NEW DELHI: Higher than estimated nominal GDP, helped the Centre shut 2023-24 with a fiscal deficit of 5.6% of GDP, in contrast with govt’s projection of 5.8% in revised estimates (RE), offering additional cheer to mandarins in North Block.
Latest knowledge launched by the Controller General of Accounts pegged the fiscal deficit at Rs 16.5 lakh crore, which was 95% of Rs 17.3 lakh crore in RE.Higher than estimated income collections — 101.2% of RE — helped the Centre nook Rs 23.3 lakh crore as web taxes. Overall expenditure labored out to be Rs 44.4 lakh crore, which was 98.9% of RE.
CGA knowledge additionally confirmed that income deficit throughout FY24 was 2.6% of the GDP and efficient income deficit was 1.6% of the GDP.
Govt officers, nevertheless, shunned giving any steering, suggesting {that a} name shall be taken when the funds is introduced by the brand new govt subsequent month. In the interim funds, finance minister Nirmala Sitharaman has budgeted for a fiscal deficit of 5.1% of GDP for the present monetary yr and to achieve 4.5% by 2025-26.
Icra Chief Economist Aditi Nayar stated govt’s fiscal deficit was contained under RE for FY24, benefiting from higher-than-anticipated receipts and decrease than estimated income spending, with solely a marginal miss in capital expenditure.
“The encouraging fiscal deficit numbers can be dedicated to taxpayers of the country. The efficiency of CBDT and CBIC and especially ground covered in implementation of artificial intelligence in unearthing fake transactions have also to be appreciated by honest taxpayers,” Vivek Jalan, Partner at Tax Connect Advisory Services.
According to CGA knowledge, virtually Rs 11.3 lakh crore was transferred to states as devolution, a rise of Rs 1.8 lakh crore over the earlier yr. Meanwhile, in accordance with one other CGA knowledge, the fiscal deficit in April was 12.5% of the Budget Estimate (BE) for 2024-25 or Rs 2.1 lakh crore. It was 7.5% of BE 2023-24 in April 2023.
Latest knowledge launched by the Controller General of Accounts pegged the fiscal deficit at Rs 16.5 lakh crore, which was 95% of Rs 17.3 lakh crore in RE.Higher than estimated income collections — 101.2% of RE — helped the Centre nook Rs 23.3 lakh crore as web taxes. Overall expenditure labored out to be Rs 44.4 lakh crore, which was 98.9% of RE.
CGA knowledge additionally confirmed that income deficit throughout FY24 was 2.6% of the GDP and efficient income deficit was 1.6% of the GDP.
Govt officers, nevertheless, shunned giving any steering, suggesting {that a} name shall be taken when the funds is introduced by the brand new govt subsequent month. In the interim funds, finance minister Nirmala Sitharaman has budgeted for a fiscal deficit of 5.1% of GDP for the present monetary yr and to achieve 4.5% by 2025-26.
Icra Chief Economist Aditi Nayar stated govt’s fiscal deficit was contained under RE for FY24, benefiting from higher-than-anticipated receipts and decrease than estimated income spending, with solely a marginal miss in capital expenditure.
“The encouraging fiscal deficit numbers can be dedicated to taxpayers of the country. The efficiency of CBDT and CBIC and especially ground covered in implementation of artificial intelligence in unearthing fake transactions have also to be appreciated by honest taxpayers,” Vivek Jalan, Partner at Tax Connect Advisory Services.
According to CGA knowledge, virtually Rs 11.3 lakh crore was transferred to states as devolution, a rise of Rs 1.8 lakh crore over the earlier yr. Meanwhile, in accordance with one other CGA knowledge, the fiscal deficit in April was 12.5% of the Budget Estimate (BE) for 2024-25 or Rs 2.1 lakh crore. It was 7.5% of BE 2023-24 in April 2023.
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