Government revenue to exceed INR 1000 crore by July 2024

2024-08-30 11:58:00

The Indian government has consolidated its financial accounts till July 2024, showing total revenue collection of Rs 10,23,406 crore. This is 31.9% of the Budget Estimates (BE) for the fiscal year 2024-25. Most of these revenues came from tax revenues, which totaled Rs 7,15,224 crore. Apart from tax revenues, the government collected Rs 3,01,796 crore through non-tax revenues and Rs 6,386 crore through non-debt capital receipts.

The devolution of tax revenues to the states has increased significantly

Out of the total revenue, the Central Government has transferred Rs 3,66,630 crore to the state governments as their share of tax revenue. This amount is Rs 57,109 crore higher than the same period last year, indicating a significant increase in tax revenue transfers to the state governments.Expenditure details
On the expenditure front, the government spent a total of Rs 13,00,351 crore, which is 27% of the BE for 2024-25. This expenditure includes Rs 10,39,091 crore on revenue account and Rs 2,61,260 crore on capital account. Of the revenue expenditure, interest payments accounted for Rs 3,27,887 crore, while Rs 1,25,639 crore was allocated for major subsidies.

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