Govt sets revenue collection at Rs 11,67,131 crore in 2014-15

The government today set a revenue collection target of Rs 11,67,131 crore and estimated total expenditure at Rs 17,63,214 crore in the financial year starting April 1.
As per the Budget document, the Ministry of Finance expects to get Rs 9,86,417 crore from tax revenue and Rs 1,80,714 crore from non-tax revenue in 2014-15.
The government is hopeful of garnering total receipts of Rs 17,63,214 crore, including Rs 10,527 crore from recoveries of loans, Rs 56,925 crore from other receipts and Rs 5,28,631 crore from borrowings and other liabilities.
Gross tax revenue is estimated at Rs 13,79,199 crore, including Rs 4,51,005 crore from corporation tax, Rs 3,06,466 crore from income tax, Rs 2,01,314 crore from customs, Rs 2,00,585 crore in excise duties and Rs 2,15,478 crore from service tax.

The centre's net tax revenue will be Rs 9,86,417 crore, after deducting the share of states and transfers to the National Calamity Contingency Fund/National Disaster Response Fund.
The government's revised revenue collection target for the current financial year is Rs 10,29,252 crore, compared with Rs 10,56,331 crore projected earlier.

The fiscal deficit, which is the gap between expenditure and revenue, is estimated at 4.1 per cent of GDP in 2014-15, compared with 4.6 per cent in the current financial year and 4.9 per cent of GDP in the previous financial year.
The plan expenditure for 2014-15 is estimated at Rs 5,55,322 crore and non-plan expenditure at Rs 12,07,892 crore.

The Interim Budget for 2014-15 revised the estimate of plan expenditure for the current financial year to Rs 4,75,532 crore, compared with an earlier projection of Rs 5,55,322 crore, a reduction of Rs 79,790 crore.