FinMin tracks revenue flow to curb deficit
In a move to keep the fiscal deficit under control, the finance ministry has initiated a process of daily monitoring of the revenue receipts, including tax collections as well as expenditure, beginning from March 1 this year. The Centre aims to meet its fiscal challenges on the revised tax revenue estimates and the `50,000crore budget target from disinvestment receipts as well.
Besides, the finance ministry has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to report all flash figures on daily basis. Apart from this, the concerned officials in the respective departments need to file daily reports on other non-tax and disinvestment receipts too.
“In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-today basis,” the Controller General of Accounts said in an office memorandum on March 1.
CBDT and CBIC are the apex bodies who are responsible for collecting direct and indirect taxes, respectively. “The CBDT and CBIC have been told to report flash figures and other non-tax and disinvestment receipts too would have to be reported
on daily basis,” the order said in the memorandum.
Asked about the development, top officials feel that this is the way forward for good governance. “The daily monitoring of tax and non-tax revenue collections will certainly help the government for taking timely corrective actions. This action is a step forward to check all kind of tax frauds in the country, wherever and whenever needed,” an official said.
The Centre has set a target of 6.4 per cent for fiscal deficit, which is the difference between government revenues and spending, in the current financial year ending March 31. Till January, the fiscal deficit has touched 68 per cent of the Budget estimates at `11.91 lakh crore. “Non-civil ministries like railways, defence and posts would also be requ-ired to upload their accou-nting data on a daily basis on the eLekha portal,” the memo said. As per the recent government data, net tax receipts rose to `16.89 lakh crore, while total expenditure was `31.68 lakh crore.