The excise collections for April have been badly hit that resulting the fiscal deficit touching 16 per cent of target in the very first month itself. The fiscal deficit in April grew to Rs 54,100 crore or 16.3% of the projected deficit for the entire year on the back of accelerated public spending as well as a sharp fall in the revenue collection, data released by the Controller General of Accounts on Tuesday shows.
The net collections of excise turned negative at Rs 78 crore in April, according to figures released by the Controller General of Accounts. This means that refunds were more than collections.
However, only the income tax collections stood higher in April, 2009 at Rs 9,849 crore against Rs 7,905 crore a year ago.
While the service tax collections were also marginally down at Rs 2,270 crore as against Rs 2,271 crore.
All of these along with higher expenditure results in fiscal deficit of Rs 54,100 crore in April, which is 16.3 per cent of the targeted Rs 3,32,835 crore for the entire fiscal.
In the interim budget for 2009-10, the fiscal deficit is projected to be 5.5 per cent of GDP. The Fiscal deficit in April 2008 was 24.7 per cent of the projected figure for the entire 2008-09.
However, at a later stage, the deficit figure was revised to much higher six per cent when the stimulus packages were announced.
At last, the fiscal deficit turned out to be 6.2 per cent of GDP last fiscal. In absolute terms, fiscal deficit was over Rs 20,000 crore more than April last year.
Moreover, the Centre''s revenue deficit touched Rs 50,359 crore in April about 21 per cent of what is pegged by the government for the entire fiscal.
The net collections of excise turned negative at Rs 78 crore in April, according to figures released by the Controller General of Accounts. This means that refunds were more than collections.
However, only the income tax collections stood higher in April, 2009 at Rs 9,849 crore against Rs 7,905 crore a year ago.
While the service tax collections were also marginally down at Rs 2,270 crore as against Rs 2,271 crore.
All of these along with higher expenditure results in fiscal deficit of Rs 54,100 crore in April, which is 16.3 per cent of the targeted Rs 3,32,835 crore for the entire fiscal.
In the interim budget for 2009-10, the fiscal deficit is projected to be 5.5 per cent of GDP. The Fiscal deficit in April 2008 was 24.7 per cent of the projected figure for the entire 2008-09.
However, at a later stage, the deficit figure was revised to much higher six per cent when the stimulus packages were announced.
At last, the fiscal deficit turned out to be 6.2 per cent of GDP last fiscal. In absolute terms, fiscal deficit was over Rs 20,000 crore more than April last year.
Moreover, the Centre''s revenue deficit touched Rs 50,359 crore in April about 21 per cent of what is pegged by the government for the entire fiscal.
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