The centre's fiscal deficit for the first two months of 2021-22 stood at Rs 1.23 lakh crore, or 8.2% of the full year target of Rs 15.07 lakh crore, according to data released by the Controller General of Accounts (CGA).

The fiscal deficit for the same period last year was 58.6% of the Budget Estimates of 2020-21.

In absolute terms, the fiscal deficit was Rs 1,23,174 crore at end-May 2021.

The government expects the fiscal deficit for 2021-2022 at 6.8% of GDP or Rs 15,06,812 crore, news agency PTI reported.

The fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3% of GDP, an improvement over 9.5% projected in the revised estimates in the budget in February.

As per the CGA data, the Centre received Rs 3,54,787 crore (17.95% of corresponding BE 2021-22 of total receipts) for May 2021. This comprised Rs 2.33 lakh crore tax revenue (net to Centre), Rs 1.16 lakh crore of non-tax revenue and Rs 4,810 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans Rs 815 crore and disinvestment proceeds of Rs 3,995 crore, PTI reported.

The total receipts were 2% of the BE in the corresponding period last fiscal.

It further said Rs 78,349 crore was transferred to state governments as Devolution of Share of Taxes by Government of India up to May, which is Rs 13,728 crore lower than the previous year, PTI reported.

Total expenditure incurred by the Centre was Rs 4,77,961 crore (13.72 per cent BE), out of which Rs 4.15 lakh crore was on revenue account and Rs 62,961 crore on capital account.

Out of the total revenue expenditure, Rs 88,573 crore was towards interest payments and Rs 62,664 crore on account of major subsidies.