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Home > Business > Business Headline > Report
Budget projections on revenue unrealistic: CAG
April 22, 2003 15:31 IST
The Comptroller and Auditor General of India has taken exception to the government providing ''optimistic projections'' of revenue collections in the Budget which are not realised.
In its two reports on indirect taxes tabled in Parliament on Tuesday, the CAG pointed out that the estimate of customs revenue for 2001-02 was pitched at Rs 54,822 crore (Rs 548.22 billion), an increase of 10 per cent over revised estimates for 2000-01 and 13 per cent over actuals of 1999-2000.
The actual realisation of Rs 40,096 crore (Rs 400.96 billion) fell short of the Budget estimates by Rs 14,726 crore (Rs 147.26 billion) or 27 per cent, according to the report.
''Such optimism (in the projections) was not in consonance with the progressively declining rate of import duties,'' the CAG said.
The amount of duty forgone under the various export promotion schemes during the year was Rs 24,799 crore (Rs 247.99 billion), which was 62 per cent of the total customs receipts.
Similarly, the Budget estimate for central excise and service tax for 2001-02 was pitched at an optimistic figure of Rs 81,720 crore (Rs 817.20 billion), an increase of 16 per cent over revised estimate of 2000-01 and 33 per cent over the actual collections in 1999-2000.
Such optimism was not in consonance with the industrial growth rate and the actual collections fell short of the Budget estimate by Rs 9,414 crore (Rs 94.14 billion) or 11.5 per cent. UNI
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