Gross Tax Collections During 2014-15 Stand at ₹ 12,45,037 Crore and thus Registering a Growth of 9% during the period as Compared to FY 2013-14

The Provisional Accounts for the year ended 31st March, 2015 have been complied on the basis of March data and anticipated adjustments received from the different Ministries. These are the provisional figures and may undergo certain changes during the final compilation of accounts after Audit.

1.     Fiscal Indicators:

As a result of prudent policies and commitment to fiscal consolidation, the fiscal deficit at the end of 2014-15, stands at ₹ 5,01,880 crore which is 98% of the projected figure in RE 2014-15. Fiscal deficit as a percentage of GDP is 4.0% as against the RE of 4.1%. (4.4% for the previous year 13-14). The Union Government is firmly committed to path of fiscal consolidation and this is a step forward.

Revenue deficit at the end of 2014-15 is ₹ 3,58,306 crore which is 99% of the projected figure in the RE 2014-15  and is 2.8% of the GDP as against the RE of 2.9%. (3.2% for the previous year FY13-14)

2.     Receipts:

Gross Tax Collections at ₹ 12,45,037 crore has shown a growth of 9% (Rs.1,06,303 crore) as compared to FY 2013-14. The gross tax collections is 9.8% of GDP.

While, Devolution of tax collections to States at the end of 2014-15 is ₹ 3,37,808 crore which is higher by ₹ 19,578 crore over the previous year 2013-14 while the Non Tax Revenue stands at ₹ 1,96,959 crore (90% of RE)

Non Debt Capital Receipts which includes disinvestment stands at ₹ 43,439 crore (103% of RE) and has shown an increase of 4% as compared to the previous year’s collection of ₹ 41,865 crore.

3.     Expenditure

Plan Expenditure at the end of 2014-15 stands at ₹ 4,35,621 crore while Non-Plan Expenditure during the same year has been ₹ 11,91,140 crore (99.8% of RE)

Fiscal consolidation momentum: fiscal deficit improved and revenue deficit narrowed, reinforcing budgetary prudence and provisional accounts status. The Government reports provisional 2014-15 fiscal outcomes showing a fiscal deficit of 4.0% of GDP and a revenue deficit of 2.8% of GDP versus revised estimates, describing these results as evidence of continued fiscal consolidation. Accompanying data indicate growth in gross tax collections, higher tax devolution to States, non-tax and non-debt capital receipts meeting substantial proportions of revised estimates, and Plan and Non-Plan expenditures close to their revised estimates.