ISLAMABAD: Fiscal deficit has been recorded at 3.7 percent (Rs3,902.416 billion) of the GDP during the first nine months (July-March 2023-24) of the outgoing fiscal year following provincial surplus of Rs403.401 billion, according to the Finance Ministry.
According to consolidated federal and provincial fiscal operation July-March 2023-24 released by the Finance Ministry, total revenue stood at Rs9,780.421 billion (9.2 per cent of the GDP) against the total expenditure Rs13,682.837 billion (12.9 per cent of the GDP) during the first nine months of the outgoing fiscal year.
Total revenue of Rs9,780.421 billion included tax revenue of Rs7,262.483 billion and non-tax revenue of Rs2,517.938 billion. In tax revenue included, federal tax Rs6711.514 billion and provincial revenue Rs550.969 billion.
Govt closes Q1 with budget deficit of 0.9pc of GDP
In federal tax revenue direct taxes stood at Rs3,264.705 billion, taxes on international trade (Customs) Rs807.805 billion, sales tax Rs2,237.107 billion and federal excise Rs401.897 billion.
Provincial tax Rs550.969 billion included sales tax on services Rs353.223 billion, excise duty Rs8.793 billion, stamp duties Rs44.775 billion, motor vehicles tax Rs24.979 billion and others Rs119.199 billion.
Non-tax revenue stood at Rs2,517.938 billion with federal Rs2,359.047 billion and provincial Rs158.891 billion.
Federal non-tax revenue included mark-up (PSEs and others) Rs226.782 billion, dividend Rs64.347 billion, profit PTA and others Rs6.588 billion, surplus profit of State Bank of Pakistan Rs972.183 billion, defence receipts Rs22.331 billion, passport fee Rs35.484 billion, discount retained on crude oil Rs19.495 billion, royalties on oil, gas Rs127.852 billion, windfall levy against crude oil Rs20.887 billion, petroleum levy on LPG Rs2.610 billion, gas infrastructure development Cess Rs2.023 billion, natural gas development surcharge Rs18.633 billion, petroleum levy Rs719.592 billion, and others Rs120.240 billion.
The current expenditure Rs12,333.295 billion included mark-up payments Rs5,517.832 billion (domestic Rs4,807.599 billion and foreign Rs710.233 billion), defence expenditure Rs1,222.398 billion, pension Rs611.727 billion, running of civil government Rs518.680 billion, subsidies Rs473.166 billion, and grants to others Rs779.933 billion.
Development expenditure and net lending Rs1,142.781 billion. Total development expenditure (PSDP) Rs1,158.081 billion – federal Rs270.136 billion and provincial Rs887.945 billion.
Overall budget deficit was recorded at Rs3,902.416 billion while primary balance was surplus by Rs1,615.416 billion. Financing of budget deficit of Rs3,902.416 billion was met by external (net) borrowing of Rs493.815 billion and domestic (net) borrowing of Rs3,408.601 billion which included non-bank borrowing of negative Rs -377.980 billion and bank borrowing of Rs3,786.581 billion.
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