New
Delhi: The fiscal deficit has risen to an almost 52
per cent increase in the Centre's fiscal deficit during
the opening month of the current financial year.
According to the controller-general of accounts in the
finance ministry, the gross fiscal deficit for April 2004
mounted to Rs 25,998 crore from Rs 17,140 crore during
the same month last year.
The
revenue deficit (the gap between the centre's current
expenditures and revenue receipts) and primary deficit
(revenue deficit net of interest payments) also stood
higher at Rs 23,218 crore (Rs 16,340 crore) and Rs 18,401
crore (Rs 11,853 crore) respectively.
The
main cause of higher fiscal deficit has been the centre's
total expenditure for April at Rs 30,277 crore, over 52
per cent more than the Rs 19,914-crore figure in April
2003.
Simultaneously,
net revenue receipts of Rs 823 crore for April 2004 have
been only marginally higher than Rs 576 crore for April
2003.
Huge
corporate tax refunds and increased transfers to States
resulted in a net tax revenue outgo of Rs 1,274 crore
in April 2004, compared to Rs 1,074 crore earlier.
At the same time, non-tax revenues have been higher at
Rs 2,097 (Rs 1,650 crore), leading to net revenue receipts
of Rs 823 crore for April 2004.
The
Centre's non-debt capital receipts have also been higher
at Rs 3,456 crore (Rs 2,198 crore).
Within tax receipts, gross collections from personal income-tax
and excise have been higher at Rs 3,254 crore (Rs 2,470
crore) and Rs 556 crore (Rs 358 crore) respectively, while
Customs collections was Rs 3,458 crore, lower than Rs
3,522 crore in April 2003.
The fact that Customs revenues have been lower despite
higher international petro-product prices and jump in
non-oil imports is a reflection of the sharp tariff cuts
undertaken by the previous Government in January.
Corporation
tax revenues were in negative territory in April 2004,
at minus Rs 3,765 crore (minus Rs 3,068 crore in April
2003), which is on account of higher refunds.
But
on the whole, the Centre's gross tax revenues in April
2004 stood at Rs 4,461 crore, higher than the Rs 3,823
crore mobilised during the same month last year.
However,
assignments to States were higher at Rs 5,729 crore (Rs
4,890 crore), resulting in net negative tax receipts of
Rs 1,274 crore.
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