ISLAMABAD: The government has closed the first quarter of the current fiscal year with one percent of GDP fiscal deficit as opposed to 0.7 percent of the GDP for the same period a year before despite provincial surplus of Rs218 billion and statistical discrepancy of Rs67.6 billion.
According to a summary of consolidated fiscal operation for July-September 2022-23 released by the Finance Ministry, budget deficit during the first quarter stood at Rs808.734 billion or one percent of the GDP against 0.7 percent or Rs428.491 billion for the same period of last fiscal year and primary balance Rs145.258 billion. Financing of the fiscal deficit was met through external and domestic resources with borrowing of external (net) Rs30.367 billion and domestic borrowing (net) of Rs778.367 billion –non-bank borrowing Rs487.869 billion and bank borrowing Rs290.498 billion.
Total revenue collection during the period under review was Rs2.016 billion against the total expenditure Rs2.825 billion and as a result deficit was Rs808.734 billion. Rs2.015 billion revenue included tax collection of Rs1.782 billion and non-tax revenue Rs234.919 billion. Federal tax collection stood at Rs1.633 billion and provincial tax collection Rs148.162 billion. Federal non-tax revenue collection was recorded at Rs202.159 billion and provincial Rs32.760 billion
Total Expenditure during the first quarter of Rs2.825 billion included current expenditure Rs2.538 billion –Rs1.832 billion Federal and Rs705,601 billion Provincial and development expenditure of Rs219.968 billion
In current expenditure, mark-up payments Rs953.992 billion – Domestic Rs835,135 billion and foreign 118.857 billion, defence expenditure Rs312.928 billion, pension Rs171.382 billion, running of civil government Rs102.327 billion, subsidies Rs92.706 billion, and grants to others Rs199.175 billion.
Public Sector Development Programme (PSDP) spending and net lending stood at Rs219.968 billion with federal PSDP Rs67,014 and Provincial Rs152,233 whereas net lending PSE’s Rs721 million. Statistical discrepancy of Rs67.631 billion was recorded in the first quarter of the current fiscal year.
The Federal Board of Revenue (FBR) tax collection was Rs1633 billion included direct taxes collection of Rs682.675 billion and indirect taxes collection of Rs951.221 billion. Collection of taxes on international trade (customs) was Rs229.957 billion, sales tax Rs 642.144 billion and federal excise duty Rs79.120 billion. Provincial tax collection of Rs148.162 billion included; (i) sales tax on services Rs85.342 billion; (ii), excise duty Rs 2.201 billion; (iii) stamp duties Rs14.994 billion and motor vehicles tax Rs 8.669 billion besides others Rs36.956 billion.
Federal non-tax revenue of Rs234,919 billion included; (i) mark-up (PSEs and others) Rs28.844; (ii) dividend Rs24.651 billion; (iii) profit PTA and others Rs13.076 billion; (iv) defence receipts Rs3.794 billion; (v) passport fee Rs6.717 billion; (vi) discount retained on crude oil Rs4.304 billion; (vii) royalties on oil/gas Rs20.672 billion; (viii) windfall levy against crude oil Rs4.919 billion; (ix) petroleum levy on LPG Rs702 million; as well as gas infrastructure development cess Rs3.007 billion and natural gas development surcharge Rs5.485 billion while petroleum levy collection was Rs47.476 billion and others Rs38.512 billion.
Provincial created surplus of Rs218.022 billion, Punjab by Rs125.223 billion, Sindh Rs60.294 billion, Khyber-Pakhtunkhwa Rs2.956 billion, and Balochistan Rs29.5 billion.
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