To control the budget deficit during the current fiscal, the finance ministry started daily monitoring of revenue receipts, including tax collections, as well as expenditures on March 1.
Although though the government is anticipated to exceed the updated forecasts for tax income, reaching the objective of Rs 50,000 crore from disinvestment revenues may be difficult. According to authorities, the government will be able to take early remedial steps if necessary with the support of the daily monitoring of tax and non-tax revenue collections. “It is necessary to have updated information on a daily basis in order to keep a close eye on receipts, expenditures, and the involving fiscal position of the central government in the month of March 2023,” the Controller General of Accounts (CGA) under the Finance Ministry stated in an office memo dated March 1.
The Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs have both been requested to provide flash numbers by the Minister. According to the memorandum, additional non-tax and disinvestment revenues must also be disclosed daily.
It further said that non-civil ministries like Railways, Defense, and Posts will have to daily send their accounting data to the e-Lekha site. During the current fiscal year that ends on March 31, the Center has established a target budget deficit of 6.4%.
During the current fiscal year, which ends on March 31, the government has set a goal of 6.4% for the fiscal deficit, which is the gap between government receipts and expenditure. With Rs. 11.91 lakh crore as of January, the fiscal deficit reached 68% of the Budget’s projections. Although overall spending was Rs. 31.68 lakh crore, net tax collections increased to Rs. 16.89 lakh crore. As of current fiscal year, the mop up from disinvestment was Rs 31,106 crore as opposed to the estimated Rs 50,000 crore for the whole year.
