Govt confident of meeting 2014-15 fiscal deficit target

A day after the Centre's fiscal deficit nearly touched the Budget Estimate for entire 2014-15 in the first eight months, the finance ministry on Thrusday exuded confidence that the target of reining in the deficit at 4.1 per cent of GDP would be met.       

Sources in the ministry said gross tax collections rose 14 per cent till December, but net was hit by huge refunds. Among indirect taxes, excise duty has not done well in the period. In the worst case scenario,  revenue shortfall would be rupees one lakh crore of which the share of the states is Rs 32 lakh crore.

Of the remaining Rs 68 lakh crore, Rs 30 lakh crore would be offset by expenditure cuts. The remaining Rs 38 lakh crore would be met through other sources including spectrum proceeds.