New Delhi: The country's fiscal deficit at ₹8.51 trillion at the end of February 2019 had touched 4.52% of the GDP, a senior Finance Ministry source said on Thursday citing its data in this regard.
The government's has pegged its fiscal deficit target for 2018-19 at 3.4% for which was revised upwards from the earlier 3.3%.
The government is yet to release the fiscal deficit figure for the last financial year, including the figure for March.
At the end of February, the fiscal deficit is at ₹8,51,499 crore had crossed 134% of the budget estimate (BE). In the corresponding period of previous year the deficit stood at 120% .
"The receipts are sufficient to cover only 61% of expenditure. As a percentage to GDP, fiscal Deficit is 4.52% and revenue deficit is 3.45%", says the Finance Ministry note.
Till end-February, the total expenditure of the government was ₹21,88,839 crore or 89 % of budget estimate. The figure for the corresponding Period of the Previous Year was 90%.
It comprised Revenue Expenditure of ₹19,15,303 crore, or at 89% of of BE, as compared to 88% in the year-ago period and Capital Expenditure of ₹2,73,536 crore at 87% of BE.
Against this, the receipts were far less. Total receipts were ₹13,37,340 crore by end-February, or at 73% of the BE.
Gross tax collection for the period had touched ₹16,92,110 crore or 75% of the BE, against 81% in the same period of the previous fiscal.
The net tax revenue to the Centre was of the order of ₹10,93,923 crore, or 74% of BE, after deducting devolution to States ( ₹5,96,667 crore) and collections under national calamity and contingency duty (NCCD) to be transferred to the National Disaster Response Fund or NDRF ( ₹1,520 crore).
Total receipts include Net Tax Revenue to Centre ( ₹10,93,923 crore), Non Tax Revenue ( ₹1,71,755 crore) and Other Receipts ( ₹71,662 crore), the figures showed.