Government finances: Key trends and peculiarities
Summary
The tax collections for the April-May of the current fiscal were much more than April-May of FY19-20.
The fiscal numbers in terms of total receipts, total expenditure, tax collection etc., for the month of April and May for the current fiscal, were out and they showed some distinctive features.
Reading into the fine print, CNBC-TV18’s Latha Venkatesh said although one should not read too much into the two-month numbers. If one were to compare it with FY19-20 there were some interesting features. However, there would be no point comparing numbers with last fiscal because the country was under a lockdown then.
The total receipts were significantly higher in the two months at Rs 3.49 lakh crore compared to Rs 1.46 lakh crore for April-May of FY19-20. The total expenditure was in fact, less at Rs 4.79 lakh crore as compared to Rs 5.12 lakh crore and the tax collection stood higher at Rs 3.12 lakh crore versus Rs 2.15 lakh crore.
Similarly, the tax collections for the April-May of the current fiscal year were much more than April-May of FY19-20. However, the states’ share was less compared to the earlier fiscals.
The total receipts were much higher because there was Rs 1 lakh crore RBI dividend but the total expenditure was low, which would need some explanation.
Meanwhile, corporate tax collection was very high and it could be because some of the steel companies could have given bonanza tax receipts or no refunds have been made. Excise collections were higher because the petrol prices went up. There also has to be some explanation on why states have given nearly Rs 20,000 crore less than the previous two years.
Watch the accompanying video of CNBC-TV18’s Latha Venkatesh for more details
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