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ISLAMABAD: The country’s overall fiscal deficit during the first three quarters of the current fiscal year – July-March 2021-22 – stood at Rs2,565 billion or four percent of the GDP, according to the Finance Ministry.

According to consolidated fiscal operation released by the Finance Ministry on Tuesday, fiscal deficit was recorded at Rs2,565 billion during the first nine months of the current fiscal year subsequent to expenditure of Rs8,439.7 billion against revenue collection of Rs5,874 billion.

Provincial surplus was recorded at Rs599 billion and primary deficit at negative by Rs447.161 billion or 0.7 percent of the GDP.

Of the total revenue of Rs5,874 billion, tax collection was Rs4,821.9 billion and non-tax revenue Rs1,052.2 billion. The federal government tax collection was Rs4,383.6 billion and provincial collection Rs438.2 billion. Non-tax collection by the federal government stood at Rs958.5 billion and Rs93.7 billion by provincial governments.

Total expenditures in the first nine months of the current fiscal year were recorded at Rs8,439.7 billion with current expenditures at Rs7,378 billion and development expenditure as well as net lending totaling Rs1,051 billion. Mark-up payments were Rs2,118.4 billion which include Rs1,897.2 billion domestic, Rs221.2 billion foreign while defence expenditure were Rs881.8 billion, Rs395.3 billion pension, Rs318.9 billion civil government expenses, Rs575.2 billion subsidies, and Rs919.9 billion grants and others.

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Statistical discrepancy of Rs10.6 billion was also recorded during the period under review.

Budget deficit was recorded at Rs2,565 billion, whereas, the primary balance was negative Rs447.1 billion or (0.7 percent of GDP).

The federal share in tax revenue was Rs4,383.6 billion which included Rs1,578.5 billion indirect taxes, Rs714.7 billion in taxes on international trade, Rs1866.1 billion in sales tax and Rs224.1 billion in Federal Excise Duty.

Provincial share in tax revenue was Rs438.2 billion with sales tax on services Rs251.5 billion, excise duty Rs6.7 billion, stamp duty Rs50.2 billion, motor vehicle duty Rs27.2 billion, whereas, other taxes Rs102.4 billion.

The PSDP releases during July to March 2021-22 were Rs1,032.6 billion which includes Rs308.6 billion federal and Rs724.06 provincial shares.

Non-tax Revenue collection during the first nine month of the current fiscal year Rs982,700 billion which included; (i) mark-up (Provinces) Rs24.197 billion; (ii) mark-up (PSEs and others) Rs55.088 billion;(iii) dividends Rs36.608 billion;(iv) surplus profit of Regulatory Authorities including the PTA Rs39.017 billion;(v) surplus profit of State Bank of Pakistan Rs473.574 billion; (vi) defence receipts Rs12.152 billion; (vii) passport fee Rs15.872 billion; (viii) discount retained on crude oil Rs11.864 billion; (ix) royalties on oil\gas Rs61.664 billion; (x) petroleum levy 125.564 billion; (xi) gas infrastructure development cess Rs14.310 billion;(xii) natural gas development surcharge Rs17.532 billion;(xiii) windfall levy against crude oil Rs8.709 billion, as well as petroleum levy on LPG Rs2,759 billion, and ICT administration receipts Rs15.856 billion besides others Rs67.934 billion.

Provincial surplus stood at Rs599 billion during the first nine months of the current fiscal year with highest of Rs392 billion by the Punjab government, followed by Rs114 billion by Sindh, Rs90.541 billion by Balochistan, and Rs1.637 billion by Khyber-Pakhtunkhwa.

Provincial tax collection during the nine months of the current fiscal year remained Rs438 billion and transfer from federal government under NFC Award was Rs2,584 billion during July-March 2021-22.

Copyright Business Recorder, 2022


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