Government Reports Rs10.23 Lakh Crore Revenue Collection by July 2024

The central government collected Rs10.23 lakh crore in revenues by July 2024, representing 31.9% of the Budget Estimates for FY 2024-25. Highlights include significant tax revenue sharing with states and substantial expenditures on revenue and capital accounts, reflecting efforts to balance finances and support sectors through subsidies.

The central government has amassed a total of Rs10,23,406 crore by July 2024 through various tax and non-tax revenue channels. According to the Ministry of Finance, this sum represents 31.9% of the Budget Estimates (BE) for FY 2024-25.

The government's receipts break down into Rs7,15,224 crore from Tax Revenue (net to the Centre), Rs3,01,796 crore from Non-Tax Revenue, and Rs6,386 crore from Non-Debt Capital Receipts. On Friday, the central government compiled and published the Monthly Accounts up to July 2024, providing an in-depth view of this fiscal year's financial performance.

The Ministry report highlighted that a substantial portion of the Tax Revenue has been allocated to State Governments, with Rs3,66,630 crore being devolved as their share. This represents an increase of Rs57,109 crore compared to the same period in the previous fiscal year, reflecting fiscal federalism practices.

The Ministry stated, "Rs3,66,630 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period, which is Rs57,109 crore higher than the previous year." On the expenditure side, the government has spent Rs13,00,351 crore up to July 2024, which accounts for 27% of the year's Budget Estimates. Out of this, Rs10,39,091 crore has been on Revenue Account and Rs2,61,260 crore on Capital Account expenditures.

The Revenue Expenditure includes Rs3,27,887 crore for Interest Payments and Rs1,25,639 crore allocated for major Subsidies, underscoring the government's commitment to supporting essential sectors and providing relief to vulnerable societal sections through subsidies. This consolidated financial report up to July 2024 showcases the government's efforts in managing India's finances, balancing revenue generation with essential expenditures, and ensuring a steady resource flow to state governments.

(With inputs from agencies.)