India's fiscal deficit reaches 86% of 2016-17 budget estimate
Touching the Rs 4.58 lakh crore mark, the fiscal situation remain better when corresponding year-ago period, helped by the surge in tax collections in the past month
The Central governments’ fiscal deficit in the current financial year, the first eight months from April to November, reportedly reached 85.8 per cent of the budget estimates for 2016-17.
Touching the Rs 4.58 lakh crore mark, the fiscal situation remain better when corresponding year-ago period, helped by the surge in tax collections in the past month.
According to the latest data released by the Controller General of Accounts, the tax revenue reported at the end of November stands at Rs 6.21lakh crore, 59 percent of the full-year BE of Rs 10.54 lakh crore, against the Rs 5.3 lakh crore secured a month earlier.
In addition, indirect tax collections were up 36% in November from a year earlier and direct taxes were up over 80% at gross level in November.
“It’s expansion of economic activity that can lead to higher income,” Finance Minister Arun Jaitley was quoted Economic Times as saying.
The deficit had touched 83.9% at the end of September this year, raising concerns of fiscal slippage in this financial year, but the increase in revenue over the following months helped improve the finances.