The budget deficit remains at 7.9% in 2021-22

ISLAMABAD: The budget deficit was recorded at 5.259 trillion rupees in the last financial year 2021-22 with a percentage of 7.9% against the budget target of 6.3%, Pakistan Today learned reliably.

According to the summary of consolidated fiscal operations uploaded by Finance Davison on Friday, total revenue in the last financial year was Rs 8035.383 billion against total expenditure of Rs 13,295.275 billion.

Direct taxes were recorded at Rs 2,280 billion in taxes including Rs 1,009 billion on international trade (customs), Rs 2,531 billion in sales tax and Rs 320.978 billion in federal excise.

Total expenditure was 13.295 trillion rupees with current expenditure of 11.521 trillion rupees in the last financial year. Total current expenditure; surcharge payments were 3.182 billion rupees, 2,828.572 billion domestic rupees and 353.860 billion foreign rupees, while defense expenditure amounted to 1.411 trillion rupees.

Further, development expenditure and net lending was 1,657 billion rupees while the statistical discrepancy was recorded at 116.478 billion rupees.

Pension expenditure amounted to 541.862 billion rupees, civil government operation 546.725 billion rupees, grants 1,529.609 billion rupees and grants to others 1,141.830 billion rupees.

The budget deficit stood at Rs 5.259 trillion and the primary deficit at Rs 2.077 trillion.

Financing the budget deficit was met by borrowing Rs 5,230 billion from external borrowings (net) of Rs 1,178 billion and domestic borrowings (net) of Rs 4,081 billion – non-bank borrowings of Rs 980,570 billion and bank loans of Rs 3,100.912 billion.

Provincial taxes of Rs 612.366 billion included service sales tax Rs 355.720 billion, excise duty Rs 8.896 billion, stamp duty Rs 70.888 billion and motor vehicle tax Rs 36.219 billion along with others Rs 140.643 billion.

In non-tax revenue of 1,280.215 billion federal rupees, including 1,151.918 billion rupees with a mark-up (PES and others) of 87.792 billion rupees, dividend of 42,872 billion rupees, profit PTA and others of 103,444 billion rupees, an excess profit of the State Bank of Pakistan of 473.574 billion rupees, defense revenue Rs 17.261 billion, passport fee Rs 21.619 billion, rebate withheld on crude oil Rs 16.504 billion, oil royalties and gas Rs 90.842 billion.

Exceptional levy on crude oil Rs 14.397 billion, petroleum levy on LPG Rs 3.659 billion, gas infrastructure development cess Rs 18.619 billion, surcharge for the development of natural gas Rs 20.372 billion, petroleum levy Rs 127.529 billion and others 113.434 billion. The provincial non-tax amounted to Rs 128.297 billion.

Comments are closed.