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The Government of India has received Rs 22,45,922 crore (81.5% of corresponding RE 2023-24 of Total Receipts) upto February, 2024 comprising Rs 18,49,452 crore Tax Revenue (Net to Centre), Rs 3,60,330 crore of Non-Tax Revenue and Rs 36,140 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans Rs 23,480 crore and Miscellaneous Capital Receipts of Rs 12,660 crore. A total of Rs 10,33,433 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs 2,25,345 crore higher than the previous year. Total Expenditure incurred by Government of India is Rs 37,47,287 crore (83.4% of corresponding RE 2023-24), out of which Rs 29,41,674 crore is on Revenue Account and Rs 8,05,613 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs 8,80,788 crore is on account of Interest Payments and Rs 3,60,997 crore is on account of Major Subsidies.
GST collection jumps 11.7% in FY24
Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4% over same period last year. Strong Consistent Performance in FY 2023-24: FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.14 lakh crore exceeding Rs 20 lakh crore, a 11.7% spurt compared to the previous year.
Government of India set to borrow Rs 7.50 lakh crore in first half of FY25
The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing programme for the first half (H1) of FY 2024-25. Out of Gross Market borrowing of Rs 14.13 lakh crore projected for FY 2024-25 in the Union budget, Rs 7.50 lakh crore (53.08%) is planned to be borrowed in the first half (H1) through dated securities, including Rs 12,000 crore through issuance of Sovereign Green Bonds (SGrBs). Based on market feedback and in line with global market practices, it has been decided to introduce a new dated security of 15-year tenor. The gross market borrowing of Rs 7.50 lakh crore shall be completed through 26 weekly auctions. The market borrowing will be spread over 3, 5, 7, 10, 15, 30, 40 and 50 year securities. The share of borrowing (including SGrBs) under different maturities will be: 3-year (4.80%), 5-year (9.60%), 7-year (8.80%), 10-year (25.60%), 15-year (13.87%), 30-year (8.93%), 40-year (19.47%) and 50-year (8.93%).
Limit for Ways and Means Advances for first half of FY25 will be Rs 150000 crore
The Reserve Bank of India (RBI) stated that in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the first half of the financial year 2024-25 (April to September 2024) will be Rs 1,50,000 crore. The Reserve Bank of India may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit. The Reserve Bank of India, in consultation with the Government of India, retains the flexibility to revise the limit at any time taking into consideration the prevailing circumstances. The interest rate on WMA/Overdraft will be, for WMA: Repo Rate and for Overdraft: Two percent above the Repo Rate.
Outlook:
A broadly positive momentum in the economic growth is being reflected in robust tax collections. The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.03.2024) show that Net collections are at Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23), representing an increase of 19.88%. The Net Direct Tax collection of Rs. 18,90,259 crore (as on 17.03.2024) includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.
The Gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs. 9,11,534 crore; Tax Deducted at Source of Rs. 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore.
Provisional figures of total Advance Tax collections for Financial Year 2023-24 (as on 17.03.2024) stand at Rs. 9,11,534 crore, against Advance Tax collections of Rs. 7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 22.31%. The Advance Tax collection of Rs. 9,11,534 crore comprises Corporation Tax (CIT) at Rs. 6,72,899 crore and Personal Income Tax (PIT) at Rs. 2,38,628 crore.
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