The fiscal deficit widened from 58.9% reported in the comparable year-earlier period.
Total receipts stood at 19.77 lakh crore rupees, while overall expenditure in April to January was at 31.68 lakh crore rupees. They were 81.3% and 75.7% of this fiscal year’s revised budget target.
Revenue receipts stood at 19.20 lakh crore rupees, of which tax revenue was 16.89 lakh crore rupees and non-tax revenue was 2.31 lakh crore rupees.
Tax and non-tax revenues were 80.9% and 88.2% of the revised estimates, narrower than 87.7% and 92.9% in the year-earlier period.
In May, the government had cut taxes on petrol and diesel to cushion the impact of a spike in global energy prices. Some economists however said windfall gain tax and additional tax revenue owing to GST over and above the budget will likely provide relief to the fiscal situation.
Revenue deficit was at 6.78 lakh crore rupees or 61% of the fiscal year’s budget target, data showed.While announcing the federal budget for the next fiscal year, Finance Minister Nirmala Sitharaman retained India’s aim to narrow the fiscal gap to 6.4% of gross domestic product from 6.7% in the last financial year.
For this fiscal year, the revised estimate of the total receipts other than borrowings was pegged at Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore.
On the expenditure side, New Delhi spent about 4 trillion rupees on major subsidies such as food, fertilisers and petroleum. This was 77% of the revised annual aim, tad wider than 76% of budgeted expenditure in the comparable period last year.
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