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Informist, Wednesday, Jul 31, 2024

 

--Govt Apr-Jun fiscal deficit 1.357 trln rupees vs 4.514 trln year ago 

--Govt Apr-Jun revenue surplus 408 bln rupees vs 1.836 trln gap year ago 

--Govt Apr-Jun spending 9.700 trln rupees vs 10.507 trln year ago 

--Govt Apr-Jun receipts 8.342 trln rupees vs 5.993 trln year ago 

--Govt Apr-Jun revenue spend 7.889 trln rupees vs 7.722 trln yr ago 

--Govt Apr-Jun capex 1.811 trln rupees vs 2.785 trln year ago 

--Govt Apr-Jun tax revenue 8.308 trln rupees vs 6.719 trln yr ago 

--Govt Jun fiscal deficit 851 bln rupees vs 2.411 trln year ago 

--Govt Jun revenue gap 501 bln rupees vs 1.381 trln year ago 

--Govt Jun spending 3.464 trln rupees vs 4.247 trln year ago 

--Govt Jun receipts 2.614 trln rupees vs 1.836 trln year ago 

--Govt Jun revenue spend 3.090 trln rupees vs 3.140 trln yr ago 

--Govt Jun capex 374 bln rupees vs 1.107 trln year ago 

--Govt Jun tax revenue 3.712 trln rupees vs 2.749 trln yr ago 

--Govt Apr-Jun fiscal deficit 8.4% of 16.133-trln-rupee FY25 target 

 

NEW DELHI – The government's fiscal deficit in the first three months of the current financial year, which started on Apr 1, was 1.357 trln rupees, down 69.9% on year, data released by the Controller General of Accounts showed today. The fiscal deficit in Apr-Jun accounted for 8.4% of the target of 16.133 trln rupees set in the Union Budget for 2024-25 (Apr-Mar), presented earlier this month.

 

The fiscal deficit in Apr-Jun last year had accounted for 25.3% of the full-year target.

 

Total receipts of the government jumped 39.2% on year to 8.342 trln rupees in Apr-Jun, while total expenditure was down 7.7% at 9.699 trln rupees. Capital expenditure during the quarter ended June rose 35.0% on year to 1.811 trln rupees. 

 

The full Budget lowered the fiscal deficit target for the current financial year to 4.9% of GDP from 5.1% in the Interim Budget. The fiscal deficit in 2023-24 was 5.6% of GDP. In absolute terms, the fiscal deficit for 2024-25 is estimated at 16.133 trln rupees, down 722 bln rupees from the Interim Budget's estimate of 16.855 trln rupees.

 

Capital expenditure in Apr-Jun is lower than last year, likely because of the imposition of the Model Code of Conduct for the General Election in April and May, and the presentation of the Union Budget last week. For June, capital spending was down 66.2% on year at 374 bln rupees.  

 

Revenue expenditure was down 2.2% on year at 7.889 trln rupees in Apr-Jun, while it fell 1.6% on year to 3.090 trln rupees in June. Revenue receipts, on the other hand, rose 41.0% on year to 8.297 trln rupees in the first three months of the financial year. 

 

Gross tax collections were up 23.7% on year at 8.308 trln rupees in Apr-Jun, led by robust direct tax collections, especially a sharp rise in income-tax collections. Income-tax collections jumped 49.9% on year to 2.873 trln rupees in Apr-Jun, while corporate tax mop-up increased 26.2% to 1.748 trln rupees. 

 

Non-tax revenue surged 80.7% on year to 2.800 trln rupees in the quarter ended June, thanks to the record high surplus transfer of 2.11 trln rupees by the Reserve Bank of India in May.

 

The fiscal deficit fell 64.7% on year to 851 bln rupees in June, with total expenditure down 18.4% at 3.464 trln rupees and total receipts up 42.3% at 2.614 trln rupees. 

 

"Revenue receipt growth in 1QFY25 (Apr-Jun) was more than twice of the budgeted growth, which will also slow down due to slowdown in non-tax revenue growth. However, the fiscal arithmetic being conservative, 2024-25 revenue targets are likely to be achieved," India Ratings and Research said in a note. 

 

The Controller General of Accounts detailed the government's accounts for June and Apr-Jun as follows (in bln rupees):

 

	June	May	June	Year-on-year % change
	2024	2024	2023
Revenue receipts	2,589.19	3584.65	1,758.88	47.2
Net tax revenue	2,305.97	1340.38	1,555.75	48.2
Non-tax revenue	283.22	2244.27	203.13	39.4
Recovery of loans	24.33	10.42	35.27	(-)31.0
Other receipts	0.00	0.04	41.85	--
Total receipts	2613.52	3595.11	1,836.00	42.3
Revenue expenditure	3090.23	1556.00	3,139.92	(-)1.6
Capital expenditure	374.26	443.90	1,106.91	(-)66.2
Total expenditure	3,464.49	1999.90	4,246.83	(-)18.4
Fiscal deficit	850.97	(-)1595.21	2,410.83	(-)64.7
Revenue deficit	501.04	(-)2028.65	1,381.04	(-)63.7

Source: Controller General of Accounts

 

	Apr-Jun	Apr-Jun	Year-on-year % change	Budget estimates	% of actuals to Budget estimates
	2024-25	2023-24			2024-25	2023-24
Revenue receipts	8,296.77	5,885.88	41.0	30,012.75	26.5	22.4
Net tax revenue	5,496.33	4,336.20	26.8	26,015.74	21.3	18.6
Non-tax revenue	2,800.44	1,549.68	80.7	3,997.01	51.3	51.4
Recovery of loans	45.16	64.68	(-)30.2	290	16.1	28.1
Other receipts	0.04	42.35	(-)99.9	500	0.0	6.9
Total receipts	8,341.97	5,992.91	39.2	30,802.75	17.3	22.1
Revenue expenditure	7,888.58	7,721.81	2.2	36,546.57	16.4	22.0
Capital expenditure	1,810.51	2,784.80	(-)35.0	11,111.11	16.3	27.8
Total expenditure	9,699.09	10,506.61	(-)7.7	47,657.68	20.1	23.3
Fiscal deficit	1,357.12	4,513.70	(-)69.9	16,854.94	8.4	25.3
Revenue deficit	(-)408.19	1,835.93	--	6,533.83	(-)7.0	21.1

Source: Controller General of Accounts

 

End

 

Reported by Shubham Rana

Edited by Tanima Banerjee

 

 

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