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Revenue collections jump 22% in February - Views on News from Equitymaster
 
 
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  • Mar 4, 2000

    Revenue collections jump 22% in February

    Revenue collections during the month of February have jumped 22% giving rise to the belief that the government may be successful in containing the fiscal deficit at levels below those mentioned in the revised estimates for FY00.

    During the period April to February, indirect tax collections have grown by 17.8% while direct tax collections have grown by 18.5%. The total revenue growth has been put at 18.2% as compared to the targeted level of 21%. During February, the direct tax collections jumped 46% and the indirect tax collections jumped only 18%.

    The sharp spurt in tax collections is going to come as a relief to the government that has been trying to contain the fiscal deficit. In FY00 the fiscal deficit has been put at 5.6% of GDP as compared to the targeted 4%. Even in the proposals for FY01, the government has decided to broaden the tax net and introduce new taxes in an attempt to boost revenues. If this surge in collections were to continue, the government's net tax collections, which are budgeted to grow 16% in FY01, will meet targeted levels.

    The government should use this inflows to clean its balance sheet rather than splurge it on pursuing programs that meet little or nor no social or economic goals.

     

     

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