OTHER GROUP COMPANIES
market

Fiscal Deficit stands at 36.3% for April-October period this year

In actual terms, the deficit was Rs5,47,026cr at the end of October, 2021 against the annual estimate of Rs15.06 lakh crore, while total expenditure was Rs18.27 lakh crore, the data revealed further.

December 01, 2021 9:08 IST | India Infoline News Service
According to data released by Controller General of Accounts, government's fiscal deficit came at 36.3 per cent of the annual budget target for the current fiscal, during the April-October 2021 period.

In actual terms, the deficit was Rs5,47,026cr at the end of October, 2021 against the annual estimate of Rs15.06 lakh crore, while total expenditure was Rs18.27 lakh crore, the data revealed further.

Aditi Nayar, Chief Economist, ICRA said, “we expect direct taxes to exceed the FY2022 BE by Rs850 billion, led by corporation tax. Moreover, we forecast excise duty and customs duty to exceed the FY2022 BE by Rs330 billion and a modest Rs130 billion, respectively, despite the relief announced by the Government.”

“We anticipate the GST collections in Nov 2021 (for transactions that had happened in Oct 2021) to exceed the prevailing highest collections recorded in Apr 2021 (Rs1.4 trillion; for transactions happened in Mar 2021), given the all-time high generation of e-way bills during Oct 2021. However, collections may dip in December 2021, as suggested by the deceleration in the daily average e-way bill generation in the first three weeks of November 2021. Overall, we expect CGST collections to rise to ~Rs5.8 trillion in FY2022, exceeding the FY2022 BE by ~Rs500 billion.”

Despite the likely revenue foregone from the excise and customs duty relief, the gross tax revenues of the GoI are likely to exceed the FY2022 BE by a significant Rs1.8 trillion, of which around Rs600 billion would be shared with the states. Adding the higher than budgeted surplus transfer by the RBI to the extra net tax revenues, we expect the GoI’s net revenue receipts to exceed the FY2022 BE by Rs1.7 trillion, as per ICRA.

The Government of India has received Rs. 12,79,699 crore (64.8% of corresponding BE 2021-22 of Total Receipts) upto October, 2021 comprising Rs. 10,53,135 crore Tax Revenue (Net to Centre), Rs. 2,06,842 crore of Non-Tax Revenue and Rs. 19,722 crore of Non Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans Rs. 10,358 crore and Miscellaneous Capital Receipts of Rs. 9,364 crore. Rs. 3,07,687 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto October, 2021. 

Total Expenditure incurred by Government of India is Rs. 18,26,725 crore (52.4% of corresponding BE 2021-22), out of which Rs. 15,73,455 crore is on Revenue Account and Rs. 2,53,270 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs. 3,99,737 crore is on account of Interest Payments and Rs. 2,09,916 crore is on account of Major Subsidies. 

OPEN A DEMAT ACCOUNT & Get FREE Benefits worth 10,000

OPEN A DEMAT ACCOUNT & Get
FREE Benefits worth 10,000

STOCK VIEW

PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

FEATURED ARTICLE

BLOGS

Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity