PM Narendra Modi's Rs 20 lakh crore package bigger than country's one year earnings

In a big push to revive the COVID-hit economy, Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

At present, the government total tax revenue is around Rs 15 lakh crore a year. Even the non-tax income of Rs 3.45 lakh crore is added to this, even when there’s not a lot cash. Although the present fiscal finances has estimated income of more than 20 lakh crores, however its completion appears troublesome.

If you have a look at the income figures for the monetary year 2019-20, then this year the authorities acquired a total of Rs 15.04 lakh crore from direct tax and oblique tax. Most of this implies more than Rs 11 lakh crore got here below the company tax and revenue tax.

Last year, Rs 1.25 lakh crore got here in the customized obligation and Rs 2.5 lakh crore in the central excise obligation. 1200 crores was obtained as service tax whereas Rs 6.12 lakh crores was obtained as GST.

The authorities obtained Rs. 6884 crore from the Union Territory Tax. But 6.56 lakh crore rupees of this quantity additionally went to the states.In this manner, 15.04 lakh crore rupees left in the arms of the central authorities.

The authorities additionally obtained Rs 3.45 lakh crore in non-tax income head throughout the interval below evaluation. During this era, about two lakh crore rupees had been obtained from the central authorities corporations in the type of dividend and revenue, whereas different non tax income obtained Rs 1.32 lakh crore.

Apart from this, another non-tax revenues had been obtained which got here from union territories. Combining each tax and non-tax income, it’s barely more than Rs 18.50 crore.

Last year’s financial budget was round Rs 27 lakh crore, whereas tax and non-tax income introduced in Rs 18.50 lakh crore. That means 848000 crores was raised by capital receipts. Most of the capital share is borrowed from the market.

In the current financial year, the government has prepared a budget of Rs 30 lakh 95 thousand crore, out of which Rs 16 lakh 35 thousand crore is estimated to be raised from the revenue market.

Prime Minister Narendra Modi on Tuesday introduced a Rs 20 lakh crore ‘self-reliant India’ package deal