A latest report compiled by the Controller General of Accounts (CGA) has revealed that India’s budget deficit for the 2012 financial year has touched Rs. 2.28 lakh crore, which is double than last year’s. The report has also highlighted that in the 12FY, there was a shortfall in the revenue and spending of the government by 23.8%.

As compared to 2011, tax revenue collected in the 12 FY was just 1 lakh crore higher. However, the non-tax revenue of the government was 0.5% higher as it was only Rs. 23,077 crore. The lowered GDP of the country has made the policy maker worrisome.

It is not just the government budget which exceeded the estimates, Centre’s budget deficit was also as higher as 63.4% or Rs 1,94,920 crore as compared to previous year’s deficit of Rs 50,075 crore. Because of the higher refunds and failure in collecting revenue from disinvestment, the total revenue of the Centre fell short significantly.

The worst part is that none had planned to tackle the deficit. The report concluded informing that the total receipts for the 12FY rose to 17.3%, tax revenue grew by 17.2% and the non-tax revenue grew by 84.9% as compared to last year.