Fiscal deficit up 31% in Q1

Centre's fiscal deficit shot up by about 31% to Rs 54,517 crore in the first quarter of this fiscal due to higher expenditure.

However, buoyant tax collections kept revenue deficit marginally higher at Rs 47,311 crore in April-June this fiscal as compared to Rs 46,394 crore a year-ago period, according to the figures of the controller general of accounts.

Revenue deficit till June worked out to 49.6% of the the budgeted Rs 95,312 crore for 2005-06, while fiscal deficit amounted 36.1% of the Rs 1,51,144 crore estimated for the entire fiscal.

Total receipts amounted to Rs 39,067 crore, which was 10.8% of the budgeted Rs 3,63,200 crore for the entire fiscal.

Tax collections alone amounted to Rs 31,668 crore during April-June this year, which is 30% higher than Rs 24,306 crore in the year-ago period.

As a percentage of budget target, the tax mop up was 11.6% during the first quarter of this fiscal. Last year, the centre's revenue collection till June was 10.4% of the budgeted estimate.

On the spending side, total expenditure shot up to Rs 93,584 crore in the first three months of fiscal, which was 18.2% of the budgeted Rs 5,14,344 crore.