FinMin keeps constant vigil on fiscal deficit
Takes up monitoring exercise on revenue, expenditure on daily basis from Mar 15
image for illustrative purpose
New Delhi: Keen to keep government deficit within stated targets, the Union Finance Ministry will from March 15 start daily monitoring of the revenue receipts, including tax collections, as well as expenditure.
The move comes against the backdrop of a possible deferment of the initial public offering (IPO) of LIC, which was expected to fetch over Rs60,000 crore, to the next financial year in view of the ongoing Russia-Ukraine war and its implication on Indian markets. On the other hand, the government's decision to bring back thousands of Indian students stranded in Ukraine will impose an additional burden on the exchequer. According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed.
"The CBDT and CBIC have been asked to report flash figures up to the previous day latest by 12 noon. Besides, other non-tax and disinvestment receipts would have to be reported on a daily basis," the official told PTI. Officials said that the Controller General of Accounts (CGA) has been asked to provide daily revenue collection and expenditure figures of various ministries between March 15 and March 31 to the expenditure secretary. The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) are the apex bodies responsible for collecting direct and indirect taxes, respectively.
