The Centre is facing a shortfall of Rs 11,500 crore in its total tax receipts for 2001-02.According to the latest provisional figures released by the finance ministry, the revenue department has mopped up Rs 67,424 crore in net direct taxes for the fiscal 2001-02, against the revised estimates of Rs 73,497 crore for the year. The customs and excise receipts are pegged at Rs 1,12,340 crore, 95 per cent of the revised budget estimates of Rs 1,17,690 crore.Finance ministry officials, however, said the direct tax figures did not include the tax deducted at source (TDS) figures for March, which bring in a chunk of revenue. Also, the final tax tally could be closer to the revised estimates because around Rs 4,000 crore tax receipts were outside the purview of the Central Board of Direct Taxes and the Central Board of Excise and Customs, they added.The corporate tax collections for the year stood at Rs 36,239 crore, or 93 per cent of the revised estimate of Rs 39,059 crore. The income tax realisation, too, at Rs 31,185 crore, was 90.5 per cent of the revised target of Rs 34,438 crore for 2001-02. Income tax includes central TDS of Rs 754 crore up to February. The March TDS would further bridge the shortfall, officials added.The government's realisation from customs duties was at Rs 40,080 crore, or Rs 3,090 crore short of the revised target of Rs 43,170 crore. Excise duty collection, too, at Rs 72,260 crore, is Rs 2,260 crore less than the full-year revised estimate of Rs 74,520 crore.Officials said money was still coming in and by the time all the numbers were in, the tax tally would be close to the budget figures. They added that any shortfall would be made up by matched savings in expenditure. For instance, defence expenditure till the end of February was nowhere close to the revised expenditure estimate of Rs 57,000 crore for the year.
