48,000 crore allocated for rural infrastructure programmes under Bharat Nirman.
Unit cost under Indira Awas Yojana increased to Rs.45,000 in the plain areas and to Rs.48,500 in the hilly areas. Allocation for this scheme increased to Rs.10,000 crore.
Allocation to Backward Region Grant Fund enhanced by 26 per cent from Rs.5,800 crore in 2009-10 to Rs 7,300 crore in 2010-11.
Additional central assistance of Rs 1,200 crore provided for drought mitigation in the Bundelkhand region.
Urban Development and Housing
Allocation for urban development increased by more than 75 per cent from Rs.3,060 crore to Rs.5,400 crore in 2010-11.
Allocation for Housing and Urban Poverty Alleviation raised from Rs.850 crore to Rs. 1,000 crore in 2010-11.
Scheme of one per cent interest subvention on housing loan upto Rs. 10 lakh, where the cost of the house does not exceed Rs.20 lakh — announced in the last Budget — extended up to March 31, 2011. Rs.700 crore provided for this scheme for the year 2010-11.
Rs. 1,270 crore allocated for Rajiv Awas Yojana in 2010-11 as compared to Rs.150 crore last year.
Micro, Small & Medium Enterprises
Allocation for the sector to be increased from Rs. 1,794 crore in 2009-10 to Rs.2,400 crore for the year 2010-11
The corpus for Micro-Finance Development and Equity Fund doubled to Rs.400 crore in 2010-11.
Unorganised Sector
National Social Security Fund for unorganised sector workers to be set up with an initial allocation of Rs.1000 crore. This fund will support schemes for weavers, toddy tappers, rickshaw pullers, bidi workers etc.
Rashtriya Swasthya Bima Yojana benefits extended to all such Mahatma Gandhi NREGA beneficiaries who have worked for more than 15 days during the preceding financial year.
A new initiative, “Swavalamban” will be available for persons who join New Pension Scheme (NPS), with a minimum contribution of Rs.1,000 and a maximum contribution of Rs.12,000 per annum during the financial year 2010-11, wherein Government will contribute Rs. 1,000 per year to each NPS account opened in the year 2010-11. Allocation of Rs.100 crore made for this initiative.
Skill development
National Skill Development Corporation has approved three projects worth about Rs 45 crore to create 10 lakh skilled manpower at the rate of one lakh per annum
An extensive skill development programme in the textile and garment sector to be launched by leveraging the strength of existing institutions and instruments of the Textile Ministry to train 30 lakh persons over 5 years.
Social Welfare
Mahila Kisan Sashaktikaran Pariyojana to meet the specific needs of women farmers to be launched with a provision of Rs 100 crore as a sub-component of the National Rural Livelihood Mission.
Plan outlay of the Ministry of Social Justice and Empowerment enhanced by 80 per cent to Rs.4500 crore. With this enhancement, the Ministry will be able to revise rates of scholarship under its post-matric scholarship schemes for SCs and OBC students.
Plan allocation for the Ministry of Minority Affairs increased by 50 per cent from Rs. 1,740 crore to Rs.2,600 crore for the year 2010-11.
Security and Justice
Allocation for Defence increased to Rs. 1,47,344 crore including Rs 60,000 crore for capital expenditure.
Government has approved the setting up of the National Mission for Delivery of Justice and Legal Reforms to help reduce legal backlog in courts from an average of 15 years at present to 3 years by 2012.