The Government of India reported that its total receipt from tax and non-tax revenue is Rs 5,72,845 crore, which is 18.6 per cent of the Budget Estimate (BE) for the financial year 2024-25, by the end of May 2024. This information was shared by the Ministry of Finance on Friday, as part of the Monthly Account of the Government of India for May 2024.
The ministry stated that the government received Rs 3,19,036 crore from Tax Revenue (Net to Centre), Rs 2,51,722 crore from Non-Tax Revenue, and Rs 2,087 crore from Non-Debt Capital Receipts, which includes money recovered from loans. The Tax revenue is the income gained by the government through taxation, while the Non-Tax revenue is the recurring income that is earned from sources other than taxes by the government. It includes the revenue receipts that are not generated by taxing the public.
Out of the total tax revenue, Rs 1,39,751 crore was transferred to State Governments as their share of taxes. This amount is Rs 21,471 crore higher compared to the same period last year. On the expenditure side, the Government of India spent a total of Rs 6,23,460 crore by the end of May 2024, which is 13.1 per cent of the budget estimate for 2024-25. This expenditure includes Rs 4,79,835 crore on the revenue account and Rs 1,43,625 crore on Capital Account.
The revenue account expenditures of the government include expenditures that do not lead to the creation of fixed assets, it includes paying interest on loans, salaries etc, however, the capital account includes the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc.
Within the Revenue Account, significant expenses were made on Interest Payments, which amounted to Rs 1,23,810 crore, and on Major Subsidies, which amounted to Rs 54,688 crore. (ANI)
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