Last Update: March 05, 2023, 13:00 IST
According to officials, the daily monitoring of tax and non-tax revenue collection will help the government take timely corrective action, if required.
The Center has set a target of 6.4 per cent for the fiscal deficit in the current financial year ending March 31.
With the objective of keeping the fiscal deficit under check during the current financial year, the Finance Ministry has started daily monitoring of expenditure as well as revenue receipts including tax collections from March 1.
While the government is expected to meet the revised revenue estimates, meeting the target of Rs 50,000 crore from disinvestment proceeds could be a challenge.
According to officials, the daily monitoring of tax and non-tax revenue collection will help the government take timely corrective action, if required.
The Controller General of Accounts said, “In order to keep a close eye on the inclusion of receipts, expenditure and fiscal position of the Central Government in the month of March, 2023, it is necessary to have updated information on a daily basis.” (CGA) said in an office memorandum on March 1 under the Ministry of Finance.
The ministry has asked the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) to report the flash data. In addition, other non-tax and disinvestment receipts will also 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.
Non-civil ministries like Railways, Defense and Posts will also have to upload their accounting data on the e-Lekha portal on a daily basis.
The Center has set a target of 6.4 per cent for the fiscal deficit in the current financial year ending March 31, which is the difference between government revenue and expenditure.
As of January, the fiscal deficit has reached 68 per cent of the budget estimate at Rs 11.91 lakh crore.
Net tax receipts increased to Rs 16.89 lakh crore while total expenditure stood at Rs 31.68 lakh crore.
So far in the current financial year, Rs 31,106 crore has been raised from disinvestment, while the estimate for the full year was Rs 50,000 crore.
read all latest business news Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)