As part of efforts to keep fiscal deficit in check in the ongoing fiscal, the finance ministry has started a new exercise under which revenue receipts, including tax collections, as well as expenditure are being monitored on a daily basis.
Among other measures, the ministry has also asked departments to report flash figures on tax and non-tax receipts on a daily basis, according to a report.
The finance ministry has started daily monitoring of the revenue receipts, including tax collections, as well as expenditure beginning March 1.
The daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed, as per officials.
“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-to-day basis,” the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1.
The Finance Ministry has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to report flash figures. Besides, other non-tax and disinvestment receipts too would have to be reported on a daily basis, as per the memorandum. CBDT and CBIC are the apex bodies responsible for collecting direct and indirect taxes, respectively.
Non-civil ministries like Railways, Defence and Posts would also be required to upload their accounting data on a daily basis on the e-Lekha portal, it added.
The Centre has set a target of 6.4 percent 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 Rs 11.91 lakh crore. Net tax receipts rose to Rs 16.89 lakh crore while total expenditure was Rs 31.68 lakh crore.
