The budget deficit narrows to 0.8 pc of GDP in the first quarter of fiscal year 22

ISLAMABAD: The budget deficit for the first quarter (July-September) of the current fiscal year (T1FY22) fell to 0.8 percent of GDP, against a deficit of 1.1 pc in the same quarter of the previous fiscal year.

According to the details, the finance division released the first quarter fiscal operations report on Tuesday which showed the total revenue was 1.8 trillion rupees with 1.5 trillion rupees in tax revenue and 275 billion rupees. rupees of non-tax revenue.

In terms of tax revenue, federal government collection amounted to Rs 1.390 billion, while provincial collection amounted to Rs 134.7 billion.

On the other hand, the federal government collected 241.5 billion rupees and the provincial governments 34 billion rupees in non-tax revenue.

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Likewise, total expenditure for the first quarter of FY22 was recorded at Rs.224 trillion, with current expenditure of Rs.196 trillion and development expenditure as well as net lending totaling 264.6 billion rupees.

Mark-up payments were recorded at 622 billion rupees, of which 571 billion domestic rupees, 51 billion foreign rupees, 261.6 billion rupees for business and defense services, 110.7 billion rupees for pensions, 89 billion rupees for civilian government spending, 74 billion rupees for subsidies and 169 billion rupees for subsidies.

The report states that a statistical discrepancy of Rs 14 billion was also observed during the period under review.

Overall, the budget deficit was recorded Rs436 billion while the primary balance was Rs184 billion in surplus.

The documents indicate that the total federal share of tax revenue was Rs 1.397 billion, including Rs 481 billion in direct taxes, Rs 221 billion in international trade taxes, Rs 624 billion in sales tax and Rs 70 billion rupees FED.

Meanwhile, the total provincial share of tax revenue was 134.7 billion rupees, which included the sales tax on services 66 billion rupees, excise duty of 2 billion rupees, stamp duty Rs 14 billion, motor vehicle duties Rs 9 billion while other taxes were Rs 42 billion.

On the other hand, the federal share was Rs241.5 billion out of the total non-tax revenue of Rs275 billion.

The federal share includes the mark-up on PES Rs19.4 billion, dividend Rs1.9 billion, SBP profit Rs109 billion, PTA surplus Rs30 billion, gas royalties Rs21.7 billion, defense revenue Rs2 , 8 billion, passport fees Rs6.1 billion, discount withheld on crude oil Rs3.5 billion, exceptional levy on crude oil Rs2.2 billion, gas infrastructure development cess (GID) Rs6.5 billion, surcharges on natural gas Rs4.7 billion, levy on oil Rs13.3 billion and other taxes were 18.9 billion rupees.

Non-tax revenues for the provinces were recorded at Rs 34.2 billion in the first quarter.

In addition, outflows from the PSDP from July to September were recorded at 262 billion rupees, of which 108 billion federal rupees and 153 provincial rupees.

In addition, a provincial budget surplus was recorded in the first quarter of 276.9 billion rupees, including 183 billion rupees for Punjab, 60 billion rupees for Sindh and 37 billion rupees for Balochistan, while the budget of the KP remained negative by 3 billion rupees.

On the other hand, the total provincial revenue was Rs 1.07 billion while their expenditure was Rs 800.1 billion.

Overall, provincial current expenditure amounted to Rs 640 billion.

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