FinMin monitoring daily receipts, expenses in March to check FY23 fiscal deficit

Starting from March 1st, the finance ministry has initiated a daily monitoring process of revenue receipts, which includes tax collections and expenses. The purpose behind this monitoring is to control the fiscal deficit throughout the current fiscal year.

Although the government is expected to meet the revised tax revenue estimates, meeting the Rs 50,000 crore target from disinvestment receipts could be a challenge.

According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed.

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“In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis,” the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1.

The Ministry has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to report flash figures. Besides, other non-tax and disinvestment receipts too would have to be reported on a daily basis, as per the memorandum.

CBDT and CBIC are the apex bodies responsible for collecting direct and indirect taxes, respectively.

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Non-civil ministries like Railways, Defence and Posts would also be required to upload their accounting data on a daily basis on the e-Lekha portal, it added.

The Centre has set a target of 6.4 per cent for fiscal deficit, which is the difference between government revenues and spending, in the current financial year ending March 31.

Till January, the fiscal deficit has touched 68 per cent of the Budget estimates at Rs 11.91 lakh crore.

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Net tax receipts rose to Rs 16.89 lakh crore while total expenditure was Rs 31.68 lakh crore.

Mop up from disinvestment stood at Rs 31,106 crore so far this fiscal, as against the full year estimates of Rs 50,000 crore.

(With agency inputs)