Govt confident of meeting 3.5% fiscal deficit target of FY18: Adhia

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."