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| Buoyed by a good advance tax collection, corporate tax grew 28.52 per cent to Rs 18,637 crore till September 25, 2003, from Rs 14,501 crore in the same period last year. Income-tax revenue, however, went up marginally by 1.21 per cent.
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| Another set of data released by the Centre today show that its fiscal deficit touched only 1.58 per cent of the gross domestic product during the first five months of 2003-04. The Budget estimates for fiscal deficit was 5.6 per cent of the gross domestic product.
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| The monthly data on central government accounts, released by the Controller General of Accounts today, show that there has been a decline of Rs 9,051 in the absolute fiscal deficit to Rs 43,467 crore till August 2003. The fiscal deficit as a percentage of the Budget estimates stood at 34.2 per cent till July 2003, against 28.3 per cent till August.
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| During the period, revenue deficit, which measures the difference between current expenditure and current revenue, touched 54 per cent of the Budget estimates of Rs 60,769 crore.
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| Plan expenditure in the first five months of this fiscal was only 29.9 per cent of the Budget estimates at Rs 36202 crore, against 30.5 per cent in the same period last year.
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| In the case of non-Plan expenditure, the government spent 34.2 per cent of its Budget estimates during April-August 2003, against 32.9 per cent during April-August 2002.
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| Moreover, in non-Plan expenditure, the spending on capital account is only 53.3 per cent of the Budget estimates, against 71.7 per cent in the corresponding period last year.
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| Cochin and Chennai with growth rates of 56.6 per cent and 28.25 per cent, respectively, were responsible for high corporate tax collections. Mumbai collected 18.7 per cent more at Rs 6,046 crore during April-August 2003, against Rs 5,093 crore during April-August 2002.
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| Delhi was the next among the metros with an increase of about 9 per cent.
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| Mumbai had the highest value of the net indirect tax collections at Rs 8,732 crore but registered a slight growth of 2.39 per cent. Among the metros Kolkata experienced highest growth of 37.64 per cent followed by Delhi, the collections of which rose by 11.8 per cent.
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| Of the four metros both Chennai and Mumbai have shown a decline in income tax revenues registering a fall of 7 and 23 per cent, respectively.
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| Mumbai collections dropped to Rs 2,585 crore from Rs 3,393 crore last year while Chennai collected Rs 1,105 crore against the Rs 1,191 crore in the previous year. Delhi had a highest increase of 15.36 per cent to Rs 2,304 crore from Rs 1,997 crore last year. |
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