Fiscal deficit shoots up by eight per cent
New Delhi: The central government's fiscal deficit has surged by almost 8 per cent to Rs.41, 681 crore despite robust growth in tax collections in the first three months of 2004-05. The fiscal deficit till the end of June works out to 1.33 per cent of GDP. The Centre is to reduce its fiscal gap to Rs.1, 37,407 crore or 4.4 per cent of GDP this fiscal from Rs.1, 53,637 crore (4.6 per cent of GDP) last fiscal.

The revenue deficit shot up 16 per cent to Rs.46, 394 crore during the first quarter, which amounts to 61 per cent of the budgeted Rs.76,171 crore for the entire fiscal, according to figures released by Controller General of Accounts. While expenditure went up 17 per cent to Rs.89, 691 crore, receipts were up by 26 per cent to Rs.48, 010 crore during April-June 2004. The Centre has collected Rs.24, 306 crore in taxes during the first quarter, which is 10.4 per cent of the budgeted Rs.2, 33,906 crore for 2004-05.
Back to News Review index page  

Tax collections up 27 per cent
New Delhi: On the back of robust corporate earnings tax collections have surged by 27 per cent to Rs.24, 306 crore in the first quarter of this fiscal. While gross collection grew by 22 per cent to Rs.41, 511 crore, the net collection after providing for refunds and states' share amounted to Rs.24, 306 crore in April-June 2004.

Finance Ministry officials have reported an almost 25 per cent growth in Corporation Tax mop up following robust profits of corporates in the first quarter. Corporate Tax collection stood at Rs.3, 950 crore till June end compared to Rs.3, 153 crore in the year-ago period. Income Tax collection also grew by 74 per cent to Rs.10, 482 crore during the first quarter of 2004-05 from Rs.6, 011 crore in the same period last fiscal. The Centre collected Rs.4, 806 crore in June alone from income taxes.
Back to News Review index page  

ITeS and software exports up 31 per cent in 2003-04
New Delhi: Computer software and services and IT Enabled Services (ITeS) exports have registered a growth of 31.24 per cent in dollar terms in 2003-04, according to estimates by IT export promotion council, ESC. The export of computer software and services recorded a growth of 15.28 per cent (21.29 per cent in dollar terms) in 2003-04 compared to the previous year. In absolute terms, the export of computer software and services raked in Rs.41, 500 crore ($9,022 million) during the year.
The export of computer software and services for the year 2002-03 was about Rs.36, 000 crore ($7,438 million). ITeS export went up by 57.14 per cent (65.34 per cent in dollar terms), compared to the previous year. In value terms, ITeS exports for 2003-04 stood at Rs.16, 500 crore ($3,587 million), from Rs.10, 500 crore ($2,169 million) in the previous year.
Back to News Review index page