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29 December 2017
 |
| India's fiscal deficit (The Total Investment & Insurance Solutions) |
India's
fiscal deficit at the end of November breached the target and touched 112
percent of the budget estimate for 2017-18 mainly due to lower GST collections
and higher expenditure.
The Total Investment & Insurance Solutions
In absolute terms, the fiscal deficit -- the
difference between expenditure and revenue -- was Rs 6.12 lakh crore during
April-November 2017-18, according to the data by the Controller General of
Accounts (CGA).
During the same period of 2016-17, the
deficit stood at 85.8 percent of that year's target. The Total Investment & Insurance
Solutions
For 2017-18, the government aims to bring
down the fiscal deficit to 3.2 percent of GDP. Last fiscal, it had met the
target of 3.5 percent of GDP.
The CGA data showed that the government's
revenue receipts were at Rs 8.04 lakh crore in the eight months to November,
which work out to 53.1 percent of the budget estimate (BE) of Rs 15.15 lakh
crore for 2017-18.
The receipts, comprising taxes and other
items, were at 57.8 percent of the target in the year-ago period. The Total Investment & Insurance
Solutions
The Goods and Services Tax (GST) collections
slipped to their lowest in November as rates were cut on dozens of goods to
make the new national sales tax regime more acceptable.
Total collections under the GST in November
slipped for the second straight month to Rs 80,808 crore, down from over Rs
83,000 crore in the previous month.
The GST was implemented from July 1, 2017 to
amalgamate the excise duty, service tax, VAT and several other indirect taxes.
As per the data, the government's total
expenditure was Rs 14.78 lakh crore at November-end, or 68.9 percent of the
budget estimate. It was 65 percent of the budget estimate a year ago. The Total Investment & Insurance
Solutions
Capital expenditure during April-November of
2017-18 was higher at 59.5 percent of the BE compared to 57.7 percent in the
same period of the previous fiscal.
Revenue expenditure, including interest
payment, was 70.5 percent of the BE during April-November 2017-18. This
compares with 66.1 percent a year earlier.The Total Investment & Insurance Solutions
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