The finance ministry may succeed in collecting over Rs 2,52,900 crore (Rs 2,529 billion) in taxes to meet the revised estimate for 2003-04 despite hefty refunds.

"We have crossed the budget estimate of tax collection for 2003-04. The final figures are yet to come," Revenue Secretary Vineeta Rai said on the sidelines of a tax conference in New Delhi.

The government had mopped up Rs 2,52,162 crore (Rs 2,521.62 billion) by April-end, crossing the budget target after four years.

The tax collections grew 18 per cent, pushing up the tax-GDP ratio to 9.1 per cent, during 2003-04.

While direct tax collections surged by 27 per cent and for the first time crossed Rs 1,00,000 crore (Rs 1,000 billion), indirect tax mop-up was higher by 12.3 per cent at Rs 1,47,484 crore (Rs 1,474.84 billion) in 2003-04, according to the provisional figures till April 17.

The overall revenue collection till April was 0.4 per cent lower than the revised estimate of Rs 2,52,900 crore (Rs 2,529 billion).

The government expected Rs 1,000 crore (Rs 10 billion) more from tax deducted at source and another Rs 500 crore (Rs 5 billion) from indirect taxes.

Rai said the corporate and income tax collections crossed the revised estimate targets.

However, there was shortfall in excise, customs and service tax till April, which the government hoped to make up.

Direct tax collections were over Rs 1,04,678 crore (Rs 1,046.78 billion), which was higher than the budget estimate of Rs 95,714 crore (Rs 957.14 billion) and revised estimate of Rs 1,03,400 crore (Rs 1,034 billion) in 2003-04.