Centre hopes to surpass the direct tax target of Rs 22 lakh crore in the current fiscal year 2024-25, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal said on Monday.
The fiscal deficit stood at Rs 1.36 lakh crore, compared with Rs 50,615 crore in the first two months of the year.
For FY24, the government received Rs 27,88,872 crore comprising Rs 23,26,524 crore Tax Revenue (Net to Centre), Rs 4,01,888 crore of Non-Tax Revenue and Rs 60,460 crore of Non-Debt Capital Receipts.
Replying to a debate on the Rajasthan Appropriation Bill-2022 in the state assembly here, Dr B D Kalla, the Education Minister and Minister-Incharge said that the government's on-tax revenue has increased by 28 percent, while the non-tax revenue has increased by 23 percent.
It did not expect the government to significantly expand spending beyond what has been budgeted.
The RBI-appointed KV Kamath Committee, which worked out the financial parameters for loan restructuring, has concluded that 72 per cent of banking sector debt worth Rs 37.72 lakh crore was under stress. Further, according to the Committee, the coronavirus pandemic is not solely responsible for the stressed loans; Rs 23.71 lakh crore, or 45 per cent of banking sector debt, was already under stress
The government's total expenditure stood at Rs 25.17 lakh crore (73 per cent of RE) while total receipts were Rs 12.83 lakh crore (80.1 per cent of RE).
This year, it has further reduced the EBR mobilised through National Small Saving Fund (NSSF) and fully serviced bonds to Rs 30,000 crore only from Rs 1.3 lakh crore in FY21.
Fitch forecasts real GDP to rebound by 11 per cent in FY22 (2021-22) and grow around 6.6 per cent per annum through FY26.
Fiscal deficit is an indication of the government's borrowing to meet the shortfall between expenditure and receipts from taxes and other sources.
