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

Posted on:
Key Points

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..

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..

You might be interested in

GST upsurge: This tax needs to be tweaked

02, Apr, 24

For 2023-24, India’s GST revenue crossed ₹20 trillion. If its weak mop-ups are firmly in the past, at long last, we must go for slab and rate reforms.

India's FY23 fiscal deficit narrows to 6.4%, meets budgeted target

31, May, 23

India's fiscal deficit for the last financial year ending March 31 met New Delhi's target and narrowed to 6.4% from the previous year, thanks to strong tax receipts and lower payments. The government expects the deficit to further reduce to 5.9% next year and aims to bring it under 4.5% of GDP by 2025-26.

Centre must share more revenue with states which have vulnerable finances: Report

18, Jun, 23

India Business News: Mumbai: State tax collection estimates for the fiscal year 2024 appear overly optimistic in a moderating growth environment, raising concerns about th.

FY23 fiscal deficit target of 6.4% within reach: DEA secy

20, Mar, 23

The revised capex target of Rs 7.3 trillion would, however, be met in FY23, he said.

Robust tax mop-up limits fiscal deficit to 50% of FY24 goal

29, Dec, 23

The government's fiscal deficit is expected to remain in line with the estimated ₹17.9 trillion for the full fiscal year, as tax revenue grew and spending and subsidy outgo were in line with estimates.

Direct tax receipts up 11% till mid-June

18, Jun, 23

The central government expects to collect ₹18.2 trillion this financial year, which is 10.5% more than what was collected in FY23, as per revised estimates.

Net direct tax receipts up 19.4% to ₹14.7 tn

11, Jan, 24

Net direct tax receipts so far this year accounts for 80.61% of the total budget estimates for direct taxes for the current fiscal.