Economy News

India’s Budget Deficit: FY23 Budget Deficit: FinMin Monitors Revenue and Expenditure Daily in March – Mintpaisa

The Ministry of Finance started daily monitoring of revenue, including tax revenue, as well as expenditure from March 1, with the aim of controlling the budget deficit in the current fiscal year. Although the government is expected to meet the revised tax revenue estimates, meeting the target of Rs 50,000 crore from divestment revenue could be a challenge.

According to officials, daily monitoring of tax and non-tax revenue will help the government take timely corrective action whenever needed.

“In order to closely monitor the revenue, expenditure and budgetary situation of the State in the month of March 2023, it is necessary to have day-to-day updated information,” said the Comptroller General of Accounts. (CGA) under the Department of Finance said in a memorandum from the office dated March 1.

The ministry has also asked the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) to provide flash figures. In addition, other non-tax and divestment revenue should also be reported daily, in accordance with the memorandum.

The CBDT and the CBIC are the apex bodies responsible for the collection of direct and indirect taxes respectively.

Non-civilian ministries like railways, defense and post would also be required to upload their accounting data to the e-Lekha portal on a daily basis, he added.

The Center has set a target of 6.4% for the budget deficit, which is the difference between government revenue and expenditure, in the current fiscal year ending March 31. Until January, the budget deficit hit 68% of budget estimates at Rs 11.91 lakh crore.

Net tax revenue reached Rs 16.89 lakh crore while total expenditure was Rs 31.68 lakh crore.

Divestment catch-up amounted to Rs 31,106 crore so far this financial year, against full-year estimates of Rs 50,000 crore.


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