The first quarter ends with a budget deficit of 0.8 pc of GDP
ISLAMABAD: The government closed the first quarter of the current fiscal year (July-September 2021) with a budget deficit of 0.8% or in absolute terms 438 billion rupees of gross domestic product (GDP), according to the Ministry of Finances.
According to the consolidated federal and provincial tax transactions for July-September 2021 released by the Ministry of Finance on Tuesday, the total revenue collected was 1.8 trillion rupees, with tax revenue of 1.5 trillion rupees and non-revenue. tax to 275 billion rupees.
While, total spending for the period under review was Rs 2.24 trillion with current spending of Rs 1.96 trillion and development spending and net lending remained Rs 264.6 billion. The primary deficit was recorded as a surplus of 0.3% of GDP and the financing of the budget deficit was covered by net external borrowing of Rs466 billion while net domestic borrowing was negative at Rs27.3 billion.
The federal government collects taxes on the collected tax account of Rs 1.39 billion while the provincial has collected Rs 134.7 billion. In terms of non-tax collection, the federal government collected Rs 241.5 billion and the provincial governments Rs 34 billion.
Update from the Ministry of Finance, outlook: the budget deficit from July to August amounts to 0.9 pc of GDP
The federal government’s direct tax collection was Rs 481 billion, international trade taxes Rs 221 billion, sales tax Rs 624 billion and the Fed Rs 70 billion.
The provincial government Rs134.7 billion included the sales tax on services of Rs66 billion, excise duty Rs2 billion, stamp duty Rs14 billion, motor vehicle duty Rs9 billion, and other taxes were Rs42 billion.
Of the total non-tax revenue of Rs276 billion during the first quarter of the current fiscal year, the federal government’s share was Rs241.5 billion, which included the mark-up and PSE and other Rs19.4 billion, the dividend Rs1.9 billion, SBP profit 109 billion rupees, surplus of 30 billion rupees, oil / gas royalties 21.7 billion rupees, defense revenue 2.8 billion rupees, passport fees 6.1 billion rupees, discount on crude oil 3.5 billion rupees, exceptional levy on crude oil 2 rupees. 2 billion, gas infrastructure development cess 6.5 billion rupees, natural gas surcharges 4.7 billion rupees, the oil tax 13.3 billion rupees and other collections were 18.9 billion rupees. rupees. Provincial non-tax revenues amounted to Rs 34.2 billion.
In current expenditure, the mark-up payments in the first quarter were Rs 622.7 billion, Rs 571 billion domestic and Rs 51.5 billion foreign, defense expenditure was Rs 261.6 billion, pensions of Rs 110.7 billion, civil government management of Rs 89.4 billion, grants of Rs74 billion and donations to other Rs169 billion. Provincial current expenditure amounted to Rs640 billion. A statistical discrepancy of Rs 14 billion was reported in the tax transaction.
Development expenditure (Public Sector Development Program) in the first quarter of Rs 262 billion included Federal Rs 108 billion and Provincial Rs 153 and net loans of Rs 2.5 billion.
The provinces generated a budget surplus of Rs 276.9 billion in the first quarter with Rs 183 billion for Punjab, Rs 60 billion for Sindh, Rs 3 billion negative for Khyber Pakhtunkhwa and a surplus of Rs 37 billion. Rs for Balochistan.
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