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ISLAMABAD: The government has closed the first nine months (July-March 2023) of the current fiscal year with the fiscal deficit of 3.7 percent of the GDP, or Rs 3.078 trillion, despite provincial surplus of Rs 456 billion.

According to the consolidated fiscal operation uploaded by Finance Ministry on Friday, total revenue stood at Rs 6.938 billion with tax Revenue Rs 5.617 trillion. In tax revenue federal taxes stood at Rs 5.155 trillion and provincial Rs 461 billion. Non-tax revenue stood at Rs 1.320 trillion with federal Rs 1.214 trillion and provincial Rs 105 billion.

Total expenditure stood at Rs 10.016 trillion with current expenditure of Rs 9.244 trillion of which mark-up payments were Rs 3.582 trillion and defence expenditure Rs 1 trillion whereas pension stood at Rs 486.696 billion, running of civil government Rs 396.080, subsidies Rs 524.432 billion and grants to others Rs 617.503 billion.

MoF lists factors causing fiscal deficit crisis

Development expenditure and net lending was recorded at Rs 1.060 trillion with federal PSDP Rs 292.937 billion excluding development grants to the provinces and provincial Rs 721.048 billion.

Overall budget deficit was Rs 3.078 trillion and primary balance positive Rs 503.774 billion.

The financing of budget deficit was met by domestic borrowing of Rs 3.761 trillion while external net stood at negative Rs 682.809 billion. The government has borrowed from the banks Rs 1.958 trillion for financing of fiscal deficit borrowing besides non-bank borrowing of Rs 1.802 trillion.

Federal tax in tax revenue of Rs 5.155 billion included direct taxes Rs 2.308 trillion, taxes on international trade (Customs) Rs 701.152 billion, sales tax Rs 1.901 trillion and federal excise Rs 244.771 billion and provincial taxes of Rs 461.833 billion included sales tax on services Rs 287.980 billion, excise duty Rs 7.335 billion, stamp duties Rs 47.475 billion, motor vehicles tax Rs 24.873 billion and others Rs 94.170 billion.

Non tax revenue of Rs 1.214 billion included mark-up (PSEs & others) Rs 85.235 billion, dividend Rs 52.348 billion, profit PTA & others Rs 61.458 billion, surplus profit of State Bank of Pakistan Rs 371.186 billion, Defence receipts Rs 14.25 billion, passport fee Rs 25.679 billion, discount retained on crude oil Rs 16.026 billion, royalties on oil/ gas Rs 88.530 billion, windfall levy against crude oil Rs 19.159 billion, petroleum levy on LPG Rs 2.594 billion, Gas Infrastructure Development Cess Rs 7.303 billion, natural gas Development Surcharge Rs 11.728 billion, petroleum levy Rs 362.480 billion and others 96.750 billion while provincial non tax collection was Rs 105.779 billion. Provincial surplus was Rs 456 billion: Punjab Rs 262 billion, Sindh 144 billion, KP Rs 5.37 billion and Balochistan Rs 43.406 billion.

Copyright Business Recorder, 2023

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Tulukan Mairandi May 06, 2023 08:53am
How can a default not happen?
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Dabeer Razvi May 06, 2023 11:33am
We should learn to live within our means. Reduce the Government Expense. All to pay their due Taxes.,
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Mumtaz kashif May 06, 2023 08:12pm
Very good we can do it better by tightening fiscal discipline and decreasing imports as we are
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