The Finance Ministry today said it is confident of meeting the 3.5 per cent fiscal deficit target for 2017-18 with revenue collections from direct and indirect taxes being broadly on target and "natural savings" by ministries.
Finance Secretary Hasmukh Adhia said the government collected Rs 9.95 lakh crore from direct taxes, crossing the Budget Estimate of Rs 9.80 lakh crore. However, the collections fell short of revised estimates of Rs 10.05 lakh crore.
With regard to revenues from the Goods and Services Tax, the collection is 98 per cent of the Rs 4.44 lakh crore target set in revised budget estimates.
"On the whole, this year has been very good in spite of the fact that it was a year of uncertainty for revenue because of GST introduction. But still both in direct and indirect taxes revenues, we have broadly met our target and we are very much on course to achieve our fiscal deficit target.
"We are absolutely confident that we are meeting the fiscal deficit target of last year. Even the tax figures will go up. So in next 3-4 days we will get more additions to revenues which we have so far up to March 31," Adhia told reporters here.
Asked whether there will be any spending cut to meet the 3.5 per cent fiscal deficit target, Adhia said: "No. Not any major cut."
He said there might be "less expenditure" as some departments might not have spent the entire amount allocated to them for the entire fiscal.
"If a department, in spite of giving them the money is unable to spend, then it becomes a natural savings. That kind of natural savings may be there, but not otherwise," Adhia said.
He, however, said it would take about 10 days time to ascertain the quantum of savings by various ministries and departments.
Official data on fiscal deficit for entire fiscal 2017-18 would be released in April end.
Last week the government reported a fiscal deficit of Rs 7.16 lakh crore or 120.3 per cent of the revised target for April-February.
Government's revenue receipt till February stood at Rs 12.83 lakh crore, which is 79.09 per cent of revised estimates. Total expenditure incurred by the government during the period was over Rs 19.99 lakh crore, which is 90.14 per cent of revised estimates for 2017-18.
For 2018-19, the fiscal deficit or gap between total expenditure and revenues has been pegged at 3.3 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU