Informist, Friday, Jun 28, 2024
--Govt Apr-May fiscal deficit 506 bln rupees vs 2.103 trln year ago
--Govt Apr-May fiscal deficit 3.0% of 16.855-trln-rupee FY25 target
--Govt Apr-May revenue surplus 909 bln rupees vs 455 bln gap yr ago
--Govt Apr-May spending 6.235 trln rupees vs 6.260 trln year ago
--Govt Apr-May receipts 5.728 trln rupees vs 4.157 trln year ago
--Govt Apr-May revenue spend 4.798 trln rupees vs 4.582 trln yr ago
--Govt Apr-May capex 1.436 trln rupees vs 1.678 trln year ago
--Govt Apr-May tax revenue 4.596 trln rupees vs 3.970 trln yr ago
--Govt May fiscal surplus 1.595 trln rupees vs gap of 767 bln year ago
--Govt May revenue surplus 2.029 trln rupees vs 103 bln year ago
--Govt May spending 2.000 trln rupees vs 3.219 trln year ago
--Govt May receipts 3.595 trln rupees vs 2.452 trln year ago
--Govt May revenue spend 1.556 trln rupees vs 2.326 trln yr ago
--Govt May capex 444 bln rupees vs 893 bln year ago
--Govt May tax revenue 2.046 trln rupees vs 1.788 trln yr ago
NEW DELHI – The government's fiscal deficit in the first two months of the current financial year, which started on Apr 1, was 506.15 bln rupees, down 75.9% year on year, data released by Controller General of Accounts showed today. The fiscal deficit in Apr-May accounted for 3.0% of the target of 16.855 trln rupees set in the Interim Budget for 2024-25 (Apr-Mar).
The fiscal deficit in Apr-May last year had accounted for 11.8% of the full year target.
Total receipts of the government jumped 37.8% year on year to 5.728 trln rupees in Apr-May, while total expenditure was down 0.4% to 6.235 trln rupees. Capital expenditure during the period fell 14.4% on year to 1.436 trln rupees.
Gross tax collections in Apr-May rose 15.8% year on year to 4.596 trln rupees. Net tax revenue was up 14.7% on year at 3.190 trln rupees.
In May, the government saw a fiscal surplus of 1.595 trln rupees compared with a deficit of 767 bln rupees a year ago. This was because of a fall in expenditure during the month even as total receipts rose 46.6% on year to 3.595 trln rupees.
Total expenditure fell 37.9% on year in May to 2.000 trln rupees. Capital expenditure slumped 50.3% on year to 443.90 bln rupees. The fall in capital expenditure in May can be attributed to the Model Code of Conduct imposed by the Election Commission of India in view of the General Elections.
Non-tax revenue jumped 81.4% on year to 2.244 trln rupees in May, thanks to the Reserve Bank of India's record-high surplus transfer of 2.11 trln rupees for 2023-24.
The Controller General of Accounts detailed the government's accounts for May and Apr-May as follows (in bln rupees):
| May 2024 |
April 2024 |
May 2023 |
Year-on-year % change | |
| Revenue receipts | 3584.65 | 2,122.93 | 2,428.41 | 47.6 |
| Net tax revenue | 1340.38 | 1,849.98 | 1,191.44 | 12.5 |
| Non-tax revenue | 2244.27 | 272.95 | 1,236.97 | 81.4 |
| Recovery of loans | 10.42 | 10.41 | 23.49 | (-)55.6 |
| Other receipts | 0.04 | - | - | - |
| Total receipts | 3595.11 | 2,133.34 | 2,451.90 | 46.6 |
| Revenue expenditure | 1556.00 | 3,242.35 | 2,325.50 | (-)33.1 |
| Capital expenditure | 443.90 | 992.35 | 893.32 | (-)50.3 |
| Total expenditure | 1999.90 | 4,234.70 | 3,218.82 | (-)37.9 |
| Fiscal deficit | (-)1595.21 | 2,101.36 | 766.92 | - |
| Revenue deficit | (-)2028.65 | 1,119.42 | (-)102.91 | - |
Source: Controller General of Accounts
| Apr-May 2024-25 |
Apr-May 2023-24 |
Year-on-year % change | Budget estimates | % of actuals to Budget estimates | ||
| 2024-25 | 2023-24 | |||||
| Revenue receipts | 5,707.58 | 4,127.00 | 38.3 | 30,012.75 | 19.0 | 15.7 |
| Net tax revenue | 3,190.36 | 2,780.45 | 14.7 | 26,015.74 | 12.3 | 11.9 |
| Non-tax revenue | 2,517.22 | 1,346.55 | 86.9 | 3,997.01 | 63.0 | 44.6 |
| Recovery of loans | 20.83 | 29.41 | (-)29.2 | 290.00 | 7.2 | 12.8 |
| Other receipts | 0.04 | 0.50 | (-)92.0 | 500.00 | 0.0 | 0.1 |
| Total receipts | 5,728.45 | 4,156.91 | 37.8 | 30,802.75 | 18.6 | 15.3 |
| Revenue expenditure | 4,798.35 | 4,581.89 | 4.7 | 36,546.57 | 13.1 | 13.1 |
| Capital expenditure | 1,436.25 | 1,677.89 | (-)14.4 | 11,111.11 | 12.9 | 16.8 |
| Total expenditure | 6,234.6 | 6,259.78 | (-)0.4 | 47,657.68 | 13.1 | 13.9 |
| Fiscal deficit | 5,06.15 | 2,102.87 | (-)75.9 | 16,854.94 | 3.0 | 11.8 |
| Revenue deficit | (-)909.23 | 454.89 | - | 6,533.83 | (-)13.9 | 5.2 |
Source: Controller General of Accounts
End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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