Last Updated: March 05, 2023, 13:00 IST
According to officers, the each day monitoring of tax and non-tax income collections will assist the federal government in taking well timed corrective actions, wherever wanted.
The Centre has set a goal of 6.4 per cent for fiscal deficit in the present monetary 12 months ending March 31.
The finance ministry has began each day monitoring of the income receipts, together with tax collections, in addition to expenditure starting March 1, with an intention to maintain fiscal deficit in verify throughout the present fiscal.
Although the federal government is anticipated to satisfy the revised tax income estimates, assembly the Rs 50,000 crore goal from disinvestment receipts could possibly be a problem.
According to officers, the each day monitoring of tax and non-tax income collections will assist the federal government in taking well timed corrective actions, wherever wanted.
“In order to maintain a detailed monitor of receipts, expenditure and involving fiscal place of the central authorities in the month of March, 2023, it’s essential to have up to date data on a day-to-day foundation,” the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1.
The Ministry has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to report flash figures. Besides, other non-tax and disinvestment receipts too would have to be reported on a daily basis, as per the memorandum.
CBDT and CBIC are the apex bodies responsible for collecting direct and indirect taxes, respectively.
Non-civil ministries like Railways, Defence and Posts would also be required to upload their accounting data on a daily basis on the e-Lekha portal, it added.
The Centre has set a target of 6.4 per cent for fiscal deficit, which is the difference between government revenues and spending, in the current financial year ending March 31.
Till January, the fiscal deficit has touched 68 per cent of the Budget estimates at Rs 11.91 lakh crore.
Net tax receipts rose to Rs 16.89 lakh crore while total expenditure was Rs 31.68 lakh crore.
Mop up from disinvestment stood at Rs 31,106 crore so far this fiscal, as against the full year estimates of Rs 50,000 crore.
Read all the Latest Business News here
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)
