1 June 2026·PIB

Monthly review of accounts of Government of India for April 2026 (FY2026-27)

In this note

1. At a Glance

Monthly fiscal snapshot of Union Government receipts/expenditure released by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance. [1][3]
April 2026 is the opening month of FY 2026-27, the first fiscal year operating under Union Budget 2026-27 with a fiscal deficit target of 4.3% of GDP. [2]
UPSC relevance: directly tests GS-III public finance — fiscal arithmetic, devolution, revenue vs. capital expenditure, FRBM compliance.

PIB release dated 01 June 2026 consolidating Union Government accounts for April 2026, the first month of FY 2026-27. [1]
Sets the baseline trend for the new fiscal year's deficit trajectory against Budget Estimates (BE) 2026-27.

Monthly accounts have been published by CGA since the 1976 reorganisation that separated accounts from audit (audit remains with CAG).
Reporting is grounded in Article 150 of the Constitution (form of Union and State accounts on advice of CAG) and Article 151 (audit reports).
Statutory backbone: FRBM Act, 2003 mandates fiscal discipline; monthly statements support mid-year reviews.
Comparable predecessor release: Monthly review for April 2025 (FY 2025-26). [4]

Head	₹ crore	% of BE 2026-27
Total Receipts	2,12,679	5.8% [1]
Tax Revenue (Net to Centre)	1,78,492	— [1]
Non-Tax Revenue	24,293	— [1]
Non-Debt Capital Receipts (Recovery of Loans)	9,894	— [1]
Devolution to States	87,779 (↑ ₹6,044 cr YoY)	— [1]
Total Expenditure	5,74,892	10.8% [1]
Revenue Account	3,85,151	— [1]
Capital Account	1,89,831	— [1]

Publishing body: O/o Controller General of Accounts, Dept. of Expenditure, Ministry of Finance. [3]
BE 2026-27 fiscal deficit pegged at 4.3% of GDP; RE 2025-26 at 4.4%. [2]
Devolution governed by 15th Finance Commission award (states' share 41% of divisible pool).

Economic

Receipts at only 5.8% of BE vs. expenditure at 10.8% indicates a front-loaded spending pattern, especially capital outlay (₹1.89 lakh cr in a single month). [1]
Capital expenditure share of total spending ≈ 33%, signalling sustained push on infrastructure-led growth. [1]
Net tax revenue ₹1.78 lakh cr after devolution shows healthy gross collections but limited cash-flow cushion at fiscal year start.

Legal / Constitutional

Anchored in Articles 112 (Annual Financial Statement), 150, 151, 266 (CFI), 280 (Finance Commission).
FRBM Act 2003 + amendments require quarterly/annual fiscal indicator statements; monthly accounts feed this.

Administrative / Federal

Devolution of ₹87,779 cr to states — a 7.4% YoY increase over April 2025 transfers, easing state-level cash-flow in Q1. [1]
Reflects cooperative fiscal federalism via 15th FC formula.

Governance / Transparency

Monthly disclosure is a transparency tool complementing CAG audit; permits real-time legislative and public scrutiny.

01 Jun 2026: April 2026 monthly accounts released. [1]
Feb 2026: Union Budget 2026-27 presented; fiscal deficit BE 4.3% of GDP. [2]
Mar 2026: Ms. T.C.A. Kalyani assumed charge as Controller General of Accounts. [3]
Successive monthly statements through FY 2025-26 (Apr 2025–Feb 2026) published by CGA. [4]

April 2026 Total Receipts = ₹2,12,679 crore = 5.8% of BE 2026-27. [1]
April 2026 Total Expenditure = ₹5,74,892 crore = 10.8% of BE. [1]
Capital Expenditure in April 2026 = ₹1,89,831 crore. [1]
Devolution to states in April 2026 = ₹87,779 crore, ₹6,044 cr higher than April 2025. [1]
Fiscal deficit target BE 2026-27 = 4.3% of GDP; RE 2025-26 = 4.4%. [2]
Monthly accounts compiled by CGA (Dept. of Expenditure, MoF) — not by CAG. [3]
CAG audits; CGA accounts — separated since 1976.
Constitutional basis for form of accounts: Article 150.
Non-Debt Capital Receipts in April 2026 (Recovery of Loans) = ₹9,894 crore. [1]
Non-Tax Revenue April 2026 = ₹24,293 crore. [1]
Net Tax Revenue (post-devolution) April 2026 = ₹1,78,492 crore. [1]
States receive 41% of divisible pool under 15th Finance Commission award.
Current CGA: T.C.A. Kalyani (took charge March 2026). [3]

GS-III: Indian Economy — Government Budgeting; Mobilization of Resources; Fiscal Federalism.
GS-II: Functions and responsibilities of Union and States; Finance Commission.
Probable question stems: 1. "Examine the implications of front-loaded capital expenditure in the opening quarter of a fiscal year on growth and the fiscal deficit trajectory." 2. "Discuss the role of the Controller General of Accounts vis-à-vis the Comptroller and Auditor General in ensuring fiscal transparency." 3. "Evaluate the adequacy of the FRBM framework in the post-pandemic fiscal consolidation phase."

FRBM Act, 2003 — statutory anchor for fiscal targets.
15th & 16th Finance Commission — devolution architecture; 16th FC to submit report by Oct 2025.
Union Budget 2026-27 — BE assumptions feeding monthly reviews.
CAG vs. CGA — accounts/audit separation, Article 148-151.
Consolidated Fund / Contingency Fund / Public Account — Article 266-267.
Capital vs. Revenue Expenditure — classification and macro impact.
GST Compensation & devolution — federal revenue-sharing.
Public Debt Management — RBI's role; debt-to-GDP path.

Confusing CGA (accounts) with CAG (audit) — CGA is under MoF; CAG is a constitutional body under Art. 148.
Mixing BE / RE / AE — April figures are compared to BE 2026-27, not RE.
Treating Devolution as Expenditure — devolution is a first charge below the line; not part of Total Expenditure of ₹5,74,892 cr. [1]
Confusing Non-Debt Capital Receipts (Recovery of Loans, Disinvestment) with Capital Expenditure.
Misattributing the release to RBI or MoSPI — it is CGA/MoF.