Revenue Receipts

57. Before I proceed to detail my tax proposals, I would like to highlight the position of fiscal deficit in 1999-2000, if the existing rates of taxes and tariffs are continued. Gross tax revenues would then be Rs.1,67,526 crore and the Centre’s net tax revenue would be Rs.1,22,730 crore. Non-tax revenues are estimated to increase from Rs.48,128 crore in revised estimates 1998-99 to Rs.50,475 crore this year. The net revenue receipts for the Centre, including non-tax receipts, would increase from Rs.1,57,664 crore in revised estimates 1998-99 to Rs.1,73,205 crore in 1999-2000. After taking into account receipts of Rs.10,000 crore from disinvestment of equity in public sector enterprises, the fiscal deficit would be Rs.89,713 crore. This is unacceptably high. I shall now come to my proposals to reduce the deficit.