New Delhi [India], August 31: By the end of July 2024, the central government had collected a total of Rs 10,23,406 crore through various tax and non-tax revenues. This amount represents 31.9% of the Budget Estimates (BE) for FY 2024-25, according to the Ministry of Finance.
The total receipts include Rs 7,15,224 crore in Tax Revenue (Net to Centre), Rs 3,01,796 crore in Non-Tax Revenue, and Rs 6,386 crore from Non-Debt Capital Receipts. The central government released its Monthly Accounts up to July 2024, offering a detailed view of its financial performance for the current fiscal year.
The report highlights that a significant portion of the tax revenue collected has been shared with state governments, with Rs 3,66,630 crore allocated as the states' share of taxes. This figure represents an increase of Rs 57,109 crore compared to the same period last year, reflecting the government's commitment to fiscal federalism.
On the expenditure side, the government has spent a total of Rs 13,00,351 crore up to July 2024, which is 27% of the Budget Estimates for the year. Of this, Rs 10,39,091 crore has been used for Revenue Account expenditures, while Rs 2,61,260 crore has been directed towards Capital Account expenditures.
Revenue Expenditure includes Rs 3,27,887 crore for Interest Payments and Rs 1,25,639 crore for major subsidies, demonstrating the government's support for essential sectors and relief efforts for vulnerable populations.
This financial report underscores the government's efforts to manage the country's finances effectively, balancing revenue generation with necessary expenditures while ensuring resources flow to state governments.
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