Taxation Travails
While posts on WhatsApp would have us believe that taxpayers, who are allegedly in a minuscule minority, are a muchharassed lot, the Government pushes a diametrically opposite narrative viz.
The central government has met its budget fiscal deficit target of 3.5 per cent for 2016-17, official data showed on 31 May.
According to figures released by Controller General of Accounts (CGA), the fiscal deficit-the difference between revenue and expenditure-for the last financial year slightly exceeded the budgeted target to reach Rs.5.35 lakh crore as against the estimates of Rs.5.34 lakh crore.
The fiscal deficit target for the last fiscal was pegged at 3.5 per cent, while that for 2017-18 has been set at 3.2 per cent.
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The exchequer's total receipts during the fiscal under review yielded Rs.14.39 lakh crore, or 97.3 per cent of the estimates. The total expenditure during the April-March 2016-17 period was Rs.19.74 lakh crore, or 98 per cent of the entire fiscal's estimate.
On a monthly basis, the fiscal deficit in April 2017 touched Rs.2.05 lakh crore or 37.6 per cent of Budget estimates for 2017-18.
As per the CGA figures, the 2017-18 deficit has been pegged at Rs.5.46 lakh crore, as compared to the deficit of Rs.5.34 lakh crore for the last fiscal.
The total receipts during the month under review was Rs.36,529 crore, or 2.3 per cent of the estimates, whereas the total expenditure was Rs.2.42 lakh crore, or 11.3 per cent of the entire fiscal's estimate.
The revenue deficit during last month was Rs.1.78 lakh crore, or 55.4 per cent of the estimates.
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