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ISLAMABAD: The government closed the last fiscal year (2022-23) with a budget deficit of 7.7 percent or Rs6.521 trillion as debt servicing touched a record Rs5.831 trillion.

According to a summary of consolidated federal and provincial fiscal operation for July-June 2022-23 uploaded by the Finance Ministry on its website on Thursday, total revenue was of Rs9.633 trillion. Tax revenue was Rs7.818 trillion, of which federal tax collection was Rs7.169 trillion and provincial Rs649.559 billion. The provincial surplus was Rs154.585 billion.

Non-tax collection was Rs1.814 trillion with federal component of Rs1.648 trillion and provincial 165.876 billion.

Total expenditure was recorded at Rs16.154 trillion, current expenditure Rs14.583 trillion, of which, mark-up payments were Rs5.831 trillion, defence Rs1.585vtrillion, development expenditure and net lending Rs1.952 trillion, whereas, statistical discrepancy was recorded at Rs380.960 billion.

The overall budget deficit was Rs6.521 trillion and the primary deficit was Rs690.319 billion or 0.8 percent of the GDP.

Domestic net borrowing was Rs7.201 trillion to finance the budget deficit of Rs6.521 trillion as external net financing was negative by Rs679.848 billion. The government borrowed Rs3.528 trillion from banks and Rs3.672 trillion from non-bank sources to finance the budget deficit borrowing, whereas, external (net) borrowing was negative Rs679.848 billion.

Federal taxes of Rs7.169 trillion included direct taxes of Rs3.272 trillion, taxes on international trade (customs) Rs934.823 billion, sales tax Rs2.592 trillion, and federal excise duty Rs369.779 billion.

Provincial taxes of Rs649.559 billion included sales tax on services Rs416.973 billion, excise duty Rs9.619 billion, stamp duties Rs65.191 billion, motor vehicles tax Rs31.705 billion, and other taxes Rs126.071 billion.

Non-tax revenue of Rs1.814 trillion included mark-up (PSEs and others) Rs144.683 billion, dividend Rs68.669 billion, profit PTA and others Rs84.592 billion, surplus profit of State Bank of Pakistan Rs371.186 billion, defence receipts Rs21.133 billion, passport fee Rs34.495 billion, discount retained on crude oil Rs23.081 billion, royalties on oil/gas Rs120.313 billion, windfall levy against crude oil Rs27.731billion, petroleum levy on LPG Rs3.419 billion, gas infrastructure development cess Rs10.940 billion, natural gas development surcharge Rs10.672 billion, petroleum levy Rs579.910 billion, and others Rs148.106 billion. Provincial non-tax revenue included Rs165.876 billion. Punjab province generated a budget surplus of Rs90.067 billion, Sindh Rs50.397 billion, Khyber-Pakhtunkhwa Rs16.644 billion, and Balochistan province generated negative Rs2.254 billion budget surplus.

Copyright Business Recorder, 2023

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Shahid Khan Aug 18, 2023 12:46pm
Thanks PDM. The thugs have looted my country with both hands and no one stopped them.
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