"The government budget deficit on cash basis increased by 13.8 per cent to Rs 39.1 billion in the last fiscal year against a deficit of Rs 34.4 billion in 2008-09," said the central bank. However, the ratio of budget deficit to gross domestic product (GDP) remained at 3.3 per cent in 2009-10 against 2008-09's 3.5 per cent.
The government financed the budget deficit through the issuance of securities amounted to Rs 29.91 billion that accounted for 2.5 per cent of GDP. "After deducting the principal repayment of Rs 7.93 billion from gross domestic borrowings, net domestic borrowings -- including overdraft of Rs 6.16 billion from the NRB -- stood at Rs 28.15 billion," the central bank's annual report said, adding that the ratio of net domestic borrowing to GDP stood at 2.4 per cent.
Similarly, the government's total outstanding domestic debt increased to Rs 157.86 billion -- including the government's 2008-09 overdraft of
Rs 8.83 billion and an overdraft of Rs 6.16 billion in 2009-10.
The total external cash borrowing of the government increased by 14.5 per cent to Rs 4.27 billion in 2009-10 compared to Rs 3.73 billion in a fiscal ago.
The central bank report reveals that revenue mobilisation has increased significantly by 25.4 per cent to Rs 179.95 billion, which accounted to 101.9 per cent of annual budget estimate.
"The revenue had risen by 33.3 per cent to Rs 143.47 billion in 2008-09," it added. "The revenue to GDP ratio has moved up to 15.2 per cent in 2009-10 from that of 14.5 per cent in 2008-09."
A positive impact of 'Tax Compliance year', increase in PAN number holders, mobilisation of tax volunteers, growth in imports, control in revenue leakages and tax administration reforms mainly contributed to such an increase in the revenue mobilisation.
"Of the total revenue mobilisation, VAT revenue grew by 35 per cent to Rs 53.46 billion against an increase of 27.1 per cent a fiscal year ago on account of growing imports and consumption induced by an increase in the inflow of remittances and reforms in VAT administration.
Similarly, customs revenue rose by 31.6 per cent to Rs 35.3 billion compared to an increase of 34.4 per cent in 2008-09 due to reforms in custom administration, increase in imports of high tax yielding vehicles and spare parts and increase in the amount of Indian excise refund.
Income tax revenue increased by 22.4 per cent to Rs 33.65 billion in 2009-10 compared to an increase of 43.9 per cent a fiscal ago due to a positive impact of tax compliance year and increase in PAN number holders.
Excise revenue increased by 49.6 per cent to Rs 24.31 billion compared to an increase of 44.9 per cent in 2008-09 due to reforms in excise administration and increase in the imports of high excise tax yielding light vehicles.
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