Union Government released its Financial Accounts Report till July 2024, Check Receipts and Expenditure Data
The Union Government has released its financial accounts for the period up to July 2024. Here’s a breakdown of the key figures and trends:
Total Receipts
As of July 2024, the government’s total receipts stand at ₹10,23,406 crore. This figure represents 31.9% of the Budget Estimates (BE) for the financial year 2024-25. The main sources of these receipts are:
- Tax Revenue: ₹7,15,224 crore
- Non-Tax Revenue: ₹3,01,796 crore
- Non-Debt Capital Receipts: ₹6,386 crore
Transfer to States
A significant portion of the total receipts, amounting to ₹3,66,630 crore, has been transferred to various state governments. This is their share of taxes collected by the central government. This amount is ₹57,109 crore higher than what was transferred during the same period last year, showing a notable increase in the funds allocated to states.
Government Expenditure
On the expenditure side, the government has spent ₹13,00,351 crore up to July 2024, which is 27% of the BE for 2024-25. This expenditure is divided into:
- Revenue Account: ₹10,39,091 crore
- Capital Account: ₹2,61,260 crore
Revenue Expenditure Breakdown
Within the revenue expenditure, the key allocations are:
- Interest Payments: ₹3,27,887 crore
- Major Subsidies: ₹1,25,639 crore
In summary, the Union Government’s financial operations up to July 2024 show a balanced approach in revenue generation and expenditure, with significant increases in state transfers and a clear allocation towards interest payments and subsidies.
