Fiscal deficit crosses 134% of funds estimate at February-end on tepid progress in income collections
In absolute time period, fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as towards the revised estimate (RE) of Rs 6.34 lakh crore for all the 12 months, based on Controller General of Accounts (CGA) knowledge.
However, Economic Affairs Secretary S C Garg advised reporters that the federal government is dedicated to limit the fiscal deficit at 3.four p.c of the Gross Domestic Product (GDP) as envisaged within the Budget.
The CGA knowledge revealed that income receipts of the central authorities was Rs 12.65 lakh crore or 73.2 p.c of the revised budgetary estimate (BE) at February finish. In the identical interval final fiscal, the income assortment was 78.2 p.c of the estimates.
The authorities’s tax income stood at Rs 10.94 lakh crore and non-tax income was Rs 1.7 lakh crore.
Total expenditure incurred by the federal government throughout April-February 2018-19 was Rs 21.88 lakh crore (89.08 p.c of RE), of which Rs 19.15 lakh crore was on income account and Rs 2.73 lakh crore on capital account.
Out of the entire income expenditure, Rs 5.01 lakh crore was on account of curiosity funds and Rs 2.63 lakh crore on main subsidies.
Meanwhile, the finance ministry in a press release stated that Rs 5.96 lakh crore has been transferred to the state governments as devolution of share of taxes by the central authorities as much as February, which is Rs 67,043 crore larger than the corresponding interval of final 12 months 2017-18.
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