The government estimates that the fiscal deficit at the end of the financial year 2021-22 is expected to be Rs 15,06,812 crore or 6.8 per cent of GDP. In the year 2020-21, the fiscal deficit or the difference between expenditure and revenue was 9.3 percent of GDP. This was less than 9.5 per cent of the revised budget estimate of the budget presented in February, which was a result of improvement in the fiscal position.
According to the CGA data, the Center received a total revenue of Rs 3,54,787 crore in May 2021, which is 17.95 percent of the budget estimates for 2021-22. This includes tax revenue of Rs 2.33 lakh crore (net share of the Centre), non-tax revenue of Rs 1.16 lakh crore and non-debt capital revenue of Rs 4,810 crore. Non-debt capital revenue includes recovery of loans of Rs 815 crore and disinvestment proceeds of Rs 3,995 crore.
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In the last financial year (2020-21), the receipts in the same period were two per cent of the budget estimate. According to the CGA report, till May, the government transferred Rs 78,349 crore as share of tax to the states. In the same period last year, the transfer in this item was only Rs 13,728 crore.
During this, the total expenditure of the Center was Rs 4,77,961 crore (13.72% of the budget estimates). Out of which Rs 4.15 lakh crore has been spent from revenue account and Rs 62,961 crore from capital account. Out of the total revenue expenditure, Rs 88,573 crore was used for payment of interest and Rs 62,664 crore for major subsidy.