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May 4, 2001
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Money > Business Headlines > Report May 4, 2001 |
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Rs 100 billion shortfall in tax collectionSantosh Tiwary A massive shortfall in tax collection of around Rs 100 billion from the revised estimates has put a big question mark on Finance Minister Yashwant Sinha's fiscal deficit figure of 5.1 per cent of GDP for 2000-01. Finance ministry sources said the economic slowdown, tinkering with the tax rates and exemptions during the course of the last financial year were the main reasons for the huge shortfall. Gujarat earthquake, too, had affected the tax mop-up adversely in the last two months of the fiscal, they added. Sources said the expenditure squeeze during the fiscal would compensate for the revenue shortfall only marginally. Though the government expenditure was just about 78 per cent till February 2001, much of its spending takes place in the last month. Experts pointed out the shortfall has also raised concerns on the sanctity of the revised estimates. While the government did strategise by deferring contractual payments and liabilities of the last fiscal to April 2001 in a bid to rein in the fiscal deficit, its calculations are expected to go awry with a revenue shortfall of Rs 100 billion. Sinha, sources said has taken a strong exception to the huge shortfall in tax collection and has asked both the Central Board of Direct Taxes and Central Board of Excise and Customs to formulate an action plan for better tax realisation in the current year. Meanwhile, the revenue department has already submitted a detailed note to Sinha explaining the reasons for the shortfall, they added. A blueprint for direct taxes will be charted during the conference of chief commissioners of CBDT slated for this month. Sources said that according to the latest figures available in the ministry, direct tax mop-up in 2000-01 has fallen short of the revised estimates by over Rs 60 billion and the rest has come from the indirect tax side. They added that on the direct tax side, both corporate and income tax had witnessed major shortfalls from the revised estimates of Rs 387.21 billion (BE: Rs 400.40 billion) and Rs 352.71 billion (BE: Rs 315.90 billion) respectively. Powered by YOU MAY ALSO WANT TO READ:
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