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The government has missed its fiscal deficit target for the current financial year till November end, according to data revealed by the Controller General of Accounts.
An official statement said the fiscal deficit as at the end of April to November 2017 for the current financial year stood at 112 per cent. Comparably, it stood at 85.8 per cent during the corresponding period of the previous financial year.
In absolute terms, the difference between government revenue and expenditure stood at ₹6.12 lakh crore. The government was expecting the difference to be at ₹5.46 lakh crore during the period under consideration.
The higher fiscal gap is due to the lower than expected revenue collections at the back of higher government expenditure during the current financial year.
An official statement said the government has received ₹8.66 lakh crore till November 2017. This includes ₹6.99 lakh crore tax revenue, ₹1.05 lakh crore of non-tax revenue and ₹61,849 crore of Non- Debt Capital Receipts.
Through these Non-Debt Capital Receipts, the government mopped up ₹9,471 crore through recovery of loans and ₹52,378 crore through disinvestment of public sector undertaking companies.
Of the total collections, ₹3.85 lakh crore has been transferred to State governments as devolution of share of taxes by the government during this period.
Total Expenditure incurred by government during the period stood at ₹14.78 lakh crore, out of which ₹12.94 lakh crore is on Revenue Account and ₹1.84 lakh crore is on Capital Account.
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