Banking on demand induced growth in economy and spurt in services sector along with simplified and rationalised tax regime, government income is poised to jump by over 13 per cent during 2003-04 at Rs 4,38,795 crore (Rs 4387.95 billion).

The rise in gross revenue in the next financial year, as compared to the revised estimate of Rs 4,04,013 crore (Rs 4040.13 billion) in this year is mainly due to the expected buoyant tax revenue owing to higher estimated flow from excise duties, corporation tax and income tax, the general Budget presented in Parliament, said.

Despite the reduction in the excise duties for many items in various sectors, the government is expecting to net Rs 96,791 crore (Rs 967.91 billion) in the next financial year, up by 10.76 per cent from the revised estimate of Rs 87,383 crore (Rs 873.83 billion) in 2002-03.

From the customs collection, the Centre has an estimated inflow of Rs 49,350 crore (Rs 493.5 billion), a rise of 8.46 per cent from the revised estimate of Rs 45,500 crore (Rs 455 billion) this year.

The government has estimated the corporation tax at Rs 51,499 crore (Rs 514.99 billion) during the next fiscal as compared to the revised figure of 44,700 crore (Rs 447  billion) in 2002-03, while that from income tax, it was estimated to go up by 18.15 per cent to Rs 44,070 crore (Rs 440.7 billion) during 2003-04 as against the revised estimate of Rs 37,300 crore (Rs 373 billion) in this financial year.

Government has estimated an over 10 per cent increase in capital receipts at Rs 184,860 crore (Rs 1848.60 billion) during the next fiscal even as market borrowings was estimated to be lower.

The rise in capital receipts in 2003-04, as compared to the revised estimate of Rs 1,67,077 crore (Rs 1670.77 billion) this year, was despite five per cent fall in market borrowings for short, medium and long-term loan.

PTI