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.
Credit to NBFCs, however, jumped in August after 3 successive months of decline.
Motilal Oswal had projected that India's headline inflation would remain at six per cent up to July'20, before easing to four per cent by December'20.
Analysts across the board have been certain about the heavy economic toll that the pandemic will take on the country
The non-tax revenue accrued to the Centre was Rs 2.41 lakh crore whereas other receipts were pegged at Rs 31,000 crore.
The saving grace is the jump in non-tax revenue of around Rs 32,335 crore or 20 bps of fiscal deficit, possibly reflecting the AGR payments/interim dividend from RBI in lieu of telecom.
