Both corporate and personal income tax collections shrunk in the financial year 2020-21 by 18 per cent and 2.3 per cent, respectively, data from the Controller General of Accounts suggests
At the same time, the government managed to slip in outstanding dues to the Food Corporation of India and fertiliser producers into the fiscal slippage that the pandemic has given some justification. This will serve to ease the fiscal burden in the current fiscal.
Fiscal Deficit for 2020-21 at 9.3% Of GDP: CGA
The Controller General of Accounts said that the revenue deficit at the end of the fiscal was 7.42%.
Representative image. Credit: PTI
Government3 hours ago
New Delhi: Fiscal deficit for 2020-21 was at 9.3% of the gross domestic product (GDP), lower than 9.5% estimated by the finance ministry in the revised Budget estimates, according to the Controller General of Accounts (CGA) data.
Unveiling the revenue-expenditure data of the Union government for 2020-21, the CGA on Monday said that the revenue deficit at the end of the fiscal was 7.42%.
In absolute terms, the fiscal deficit works out to be Rs 18,21,461 crore.
Fiscal deficit for 2020-21 at 9.3% of GDP: Controller General of Accounts
Fiscal deficit for 2020-21 at 9.3% of GDP: Controller General of Accounts
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the Finance Ministry in the revised Budget estimates, according to the CGA data.
Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent.
In absolute terms, the fiscal deficit works out to be Rs 18,21,461 crore.
For this financial year, the government had initially pegged the fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of the GDP in the budget presented in February 2020.