Thanks to higher dividends by public sector undertakings and the Reserve Bank of India, the government has collected over R2 lakh crore non-tax revenue so far in the current fiscal year. The receipts are about 90% of the FY16 non-tax revenue estimate of R2.21 lakh crore.
“The biggest share flows from dividends paid by PSUs and the RBI. The other major items of non-tax receipts are interest receipts, spectrum charges, royalty, licence fee, sale of forms and RTI application fee,” the finance ministry said in a statement.
The government has recently said it would meet the tax revenue target of R14.49 lakh crore for the current fiscal as a small shortfall in direct tax revenue would be offset by the indirect tax collections. Till January 30, R10.66 lakh crore was collected. A huge shortfall is however likely in the disinvestment proceeds.
The RBI has paid a dividend of R65,896 crore in FY16, 25% more than the amount in the year ago period. The budget estimate is R1 lakh crore revenue from dividends in the current fiscal year. Of this, R36,174 crore is estimated to come from PSUs and R64,477 crore from banks, financial institutions and the RBI.