(FE)
With slower-than-projected growth in tax receipts, the Centre’s fiscal deficit in the first ten months of the current fiscal stood at Rs 7.71 lakh crore or 121.5% of the full-year target (revised estimate), according to data released by the Controller General of Accounts. In the corresponding period last year, the deficit was 113.7% of the relevant annual target.
Net tax receipts (post refunds and devolution to states) grew just 5% in April-January of the current financial year against the year-ago period. A y-o-y growth of 19.5% is required to raise the revised estimate (RE) amount of Rs 14.84 lakh crore from taxes for the full year. So the government needs to collect a massive Rs 4.65 lakh crore in Feb-March period of this fiscal, up 71.4% over what it collected in the corresponding period last fiscal to meet the RE.
