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.
COVID-19 spending: India has started the world's largest COVID inoculation programme from January 16 and is using two vaccines Covishield and Covaxin.
The Managing Director of the Transport Corporation of India (TCI), Agarwal has possibly the distinction of being the first head of a logistics company and one of the youngest industry captains to be appointed as the president of a leading chamber of commerce in India.
With this, the states' aggregate gross fiscal deficit (GFD) will not only get expanded to an all-time high of Rs 8.7 lakh crore, or 4.7 per cent of GSDP.
The finance minister in Budget 2020-21 had pegged the gross market borrowing, which is also a reflection of fiscal deficit, at Rs 7.80 lakh crore for the current fiscal.
The RBI report gives a grim picture of states' finances, giving a downside rise going forward.
