Government receives over ₹10 lakh crore in revenue by July 2024

Aug 30, 2024

Synopsis
As of July 2024, the Union Government has received a total of ₹10,23,406 crore, accounting for 31.9% of the Budget Estimates (BE) for 2024-25. This includes ₹7,15,224 crore in tax revenue, ₹3,01,796 crore in non-tax revenue, and ₹6,386 crore in non-debt capital receipts. The total expenditure for the same period stood at ₹13,00,351 crore, representing 27% of the BE, with significant allocations to revenue and capital accounts.

The Union Government has consolidated its financial accounts up to July 2024, revealing that total receipts amount to ₹10,23,406 crore. This represents 31.9% of the Budget Estimates (BE) for the financial year 2024-25. The bulk of these receipts came from tax revenue, totaling ₹7,15,224 crore. In addition to tax revenue, the government also collected ₹3,01,796 crore in non-tax revenue and ₹6,386 crore through non-debt capital receipts.

Significant Increase in Tax Devolution to States

Out of the total receipts, the central government has transferred ₹3,66,630 crore to various state governments as part of their share of taxes. This amount is ₹57,109 crore higher than the corresponding period in the previous year, indicating a significant increase in tax devolution to the states.

Expenditure Breakdown

On the expenditure front, the government has spent a total of ₹13,00,351 crore, accounting for 27% of the BE for 2024-25. This expenditure includes ₹10,39,091 crore on the revenue account and ₹2,61,260 crore on the capital account. Within the revenue expenditure, interest payments accounted for ₹3,27,887 crore, while ₹1,25,639 crore was allocated to major subsidies.

[The Economic Times]