The central government's gross tax collections rose by 20 per cent to Rs 17,297 crore (Rs 172.97 billion) during the first two months of 2004-05.
Gross tax mop-up was at Rs 17,297 crore during April-May this fiscal compared to Rs 14,384 crore (Rs 143.84 billion) in the year ago period, while net tax collection was at Rs 4,720 crore (Rs 47/20 billion), official sources said.
Despite robust growth in tax collections, higher spendings led to 14 per cent rise in the fiscal deficit at Rs 38,982 crore (Rs 389.82 billion) till May, they said.
Except Customs duties, all other major taxes showed an upward trend during the first two months of 2004-05.
Income tax collection was up by 46 per cent at Rs 5,676 crore (Rs 56.76 billion) till May, from Rs 3,875 crore (Rs 38.75 billion) in the year-ago period.
On the indirect tax front, the reduction in peak rates of Custom duties to 20 per cent on a number of high-value items in January resulted in decline in customs collections, sources said.
Customs duties witnessed a 5 per cent fall at Rs 7,162 crore (Rs 71.62 billion) during April-May 2004-05 from Rs 7,545 crore (Rs 75.45 billion) in the same period of last fiscal.
Excise collections saw an over 16 per cent rise at Rs 6,270 crore (Rs 62.70 billion) in the first two months of this fiscal from Rs 5,385 crore (Rs 53.85 billion) in the same period of the previous fiscal.
Collection of other taxes rose by 60 per cent to Rs 1,880 crore (Rs 18.80 billion) in April-May this fiscal from Rs 1,131 crore (Rs 11.31 billion) in the same period of previous fiscal.