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Informist, Friday, Oct. 31, 2025

 

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--Govt Sept non-tax revenue INR 257 bln vs INR 227 bln year ago 
--Govt Sept capital expenditure INR 1.492 tln vs INR 1.140 tln year ago 
--Govt Sept total receipts INR 4.475 tln vs INR 4.198 tln year ago 
--Govt Sept total expenditure INR 4.225 tln vs INR 4.591 tln year ago 
--Govt Sept fiscal surplus INR 250 bln vs INR 393 bln deficit year ago 
--Govt Apr-Sept non-tax revenue INR 4.661 tln vs INR 3.572 tln year ago 
--Govt Apr-Sept capital expenditure INR 5.807 tln vs INR 4.150 tln year ago 
--Govt Apr-Sept total receipts INR 17.302 tln vs INR 16.370 tln year ago 
--Govt Apr-Sept total expenditure INR 23.033 tln vs INR 21.115 tln year ago 
--Govt Apr-Sept fiscal deficit INR 5.731 tln vs INR 4.745 tln year ago 
--Govt Apr-Sept fiscal deficit 36.5% of FY26 Budget target of INR 15.689 tln 

 

MUMBAI – The Indian government's fiscal deficit rose 20.8% on year to INR 5.731 trillion in Apr-Sept, data released Friday by the Controller General of Accounts showed.

 

At INR 5.731 trillion, the deficit in the first half of the fiscal year accounted for 36.5% of the Budget estimate for 2025–26 (Apr-Mar). The fiscal deficit in Apr-Sept last year had accounted for 29.4% of the target for FY25.

 

The government's total expenditure rose 9.1% to INR 23.033 trillion during Apr-Sept, while total receipts increased 5.7% to INR 17.302 trillion. Capital expenditure jumped 40% on year to INR 5.807 trillion in the first six months of FY26. With this, the government has met 51.8% of its capital expenditure target for FY26. 

 

After front-loading capital expenditure in the first half of the year, the government may have to lower its capital spending by 15% on year in the latter half of the year to keep it within the Budget target, unless the allocation is enhanced, ICRA Ltd. Chief Economist Aditi Nayar said in a press note. The government has pegged its capital expenditure at INR 11.211 trillion for FY26.  

 

Non-tax revenue in Apr-Sept was INR 4.661 trillion, 31% higher from a year ago, largely because of the record high surplus transfer of INR 2.69 trillion by the Reserve Bank of India in May. Net tax revenue, on other hand, fell 2.8% to INR 12.294 trillion during the period. The government's gross tax collections in Apr-Sept inched only 2.8% to INR 18.654 trillion.

 

"As of now, we expect the typical trend of expenditure savings and higher than budgeted non-tax revenues to be able to absorb any shortfall in tax revenues, and do not foresee a material slippage relative to the government's FY26 fiscal deficit target of 4.4% of GDP," Nayar said.

 

For September, the government registered a fiscal surplus of INR 250.30 billion, against a deficit of INR 393.44 billion a year ago. This was on account of an 8?ll in total expenditure to INR 4.225 trillion, primarily due to a 21?cline in revenue expenditure to INR 2.733 trillion. But the government continued its push for investments, with capital expenditure rising 31% to INR 1.492 trillion in September.

 

Total receipts rose 6.6% to INR 4.475 trillion in September, out of which, revenue receipts were INR 4.447 trillion, up 7.4%. The net tax mop-up increased by 7.1% to INR 4.190 trillion during the month. Non-tax revenue rose 13.2% to INR 257.44 billion. 

 

The Controller General of Accounts detailed the government's accounts for September and Apr-Sept as follows (in INR billion):

 

	September 2025	August 2025	September 2024	Year-on-year % change
Revenue receipts	4,447.07	1,853.19	4,140.61	7.4
Net tax revenue	4,189.63	1,485.95	3,913.14	7.1
Non-tax revenue	257.44	367.24	227.47	13.2
Recovery of loans	28.00	14.15	33.88	(-)17.4
Other receipts	0.00	7.66	23.47	(-)100.0
Total receipts	4,475.07	1,875.00	4,197.96	6.6
Revenue expenditure	2,733.10	2,325.84	3,451.61	(-)20.8
Capital expenditure	1,491.67	846.53	1,139.79	30.9
Total expenditure	4,224.77	3,172.37	4,591.40	(-)8.0
Fiscal deficit	(-)250.30	1,297.37	393.44	--
Revenue deficit	(-)1,713.97	472.65	(-)689.00	--

 

 

	Apr-Sept FY26	Apr-Sept FY25	Year-on-year % change	Budget estimates	% of actuals to Budget estimates
					FY26	FY25
Revenue receipts	16,954.46	16,224.00	4.5	34,204.09	49.6	51.8
Net tax revenue	12,293.70	12,652.00	(-)2.8	28,374.09	43.3	49.0
Non-tax revenue	4,660.76	3,572.00	30.5	5,830.00	79.9	65.5
Recovery of loans	113.53	114.34	(-)0.7	290.00	39.1	40.8
Other receipts	234.17	31.67	639.4	470.00	49.80	6.30
Total receipts	17,302.16	16,370.00	5.7	34,964.09	49.5	51.0
Revenue expenditure	17,225.93	16,965.00	1.5	39,442.55	43.7	45.7
Capital expenditure	5,807.46	4,150.00	39.9	11,210.90	51.8	37.3
Total expenditure	23,033.39	21,115.00	9.1	50,653.45	45.5	43.8
Fiscal deficit	5,731.23	4,745.00	20.8	15,689.36	36.5	29.4
Revenue deficit	271.47	741.55	(-)63.4	5,238.46	5.2	12.8

 

End

 

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

 

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