New Delhi: The Union government has achieved nearly 90% of its annual revenue collection target in the first 10 months (April-January 2021) of the current financial year ending in March, showed the latest data, providing cushion to the fund starved government that aims at spending nearly Rs 38 lakh crore this year and over Rs 40 lakh crore next year.
As per the latest data of the Central government accounts released by the Controller General of Accounts on Monday, the Centre has collected over Rs 18.38 lakh crore revenue till January this year, which is 88.5% of the total revenue collection target for the year, which has been set at over Rs 20.78 lakh crore as per the revised estimates given by Finance Minister Nirmala Sitharaman in the Union budget early this month.
Buoyant revenue collection
In the last financial year, the government was able to achieve less than 80% of its revenue collection target in the first 10 months. Similarly, the government was able to collect Rs 15.47 lakh crore in tax revenue as against the revised target of Rs 17.65 lakh crore, which is 87.7% of the annual target. In the last financial year, the government was able to collect only 82% of its tax revenue target in the first 10 months of the last fiscal.
In the case of the non-revenue collection target, the Centre has been able to collect over Rs 2.91 lakh crore of its annual target of over Rs 3.13 lakh crore, 93% of the yearly target. The Centre’s performance in terms of collection of non-debt capital receipts has been dismal in this fiscal as it has been able to collect only Rs 32,595 crore as against the annual target of Rs 99,975 crore in the first ten months, which is less than one-third of the annual target.
The Centre was able to collect 86% of its cumulative revenue receipt target in the first ten months, over Rs 18.71 lakh crore of the annual target of over Rs 21.78 lakh crore.
Revenue and Capital Expenditures
In the case of revenue expenditure, which are the government's operational expenses such as payment of salary, wage and pensions and other routine expenditures, the centre was able to cover three-fourths of its annual target.
In the first 10 months, the government spent over Rs 23.67 lakh crore in revenue expenditure as against the annual target of over Rs 31.68 lakh crore, which is 74.7% of the target.
Similarly, the government was able to spend nearly three-fourths of its capital expenditure. The capital expenditure in the first 10 months has been estimated to be Rs 4.41 lakh crore, which is 73.4% of the annual target of nearly Rs 6.02 lakh crore.
