Saturday October 31, 03:06 AM

Source: Indian Express Finance

Fiscal deficit till September at 49% of full-year target

By fe Bureaus
Improved tax collections, coupled with the austerity drive, seem to be bearing fruit, with government finances looking much healthier now. The Centre s fiscal deficit till September amounted to just Rs 1,97,775 crore or 49.3% of the total fiscal target of Rs 4,00,996 crore. The figure stood at a much higher 77% of the Budget estimate till September end, 2008. Similarly, the Centre s revenue deficit totalled Rs 1,64,983 crore or 58.4% of the Budget estimate till September 2009, according to official figures released on Friday. The revenue deficit amounted to 141.9% of the Budget estimate in the same period last year. The Centre s total revenue receipts were at 39.8% of the target estimate of Rs 2,44,471 crore during the period. The tax revenue amounted to 39.2% of the Budget estimate at Rs 1,85,668 crore till September this fiscal. However, despite the average revenue mop-up, indirect tax mop-up has begun to show an improvement. Despite the 2% cut in its rate, service tax collections have regained almost the same growth rate as that in 2008-09. In September 2009, service tax receipts amounted to Rs 4,297 crore, just 9% lower than September 2008. Collections from customs duty and excise duty in September 2009 have registered an increase of 3.69% and 0.15, respectively, compared to August 2009. Meanwhile, non-tax revenue during the first six months of the financial year was at 41.9% of the estimated Rs 58,802 crore during the fiscal, compared to 44.5% a year ago. The Centre s total expenditure in the first six months of the fiscal amounted to 44% of the Budget estimate at Rs 4,48,848 crore. Plan expenditure till September 2009 stood at 39% of the estimated Rs 1,26,777 crore - lower than the 44.6% that was clocked a year ago. In the non-Plan expenditure segment, the Centre has made an expenditure of 46.3% at Rs 3,22,070 crore.