The fiscal deficit has increased to Rs 3.51 lakh crore in the first quarter of April-June. This is around 21.2 percent of the annual budget estimate, up from 18.2 percent a year ago. Whereas tax collection has increased more than anticipated. In the budget presented in February, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.4% of GDP for the current financial year. It was 6.71% in the last financial year.
The tax receipt is Rs 5.96 lakh crore or 26.1% of the budget estimate. The total expenditure during this period was 9.48 lakh crore which is 23.6% of the budget estimate. The government has set a fiscal deficit target of Rs 16.61 lakh crore for the current fiscal.
Losses increased by 28.3%
The fiscal deficit of the central government in April-June, 2021 was Rs 2.74 lakh crore. In comparison, this time it increased by 28.3 percent in April-June. Economists believe that due to the cut in excise duty, the government's revenue may see a shortfall of Rs 80,000 crore in the financial year 2023. Excise duty collection in June 2022 stood at Rs 30,404 crore, which is down 1.8 percent year on year.
Slight decline in losses in June...
There has been a slight decline in losses in June. On an annual basis, it declined to 1.48 lakh crore from 1.51 lakh crore. The revenue gap came down from Rs 1 lakh crore to Rs 82,900 crore. The expenditure of the government increased from Rs 3.43 lakh crore to Rs 3.62 lakh crore during the same period.
Loss to IOC for the first time in two years
Indian Oil Company (IOC) reported a loss of Rs 1,992 crore in the June quarter. The company said that this is due to the stabilization of LPG prices along with petrol and diesel, while production prices have increased during the same period. The company on Friday said it had made a profit of Rs 5,941 crore in the same period a year ago. For the first time in two years, it has made a loss in any quarter. It had made the highest ever profit in the last financial year.
308 crore profit to PNB
Punjab National Bank made a profit of Rs 308 crore in the June quarter. During this period, the bad bad loans of the bank declined and it stood at 4.28 percent. Its total business stood at Rs 19.36 lakh crore. The bank's MD AK Goyal said, a year ago it was Rs 18.23 lakh crore. The bank's retail lending rose 9.10 percent to Rs 1.21 lakh crore. Housing loans increased by 5.25 percent to Rs 74,565 crore. The bank is also working on a plan to raise funds this year.
DBS increased interest on FD by 0.50%
DBS Bank has increased the interest by 0.50% on FDs of less than 2 crores. The new rate has come into effect on July 28. 5.75 percent interest will be available on deposits of one to 375 days. Deposits of more than 376 days and less than two years will get 6 percent and deposits of two to three years will get 6.50% interest instead of 6%.
Now nomination date extended in mutual funds
SEBI has now extended the date of nomination in mutual funds till October 1. It will now be mandatory for the fund house to provide this facility to all the investors. It was to be implemented from August 1. Now from October 1, all the customers who buy the fund units will get the facility whether they will do the nomination or not.
Emami gains Rs 73 crore
FMCG company Emami made a profit of Rs 72.69 crore in the June quarter. This is a slight decline from a year ago. Revenue has increased by 17.75 percent to Rs 778.29 crore. The company's margins were affected due to inflation.
Bank of Maharashtra waived the processing fee
Bank of Maharashtra has introduced the monsoon offer. Under this, the processing fee of borrowers has been waived. This will apply to car and housing loans. This offer will start on August 1. The bank is offering housing loans at 7.30% and car loans at 7.70% interest.
Income Tax: ITR filled more than four crores
The Income Tax Department has said that till July 28, a total of 4.09 crore ITRs have been filed for 2021-22. Of this, 36 lakh ITRs were filed on July 28 alone. At the same time, income tax returns for the financial year 2021-22 will be able to be filed with a penalty even after July 31. For filing returns by December 31 this year, those earning up to Rs 5 lakh will have to pay a fine of Rs 1,000, and those with income above Rs 5,000. Those whose total income is within the exemption limit will not have to pay the penalty.
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