You might have checked the Financial Statements of various listed and big companies but have you ever gone through the Financial Statements of your country? Lets deep dive into P&L of the India for FY24:
Revenue Receipts of India (Rs. in Crore)
Revenue | Actuals | Budget Estimates | Revised Estimates | Budget Estimates |
2022-23 | 2023-24 | 2023-24 | 2024-25 | |
A. TAX REVENUE |
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(a) Goods and Services Tax | 8,53,901 | 9,60,535 | 9,60,930 | 10,72,550 |
(b) Taxes on Income and Expenditure | 16,34,008 | 17,95,625 | 19,13,000 | 21,62,830 |
Corporation Tax (Income Tax) | 8,25,834 | 9,22,675 | 9,22,675 | 10,42,830 |
Income Tax Other Than Corporates | 8,08,221 | 8,72,950 | 9,90,325 | 11,20,000 |
Other Taxes | -47 | - | - | - |
(c) Taxes on Capital Transactions | 25,076 | 27,625 | 32,000 | 36,000 |
Securities Transaction Tax | 25,085 | 27,625 | 32,000 | 36,000 |
Other Taxes | -25,132 | -27,625 | -32,000 | -36,000 |
(d) Taxes on Commodities and Services other than GST | 5,37,264 | 5,72,600 | 5,27,280 | 5,54,890 |
Customs | 2,13,372 | 2,33,100 | 2,18,680 | 2,31,310 |
Union Excise Duties | 3,19,000 | 3,39,000 | 3,03,600 | 3,18,780 |
Other Taxes | 4,891 | 500 | 5,000 | 4,800 |
Taxes from Union Territories Without Legislature | 3,943 | 4,473 | 4,001 | 4,526 |
GROSS TAX REVENUE | 30,54,192 | 33,60,858 | 34,37,211 | 38,30,796 |
State's share excluded from the Consolidated Fund | 9,48,406 | 10,21,448 | 11,04,494 | 12,19,783 |
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Tax Revenue of the Central Government | 21,05,786 | 23,39,411 | 23,32,718 | 26,11,014 |
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B. NON-TAX REVENUE |
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(a) Fiscal Services | 1,128 | 1,431 | 1,770 | 2,034 |
Currency, Coinage and Mint | 443 | 1,331 | 400 | 450 |
Other Fiscal Services | 684 | 100 | 1,370 | 1,584 |
(b) Interest Receipts, Dividends and Profits | 1,59,464 | 1,37,370 | 2,24,912 | 2,15,107 |
Interest Receipts | 59,550 | 46,370 | 70,505 | 65,107 |
Interest from State and Union Territory Governments | 9,702 | 9,846 | 11,642 | 12,598 |
Other Interest Receipts | 49,848 | 36,524 | 58,863 | 52,509 |
Dividends and Profits | 99,914 | 91,000 | 1,54,407 | 1,50,000 |
(c) Other NonTax Revenue | 4,45,002 | 4,99,654 | 4,98,145 | 5,47,135 |
Public Service Commission | 159 | 102 | 122 | 122 |
Police | 12,069 | 12,286 | 12,673 | 12,673 |
Stationery and Printing | 27 | 8 | 11 | 11 |
Public Works | 563 | 490 | 520 | 537 |
Other Administrative Services | 6,571 | 6,329 | 6,265 | 5,883 |
Contributions and Recoveries | 2,720 | 2,424 | 2,677 | 2,690 |
Miscellaneous General Services | 26,146 | 27,079 | 30,243 | 29,337 |
Defence Services | 8,049 | 6,840 | 7,170 | 6,773 |
Indian Railways | 2,40,177 | 2,65,000 | 2,58,600 | 2,78,500 |
Roads and Bridges | 22,470 | 21,460 | 27,848 | 31,260 |
Road Transport | ... | ... | ... | ... |
Inland Water Transport | 12 | ... | ... | ... |
Postal Receipts | 10,918 | 13,439 | 11,408 | 12,239 |
Other Communication Services | 64,835 | 89,469 | 93,541 | 1,20,267 |
Other Revenue | 50,287 | 54,726 | 47,068 | 46,843 |
(d) Grants and Donations | 1,887 | 2,135 | 1,442 | 1,044 |
Total Non Tax Receipts | 6,07,481 | 6,40,590 | 7,26,268 | 7,65,320 |
Total Revenue Receipts | 27,13,267 | 29,80,001 | 30,58,986 | 33,76,334 |
Revenue Expenditures of India (Rs. in Crore)
Revenue Expenditures of India | Actuals | Budget Estimates | Revised Estimates | Budget Estimates |
2022-23 | 2023-24 | 2023-24 | 2024-25 | |
GENERAL SERVICES | 16,77,866 | 18,35,407 | 18,78,770 | 19,91,977 |
Organs of State | 12,281 | 9,547 | 13,805 | 13,341 |
Tax Collection | 45,641 | 48,353 | 47,766 | 52,140 |
Other Fiscal Services | 661 | 794 | 1,192 | 974 |
Interest Payment and Servicing of Debt | 9,58,715 | 10,99,971 | 10,92,541 | 12,20,440 |
Administrative Services | 1,30,976 | 1,40,441 | 1,43,564 | 1,44,289 |
Pensions and Miscellaneous General Services | 2,65,360 | 2,59,340 | 2,74,063 | 2,71,246 |
Defence Services | 2,64,233 | 2,76,960 | 3,05,839 | 2,89,546 |
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SOCIAL SERVICES | 2,07,992 | 2,20,203 | 2,42,247 | 2,25,685 |
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ECONOMIC SERVICES | 12,26,502 | 11,12,864 | 11,65,117 | 11,68,350 |
Agriculture and Allied Activities | 4,68,290 | 3,54,181 | 3,87,189 | 3,63,945 |
Rural Development | 94,401 | 64,453 | 90,383 | 89,796 |
Special Areas Programmes | 3,236 | 73,796 | 69,009 | 75,136 |
Irrigation and Flood Control | 7,319 | 10,216 | 10,428 | 10,831 |
Energy | 53,136 | 36,477 | 42,171 | 50,322 |
Industry and Minerals | 2,13,635 | 1,87,424 | 1,82,269 | 1,80,671 |
Transport | 2,58,146 | 2,74,651 | 2,81,517 | 2,89,885 |
Communications | 79,404 | 51,620 | 43,615 | 44,785 |
Science Technology and Environment | 28,755 | 36,017 | 32,079 | 38,348 |
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Grants & Donatations to States Majorly and Others | 6,58,035 | 6,66,209 | 5,97,906 | 6,27,930 |
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Other Expenses | 13,303 | 15,760 | 16,162 | 16,415 |
Total Revenue Disbursements | 37,83,699 | 38,50,444 | 39,00,204 | 40,30,357 |
So you can see that Revenue Expenditures are more than Revenue Income of India by Rs . 10 Lakhs Crore. Balance Gap Funding is mostly done by India from Raising Fund from Market by means of Treasury bills and bonds
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