Keen to keep government deficit within stated targets, the Finance Ministry will start daily monitoring of revenue receipts, including tax collections, as well as expenditure from March 15. 

The move comes against the backdrop of a possible deferment of the initial public offer (IPO) of LIC – which was expected to fetch over Rs 60,000 crore – to the next financial year in view of the ongoing Russia-Ukraine war and its implication on Indian markets. 

On the other hand, the government’s decision to bring back thousands of Indian students stranded in Ukraine will impose an additional burden on the exchequer. 

According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed. 

“The CBDT (Central Board of Direct Taxes) and CBIC (Central Board of Indirect Taxes & Customs) have been asked to report flash figures up to the previous day latest by 12 noon. Besides, other non-tax and disinvestment receipts would have to be reported on a daily basis,” the officials have told the PTI. 

The officials have added that the Controller General of Accounts (CGA) has been asked to provide daily revenue collection and expenditure figures of various ministries between March 15 and March 31 to the expenditure secretary. 

The CBDT and the CBIC are the apex bodies responsible for collecting direct and indirect taxes respectively. 

Likely deferment of LIC IPO, along with additional burden on bringing back Indians stranded in Ukraine, will put pressure on the fiscal deficit, which has already been raised in the revised estimates (RE) to 6.9 per cent of GDP from 6.8 per cent estimated earlier.