Centre’s 7-month fiscal deficit at 46.5% of full year target

The government aims to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current financial year from 5.6 per cent in 2023-24

Parul Parul     November 30, 2024

Centre’s fiscal deficit at the end of the first seven months (April-October) of the current financial year works out to 46.5 per cent of the full-year target, official data released on Friday showed. This reflects a strong macroeconomic financial position with the government sticking to the fiscal consolidation path.

The government aims to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current financial year from 5.6 per cent in 2023-24.

In absolute terms, the fiscal deficit — the gap between the government’s expenditure and revenue — was at Rs 7,50,824 crore during April-October this year, according to data released by the Controller General of Accounts (CGA).

The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per cent of budget estimate for the current fiscal.

The government aims to contain the fiscal deficit at Rs 16.13 lakh crore during the current fiscal.

India’s net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the Central Board of Direct Taxes (CBDT).

The target for direct collections was fixed at Rs. 18.23 lakh crore in the Union Budget for 2023-24 and later increased to Rs. 19.45 lakh crore in the Revised Estimates (RE). The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40 per cent and RE by 0.67 per cent, the CBDT said.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x