ISLAMABAD: The provinces have generated a budget surplus of Rs51.403 billion in the first quarter of the ongoing fiscal year, less by 76 percent over Rs218.022 billion for the same period of last fiscal year.

The provinces were transferred by the federal government under National Finance Commission (NFC) Award Rs1,088 billion in the first quarter (July-September 2023-24), which is more than 19 percent higher than Rs880.347 billion for the same period a year before.

The total revenue of the provinces increased from Rs1,050 billion during July-September 2023-24 to Rs1,370 billion during the first quarter of the current fiscal year.

Govt closes Q1 with budget deficit of 0.9pc of GDP

Provincial taxes stood at Rs175.391 billion in the first quarter of the current fiscal year against Rs148.162 billion for the same period a year before, sales tax on services (GST) has been Rs106.279 billion in the current fiscal year against Rs85.342 billion during July-September 2022-23, excise duties increased to Rs2.735 billion from Rs2.201 billion, and stamp duties have decreased to Rs14.861 billion from Rs14.994 billion.

Provincial non-tax stood at Rs33.888 billion against Rs32.760 billion for the same period a year ago, mark-up Rs468 million during the period under review from Rs136 million while the total expenditure has increased to Rs1,318 billion, up by 58 percent over Rs832.668 billion for the same period of last fiscal year and the current expenditure Rs953.056 billion, up by 34 percent over Rs714.044 billion. Development expenditure (PSDP) stood at Rs245 billion during the first quarter of ongoing fiscal year (July-Sept 2023-24) against Rs152.233 billion for the same period of last fiscal year while statistical discrepancy of Rs120.032 billion during the first quarter of the current fiscal year against negative Rs33.609 billion for the same period a year before.

Copyright Business Recorder, 2023