The Hindu Business Line : Fiscal deficit widens 64 pc in April-Aug

THE Centre's fiscal deficit in April-August touched Rs 86,328 crore, reflecting a 64 per cent increase over the fiscal deficit level of Rs 52,509 crore during the same period last year.

The fiscal deficit for the five month period represents about 57 per cent of the budget estimate of Rs 1,51,144 crore for the entire 2005-06, according to the figures released by the Controller General of Accounts. .

The fall in non-debt capital receipts at Rs 3,292 crore during April-August also contributed to the widening of the fiscal deficit.Revenue deficit for the period under review stood at Rs 74,372 crore, which is about 78 per cent of the budget estimates of Rs 95,312 crore for the entire 2005-06.

On a year-on-year basis, revenue deficit has increased by 18.26 per cent to Rs 74,392 crore from Rs 62,906 crore.

Gross tax revenues of the Centre during April-August increased by 23.16 per cent to Rs 92,877 crore against Rs 75,414 crore during April-August 2004.

While corporation tax collections more than doubled to Rs 13,337 crore (Rs 6,059 crore), the personal income tax revenues slipped to Rs 13,879 crore (Rs 15,399 crore).

Customs revenues continued to be buoyant at Rs 25,526 crore (Rs 19,775 crore). Excise revenues stood at Rs 31,363 crore (Rs 29,504 crore).

In February, the Finance Minister, Mr P. Chidambaram, had projected the fiscal deficit as a proportion of gross domestic product (GDP) at 4.3 per cent for 2005-06.

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