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Tax collections rein in Q1 fiscal deficit to 29.2 pc

Our Bureau

NEW DELHI, July 31

THE Government's fiscal deficit during the first three months of the current fiscal was Rs 39,560 crore, which works out to 29.2 per cent of the budgeted estimate of Rs 1,35,524 crore for 2002-03.

Thanks to the buoyancy in tax collections, the fiscal deficit figure for April-June 2002 was lower than the previous corresponding figures. As a percentage of the GDP, the fiscal deficit for this period works out to 1.55 per cent, according to figures released by the Controller General of Accounts (CGA).

The CGA figures indicate that the Government has been able to check the fiscal deficit due to an improvement in total receipts at Rs 36,155 crore, while total expenditure was curbed to Rs 75,715 crore at the end of June.

The receipts figure for the first three months of this fiscal account for 13.2 per cent of the targeted Rs 2,74,785 crore. Of this, revenue receipts was Rs 29,864 crore while non-debt capital receipts stood at Rs 6,291 crore at the end of June.

Tax revenue for the first three months was Rs 24,151 crore, which was 14 per cent of the Budget estimate of Rs1,72,965 crore. Non-tax revenue was Rs 5713 crore during the same period.

On the expenditure front, non-Plan expenditure at Rs 57,632 crore was 19.4 per cent of the targeted Rs 2,96,809 crore. Of the total non-Plan spending, interest payment amounted to Rs 23,889 crore. This is 20.4 per cent of the budgeted figure of Rs 1,17,390 crore.

However, Plan expenditure was relatively lower at Rs 18,083 crore, which is 15.9 per cent of the Budget estimate of Rs1,13,500 crore. The Centre's revenue deficit was Rs 34,543 crore, which is 36.2 per cent of the targeted Rs 95, 377 crore.

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