Government of India's Financial Review up to February 2024
- PIB Writer
- Mar 29, 2024
- 1 min read
Summary and Important Points:
Total Receipts and Distribution:
Up to February 2024, received ₹22,45,922 crore (81.5% of the RE for 2023-24).
Comprising Tax Revenue: ₹18,49,452 crore; Non-Tax Revenue: ₹3,60,330 crore; Non-Debt Capital Receipts: ₹36,140 crore.
Non-Debt Capital Receipts Breakdown:
Recovery of Loans: ₹23,480 crore.
Miscellaneous Capital Receipts: ₹12,660 crore.
State Governments' Share:
₹10,33,433 crore transferred as Devolution of Share of Taxes, ₹2,25,345 crore higher than the previous year.
Total Expenditure Insights:
Incurred ₹37,47,287 crore (83.4% of the RE for 2023-24), with ₹29,41,674 crore on Revenue Account and ₹8,05,613 crore on Capital Account.
Major Expenditure Areas:
Interest Payments: ₹8,80,788 crore.
Major Subsidies: ₹3,60,997 crore.
Additional Information:
Tax Revenue (Net to Centre): The net income from taxes after deductions, shared with states.
Non-Tax Revenue: Income from sources other than taxes, like fees, fines, and revenues from public services.
Non-Debt Capital Receipts: Income from the sale of capital assets and recovery of loans which doesn't increase the debt.
Devolution of Share of Taxes: The process of central government transferring a share of its tax revenues to state governments.
Revenue Account vs. Capital Account: Revenue account tracks the daily operational expenses, whereas capital account records investment and disinvestment.
Examination Perspective and Concise Points for Use:
Understanding of government's fiscal management up to February 2024.
Insights into government's revenue sources and expenditure priorities.
The significance of tax and non-tax revenue in government's total receipts.
Key Words to Remember:
Total Receipts
Tax Revenue
Non-Tax Revenue
Non-Debt Capital Receipts
Devolution of Share of Taxes
Revenue and Capital Account
Link to Article : Press Information Bureau (pib.gov.in)
Released On : 28 March 2024
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