With all major tax heads yielding revenues significantly higher than the respective revised estimates (RE) shown in the Budget, the Centre has appropriated an additional Rs 78,000 crore as net (post-devolution) tax revenue in FY21. This means if other inflows and outflows stick to budgeted numbers, the fiscal deficit for the year could be 46 basis points lower than budgeted 9.5 per cent of the nominal GDP, if one goes by the second advance estimate of national income. According to two statements issued by the Finance Ministry this month, gross tax receipts (GTR) — net of refunds but before transfers to the states — last financial year were up Rs 1.22 lakh crore, or 6.4 per cent, over the RE at Rs 20.16 lakh crore. In FY20, GTR saw a rare decline — the collections in the year were Rs 20.04 lakh crore, compared with Rs 20.76 lakh crore in FY19.