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The Centre’s revenue collections comprising both tax and non-tax sources have been buoyant in H1:2024-25, a latest update in RBI’s monthly bulletin stated. The robust growth in tax receipts was primarily driven by income tax and goods and services tax (GST) while non-tax revenues benefitted from the jump in surplus transfer by the Reserve Bank. On the expenditure front, while revenue expenditure is on track to meet the budgeted targets, there is a slack in the capital expenditure. The growth in States’ revenue receipts during H1:2024-25 was driven by tax revenues, while there was a contraction in non-tax revenues and grants from the Centre. On the expenditure front, States sustained the pace of revenue expenditure during H1:2024-25, while their capital expenditure declined. Several States have announced sops in their 2024-25 Budgets; such spending may divert resources away from critical social and economic infrastructure development.
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