The government has targeted fiscal deficit to be at Rs 7.03 trillion for 2019-20.
As per Controller General of Accounts (CGA) data released on Friday, the fiscal deficit during the corresponding months of the previous fiscal was 112.4 per cent of that year's target.
The Central government's total expenditure stood at Rs 21.09 trillion (75.7 per cent of BE) while total receipts were Rs 11.77 trillion (56.6 per cent of BE).
ICRA Principal Economist Aditi Nayar said: "Government of India's fiscal deficit recorded a sharp increase in April-December 2019 and touched a considerable 132.4 per cent of the budget estimates, with a contraction in net tax revenue and disinvestment receipts, amidst a substantial 32 per cent growth in expenditure in the month of December 2019."
"As expected, the cut in corporate tax rates has led to a sharp contraction in collections in the month of December 2019. We now expect the GoI's gross tax collections to fall short of the budgeted level by Rs 3.7-4.2 trillion."