Budget 2021: Know how Government of India gets money for Union budget and who prepares the country's budget

Union Finance Minister Nirmala Sitharaman will present Union Budget 2021-22 in Parliament on Monday (February 1). Few days ago, Sitharaman had said that because of the COVID-19 epidemic, Union Budget 2021-22 will be completely different from the budget of the last 100 years.

It is widely expected that this time there can be a change in income and expenditure but the Central government will allocate money for the development of every sector.

If you remember, 2020-21 budget was of Rs 30 lakh crores. Every department of the country must have spent this money differently. Now the question must surely arise in the common man's mind that from where the government gets this Rs 30 lakh crore? Here's we will tell you what is the source of income of the central government.

We know that the Central government gets the most money from tax and revenue. Read below to find out what is the source of government's income apart from tax and revenue.

In order to help you understand things in an easy manner, we talk about 100 rupees. The government gets money from these sources for an income of Rs 100.

Lending and Other Liabilities - Rs 30
Corporation tax- Rs 18
Income tax - Rs 17
Custom duty- Rs 4 
Central excise- Rs 7 
GST and other taxes- Rs 18 
Various revenue taxes- Rs 10 
Capital income other than debt- Rs 6 

The Central government allocates this amount to various departments of the country for public welfare. The government prepares a plan with the help of big economists. 

For example, the expenditure of Rs 100 is as follows:

Interest payment- Rs 18
Central sector schemes - Rs 13
Finance Commission and other transfers- Rs 10
States' share in taxes and duties- Rs 20
Centrally sponsored schemes- Rs 9
Subsidies- Rs 6
Defence- Rs 8
Pension- Rs 6 
Other expenses- Rs 10