ISLAMABAD: The budget deficit during the first six months of the ongoing fiscal year increased to 2.3 percent of the GDP or Rs 2,407.768 billion despite provincial surplus of over Rs 289 billion.
The Finance Division has uploaded the consolidated fiscal operation of July-December 2023-24 on its website on Monday.
The data of the summary showed that the total expenditure was Rs 9,261.764 billion during the first six months against the total revenue of Rs 6,853.996 billion, thereby, creating a deficit of Rs 2,697.192 which was reduced to Rs 2,407.768 billion as a result of provincial surplus of Rs 289.414 billion.
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The budget deficit of Rs 2,407.768 billion financing was met by external borrowing of Rs 608.381 billion and domestic borrowing of Rs 1,799.387. The domestic borrowing included non-bank borrowing Rs 251.611 billion and Bank borrowing of Rs 2,050.998 billion.
The primary balance was 1.7 percent of the GDP (Rs 1,812.211 billion) during the period under review.
The current expenditure of Rs 8,564.632 billion included mark-up payments Rs 4,219.979 billion – domestic Rs 3,717.821 billion and foreign Rs 502.158 billion. Defence Affairs and Services expenditure were Rs 757.602 billion, pension Rs 404.422 billion, running of civil government Rs 302.443 billion, subsidies Rs 375.262 billion, grants to others Rs 469.488 billion.
The development expenditure – PSDP – during the period under review July-December 2023-24 were Rs 673.216 billion which included federal Rs 130.408 billion and provincial Rs 542.808 billion, whereas, net lending to the PSE’s was negative Rs 12,002 billion. Statistical discrepancy was noted of Rs 35.918 billion.
The total revenue mobilization was Rs 6,853.996 billion – Rs 4,834.306 billion tax revenue and Rs 2,019.690 billion non-tax revenue and in tax revenue, Federal Board of Revenue (FBR) tax was Rs 4,469.241 billion and the provincial share in the tax collection was Rs 365.065 billion.
The share of direct taxes in tax revenue was Rs 2,148.891 billion and indirect taxes Rs 2,320.350 billion. In indirect taxes Customs duties collection was Rs 540.504 billion, sales tax Rs 1,515.266 billion, federal excise Rs 264.580 billion.
The provincial share in tax included sales tax on services Rs 230.025 billion, excise duty Rs 5.952 billion, stamp duties Rs 30.346 billion, motor vehicles tax Rs 16.017 billion and others Rs 82.725 billion.
Non-tax revenue of Rs 2,019.690 billion included federal share was Rs 1,940.520 billion and provincial Rs 79.170 billion.
The federal non-tax revenue included mark-up of (PSEs and others) Rs 202.625 billion, dividend Rs 50.465 billion, profit of PTA and others Rs 3.734 billion, surplus profit of SBP Rs 972.183 billion, defence receipts Rs 14.235 billion, passport fee Rs 25.739 billion, discount retained on crude oil Rs 13.184 billion, royalties on oil and gas Rs 87.464 billion, windfall levy against crude oil Rs 13.724 billion, petroleum levy on LPG Rs 1,736 billion, GIDC Cess Rs 1,099 billion, Natural Gas Development Surcharge Rs 4.504 billion, petroleum levy 472.772 billion, others, Rs 77.056 billion and provincial non-tax collection has been Rs 79.170 billion.
The data also states that of the gross revenue receipts of 6,448,362, provinces were transferred Rs 2,435,349 billion during the first six months of the ongoing fiscal year.
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