Centre’s fiscal deficit crosses a third of full year target in July

The central government collected 5.8 trillion in tax revenue up to July, accounting for a quarter of the 23.3 trillion full year target

Livemint
Updated31 Aug 2023, 06:43 PM IST
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New Delhi: The Indian government's fiscal deficit, or the gap between spending and receipts met through borrowings, crossed 6 trillion, or a third of the 17.9 trillion estimated in the union budget for FY24, data from the Comptroller General of Accounts (CGA) showed on Thursday.

Fiscal deficit stood at 33.9% of the full year target, aided by strong tax and non-tax revenue receipts. Overall revenue receipts in the first four months of this fiscal stood at 7.6 trillion or 29% of the full year target.

The Centre's revenue deficit, or gap between revenue receipts and revenue spending, stood at 3 trillion up to end of July, accounting for 35% of the full year target.

The central government collected 5.8 trillion in tax revenue up to July, accounting for a quarter of the 23.3 trillion full year target. While corporate tax collection of 1.76 trillion up to July end was a tad lower than the amount collected in the same time a year ago, personal income tax collection of 2.57 trillion and central goods and services tax (CGST) collection of 2.73 trillion exceeded the amounts collected from these sources in the same period a year ago. Union excise duty collection in the first four months of the current fiscal stood at 76,200 crore, below the 85,147 crore collected in the same time a year ago.

Among non-tax revenue receipts, a major highlight is the improvement in profits and dividends received by the central government. Up to end of July, receipts by way of dividends and profits exceeded 1 trillion, more than the full year budgeted target of 91,000 crores. Centre collected 5,465 crores from disinvestment till July end against the full year target of 51,000 crores, data showed.

The Centre also transferred 3 trillion to state governments up to end of July, as devolution of taxes, which is 1 trillion more than the amount transferred in the same time a year ago.

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First Published:31 Aug 2023, 06:43 PM IST
HomeEconomyCentre’s fiscal deficit crosses a third of full year target in July

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