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Time of India
3 days ago
- Business
- Time of India
Additional Rs 81,735 crore tax devolution ok'd for states
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The central government on Friday approved an additional instalment of ₹81,735 crore in tax devolution to state governments, which will be released on June 2, an official statement is in addition to the regular monthly instalment of the same amount, scheduled for release on June 10, additional instalment will enable states to speed up their capital spending, finance their development and welfare-related expenditure, and make available resources for priority projects and schemes, the finance ministry said in a social media post on X on Friday. The move will provide a much-needed stimulus to the economy, as state capital spending has a multiplier effect on driving economic growth."The additional instalment of devolution to states is in line with the principle of co-operative federalism and the aim of becoming 'Viksit Bharat' by 2047," the ministry 41% of taxes collected by the Centre are devolved in instalments to states during a fiscal year. For the first month of the current fiscal, the Centre received ₹1.89 lakh crore net tax revenue, Rs 67,160 crore of non-tax revenue, and ₹22,459 crore of non-debt capital receipts, on account of recovery of loans, official data to the Controller General of Accounts data, released earlier in the day, ₹12.86 lakh crore was transferred to state governments as a devolution of share of taxes by the government up to March 2025, which is ₹1,57,391 crore higher than the previous year. For FY26, tax devolution to states is estimated at ₹14.22 lakh crore.
Indian Express
3 days ago
- Business
- Indian Express
Centre's FY25 net tax collections miss revised estimate by over Rs 58,000 crore
The central government missed its revised estimate for net tax collections, which includes direct and indirect taxes, for 2024-25 by Rs 58,075 crore, data released by the Controller General of Accounts (CGA) on Friday showed. As per the data, the Indian government collected Rs 24.99 lakh crore as net taxes in the last fiscal, 2.3 per cent lower than the revised estimate of Rs 25.57 lakh crore. However, compared to the previous year, the net tax collected by the Centre in FY25 was up 7.4 per cent. The miss in the net tax collections – which is the tax accruing to the Centre after paying states their share from the gross tax revenue – was led by a Rs 9,747 crore shortfall in the excise mop-up, which came in at Rs 3 lakh crore as against the revised estimate of Rs 3.10 lakh crore. Direct taxes – which include corporate tax, personal income tax, and Securities Transaction Tax, among others – were around Rs 6,500 crore less than anticipated at Rs 22.30 lakh crore even though corporate tax collections exceeded the revised estimate by Rs 6,767 crore in FY25. Personal income tax collections, inclusive of Securities Transaction Tax and other taxes, were around Rs 13,000 crore lower than the revised estimate, while the customs duty mop-up was Rs 2,104 crore lower at Rs 2.33 lakh crore. Fiscal deficit target met Despite the miss in net tax collections, the Centre met its fiscal deficit target of 4.8 per cent of GDP for the year ended March 2025, with total expenditure during the year 1.3 per cent lower than the revised estimate of Rs 47.16 lakh crore. The fall in expenditure during the year was because of a 2.6 per cent reduction in revenue expenditure, while capital expenditure exceeded the revised estimate of Rs 10.18 lakh crore by Rs 33,578 crore. The government's capex picked up pace in the last four months of FY25 after a slow start in the beginning of the year that had made the government revise down the target. It had initially budgeted the capital expenditure for FY25 at Rs 11.11 lakh crore. Higher-than-expected non-tax revenues also helped the Centre achieve the FY25 fiscal deficit target. At Rs 5.38 lakh crore, the Centre's non-tax revenues were Rs 6,544 crore higher than the revised estimate. Finances for April 2025 The CGA on Friday also released data on the central government's finances for April 2025, which showed that capex in the first month of the new fiscal stood at Rs 1.60 lakh crore, up 61 per cent on year, accounting for 14.3 per cent of the full-year target of Rs 11.21 lakh crore. The Indian government's capex had got off to a slow start last fiscal due to the general elections, amounting to Rs 1.81 lakh crore in the first quarter – just Rs 21,261 crore more than what the Centre spent in April 2025 alone. The fiscal deficit for April stood at Rs 1.86 lakh crore as against the budget estimate of Rs 15.69 lakh crore for FY26. As a percentage of GDP, the Centre is targeting a fiscal deficit of 4.4 per cent for the current fiscal. The Reserve Bank of India's (RBI) record dividend of Rs 2.69 lakh crore for FY25, transferred to the government earlier this week, is likely to show the Centre's finances in a very healthy state when data for May is released at the end of June. The RBI's dividend makes up much of the Centre's non-tax revenues, with the government having estimated in February 2025 that it would get Rs 2.56 lakh crore as dividend from the central bank and public financial institutions this year. The budget estimate for non-tax revenue for the current fiscal is Rs 5.83 lakh crore.
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Business Standard
3 days ago
- Business
- Business Standard
Govt outperforms on fiscal deficit, brings it down to 4.77% of GDP in FY25
The government has marginally improved its fiscal deficit for 2024-25 (FY25), bringing it down to 4.77 per cent over the revised estimate (RE) of 4.84 per cent, according to the data released by the Controller General of Accounts (CGA) on Friday. With the provisional estimate of gross domestic product (GDP) FY25 of ₹330.68 trillion, showing an improvement over the RE of ₹324.11 trillion, the fiscal deficit calculated as percentage of GDP has come down. 'The government's fiscal deficit marginally exceeded the RE for FY25 by ₹77 billion, albeit led by a welcome overshooting in capital expenditure amid a less palatable miss on receipts being largely offset by considerable savings of ₹90,000 crore in revenue expenditure,' said Aditi Nayar, chief economist, Icra. Capital expenditure for FY25, at ₹10.5 trillion, stood at 103.3 per cent of the RE for the year, the CGA data showed. In line with its commitment to narrow the fiscal deficit to 4.5 per cent by FY26, the government had set the fiscal deficit target for this financial year at 4.4 per cent. Experts say the upward revision in the FY25 nominal GDP number augurs well for meeting the deficit and debt for FY26. The bumper dividend of ₹2.69 trillion announced by the Reserve Bank of India (RBI) is expected to ease the fiscal situation and help bring down the fiscal deficit in FY26 even further. The Union Budget for 2025-26 has projected a dividend income of ₹2.56 trillion from the RBI and public-sector financial institutions. 'India's medium-term growth prospects appear to be robust with sound fiscal management. Emphasis on government capital expenditure appears to be leading the growth story from the policy side, with healthy supporting growth in private final consumption expenditure,' said D K Srivastava, chief policy advisor, EY India. Net tax revenue, according to the CGA data, fell short of the RE at ₹24.99 trillion -- at 97.7 per cent. Non-tax receipts, however, overshot the RE at 101.2 per cent at ₹5.8 trillion. Union Finance Minister Nirmala Sitharaman in her FY26 Budget announced a new glide path with the debt-to-GDP ratio as the fiscal anchor, moving away from the current practice of targeting fiscal deficit. The government now targets bringing down the debt-to-GDP ratio to 50 per cent by FY31 with a one percentage point deviation on either side.
The Print
3 days ago
- Business
- The Print
Govt achieves fiscal deficit target of 4.8 pc for FY25
New Delhi, May 30 (PTI) The government has met its fiscal deficit target of 4.8 per cent of the GDP for 2024-25, according to the data released by the Controller General of Accounts on Friday. The fiscal deficit for the previous financial year works out to be Rs 15,77,270 crore, nearly the same as revised estimates (Rs 15,69,527 crore) presented to Parliament in February.
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Business Standard
3 days ago
- Business
- Business Standard
Govt achieves fiscal deficit target of 4.8% for FY25, shows data
The central government managed to meet the fiscal deficit target of 4.8 per cent of the GDP for 2024-25, according to the provisional data released by the Controller General of Accounts on Friday. In the revised estimates (RE) presented to Parliament in February, the government had pegged the fiscal deficit or gap between expenditure and revenue at Rs 15,69,527 crore or 4.8 per cent of the gross domestic product (GDP). The CGA data showed that the fiscal deficit in actual terms was Rs 15,77,270 crore, or 100.5 per cent, of the RE. The economic growth in nominal terms for the fiscal 2024-25 is estimated at Rs 3,30,68,145 crore, according to the GDP data released earlier in the day. The government received Rs 30.78 lakh crore or 97.8 per cent of RE 2024-25 of total receipts during 2024-25. This comprised Rs 24.99 lakh crore tax revenue (net to Centre), Rs 5.37 lakh crore of non-tax revenue and Rs 41,818 crore of non-debt capital receipts, the CGA data showed. Non-debt capital receipts consist of recovery of loans (Rs 24,616 crore) and miscellaneous capital receipts (Rs 17,202 crore). According to the CGA data, Rs 12,86,885 crore has been transferred to state governments as devolution of share of taxes by the government up to March 2025, which is Rs 1,57,391 crore higher than the previous year. The total expenditure incurred by the Centre is Rs 46.55 lakh crore (98.7 per cent of corresponding RE 2024-25), out of which Rs 36.03 lakh crore is on revenue account and Rs 10.52 lakh crore is on capital account. Out of the total revenue expenditure, Rs 11.16 lakh crore is on account of interest payments, and Rs 3.88 lakh crore is on account of major subsidies. Commenting on the CGA data, Icra Chief Economist Aditi Nayar said the fiscal deficit marginally exceeded the RE for FY2025, albeit led by a welcome overshooting in capital expenditure amid a less palatable miss on the receipts side being largely offset by considerable savings in revenue expenditure in the fiscal. "The upward revision in the FY2025 nominal GDP number also augurs well for meeting the deficit and debt to GDP targets for FY2026," she said.
