Currently one can say that the budget presented by the Government is deficit budget. Rs 34,83,236 crore is the proposed expenditure of the Union Government for 2021-22. You can read about the Union Budget 2021-22 Summary in the given link.
The expected revenue receipts for 2021-22 is Rs 19,76,424 crore (other than borrowings). The fiscal deficit target for 2021-22 is 6.8% of the GDP and revenue deficit target is 5.1% of the GDP in 2021-22.
- Taxation in India – Direct taxes & Indirect Taxes, Features of Taxation System
- Revenue Receipts- Tax Revenue and Non-Tax Revenue