New Delhi: Fiscal deficit stood at 5.4 trillion ($76.12 billion) during April-July, or 86.5% of the budgeted target for the current fiscal, compared with 92.4% a year earlier.

Net tax receipts in the first four months of 2018-19 were 2.93 trillion, government data showed on Friday.

The government expects to trim the deficit to 3.3% of GDP this fiscal, after meeting an upwardly revised fiscal deficit target of 3.5% of GDP in 2017-18. Moody’s Investor Service recently said the government was likely to miss its fiscal deficit target in 2018-19 due to higher than budgeted oil prices and rising interest rate scenario. “Oil prices at current levels will raise expenditures and add to existing pressures on the fiscal position stemming from the lowering of goods and services tax (GST) rates on a range of consumer goods and a tax cut for small businesses as well as the relatively high minimum support prices (MSPs) set for this year," Moody’s said.

“We therefore see risks that the central government deficit will be wider than targeted. Moreover, pre-election spending means that a reversal in the widening of the states’ deficit seen in recent years is unlikely," it added.