Finance ministry releases fiscal report for first six months of 2020-21

ISLAMABAD: Finance Ministry has released the fiscal operation report for the first six months of the fiscal year 2020-21, showing a budget deficit of Rs1,138 billion during the period, ARY NEWS reported.

“The budget deficit stood at 2.5 percent of the GDP,” the ministry said adding that the revenues in the first six months stood at Rs3,351 billion as compared to the expenditures of Rs4,489 billion in a similar period.

The ministry said that Rs1,475 billion was paid from the treasury in terms of interest while the defence spending stood at over Rs486 billion during the period.

Further sharing details of tax collection, the finance ministry said that the Centre collected Rs2,210 billion tax as compared to Rs245 billion collection from provinces.

“The country acquired national and international loans of Rs1,138 billion during the first six months of the fiscal year,” it said adding that it included over Rs454 billion foreign loans and over Rs683 billion loan from national lenders.

Read More: Budget for next fiscal year to be presented in first week of June

Giving a division of tax collection under separate heads, the ministry said that the direct taxes during July to December 2020 stood at Rs830 billion, Customs duty at Rs337 billion, sales tax at Rs918 billion and excise duty at Rs123 billion.

Further detailing, it was informed from the finance ministry that over Rs47 billion was collected from petroleum levy, Rs 275 billion from gas development surcharge and profit of Rs 372 billion from State Bank.