 "Illustration by Ajay Mohanty")
Government receipts have reached just about 14 per cent of the Budget estimate for financial year 2019-20 in the April-June quarter, indicating that economic slowdown has already begin impacting revenues.
According to a government statement, India received Rs 2,89,650 crore as total receipts up to June 30, which is 13.92 per cent of corresponding budget estimate of FY20.
The total receipt comprises Rs 2,51,411 crore tax revenue (Net to Centre), Rs 33,475 crore of non-tax revenue and Rs 4,764 crore of non-debt capital receipts. Non-debt capital receipts consists of recovery of loans (Rs 2,407 crore) and disinvestment proceeds (Rs 2,357 crore).
The Centre transferred Rs 1,48,631 crore to state governments as per the devolution formula for sharing of taxes upto this period. This is lower by Rs 8,896 crore than the previous year.
The total expenditure incurred by the government stands at Rs 7,21,705 crore (25.92 per cent of corresponding BE FY20) for the first quarter, out of which Rs 6,58,705 crore is on revenue account and Rs 63,000 crore is on capital account.
Out of the total revenue expenditure, Rs 1,41,755 crore is on account of interest payments and Rs 1,51,824 crore is on account of major subsidies.
