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'Revised fiscal deficit target due to cut in non-essential expenditure'
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SME Times News Bureau | 25 Mar, 2019
The government will stick to the revised fiscal deficit target even by lowering
'non-essential' expenditures if required, a news agency report said, quoting
sources.
"The fiscal deficit target of 3.4 per cent
of GDP will be met... Any additional outgo on account of subsidies, be it food,
oil or fertiliser and extra payout, will be met through budgetary resources and
there may be some pushover to the next fiscal but these are not major," the
sources said.
For the fiscal, the disinvestment proceeds exceeded the target at Rs 85,000
crore with successful completion of IPOs, share buybacks, offer for sale as
well as ETFs. The final tax figures, both direct and indirect, are yet to come.
The government may just meet the revised fiscal deficit target set at 3.4 per
cent of the gross domestic product (GDP) for the current financial year
(FY2018-19), they said.
"There may be a shortfall of about Rs 40,000 crore in indirect tax
collections, mainly on account of GST, while direct tax collection may also
fall short by around Rs 70,000 crore," a source said.
The government's mop-up target for direct tax collection during the current
fiscal as per the revised estimate is pegged at Rs 12 lakh crore. On the other
hand, the indirect tax collection target for the current fiscal was revised to
Rs 11.47 lakh crore from Rs 13.71 lakh crore budgeted initially.
"Fiscal deficit target would be met as a shortfall in indirect tax
collection would be compensated by lower government expenditure," said
Finance Secretary Subhash Chandra Garg, who is also the Secretary of Department
of Economic Affairs.
The budgeted fiscal deficit target was 3.3 per cent of GDP at the beginning of
2018-19 and was later revised to 3.4 per cent of GDP while preparing the
interim budget, mainly because of an expectation of higher payout on basis of
the direct income scheme for farmers.
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