Finance Minister Pranab Mukherjee indicated bold tax reforms and as a first step has done away with Fringe Benefit Tax, Commodities Transaction Tax and the 10 per cent surcharge on Personal Income Tax.
The following is glance at the Government's receipts and expenditure as proposed in the Budget 2009-10:
RECEIPTS: BUDGET ESTIMATES (cr)
1. Corporate Tax Rs 256,725
2. Income Tax Rs 112,850
3. Customs Rs 98,000
4. Excise Duties Rs 106,477
5. Service Tax Rs 65,000
6. Other Taxes and Duties Rs 2,027
7. Total Non-Tax Revenue Rs 140,279
8. Less States' Share Rs 164,361
9. Less Contingency Fund Rs 2,500
Total Tax Revenue Rs 614,497
EXPENDITURE (NON-PLAN):
1. Interest Payments Rs 225,511
2. Defence Rs 86,879
3. Subsidies Rs 111,276
4. Grants to States & UTs Rs 48,570
5. Pension Rs 34,980
6. Other heads Rs 188,473
Total Non-Plan Expenditure Rs 695,689
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