Govt close to meeting fiscal deficit target of 3.4%: S C Garg

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NEW DELHI: India’s finance secretary, Subhash Chandra Garg on Thursday said the government of India (GoI) is close to meeting fiscal deficit target of 3.4 per cent for 2018-19. The government of India in the interim budget in February revised upward the fiscal deficit target to 3.4 per cent from 3.3 per cent of GDP estimated earlier for the financial year ended March 31.
“We are very close to meeting (fiscal deficit),” he said when asked whether the GoI has met fiscal deficit target for 2018-19.
“Some numbers are still to come. So, we will wait for a couple of days. There will always be some shortfall but sum and substance of that is what is the net impact on the deficit,” he said on the sidelines of the CII event here.
The GoI at many occasions had indicated that there might be some shortfall on indirect taxes collection side during 2018-19 but not on direct tax front.
Direct tax collection was revised upward to Rs 12 lakh crore. The government had originally budgeted to collect Rs 11.50 lakh crore in 2018-19 from direct taxes, which included corporate tax and personal income tax.
Likewise, in 2018-19, GST collection is pegged at Rs 6.43 lakh crore (revised estimate), which is lower than the targeted Rs 7.43 lakh crore (budget estimate).
On the indirect tax front, customs collection in 2018-19 is pegged at Rs 1.30 lakh crore (RE).