Releasing the revenue figures here on Friday, minister of state for finance V Dhananjay Kumar, said that the higher revenue realisation might result in lower fiscal deficit than what was projected in the revised estimates.

As per the revised estimates, the fiscal deficit during 1999-2000 was likely to go up to 5.6 per cent of GDP against four per cent projected originally.He added, "I have a feeling the gross fiscal deficit of 5.6 per cent will be down to 5.5 per cent as the revenue collection has touched Rs 1,38,347.01 crore till February this year".

Kumar also expressed confidence that the Reserve Bank would cut the bank rate in the forthcoming slack season credit policy giving effect to government's intention of lowering of interest rates. He added that banks were awash with funds and what had to be done was to create a conducive atmosphere to prop investment by cutting lending rates.

As far as revenue collection was concerned, total realisation up to February was Rs 1,38,347.01 crore compared to Rs 1,18,017.90 crore in the corresponding period last year, registering a growth of 17.23 per cent.

During the month of February collection totalled Rs 13,010.14 crore representing a growth of 22.28 per cent over the same month last year.

Major buoyancy was witnessed in case of excise duties which went up to Rs 53,640.30 crore till the end of February representing a growth of 19.29 per cent over a similar period last year. During the month itself excise collection was Rs 5,953.97 crore against Rs 5,020.65 crore in the corresponding month last year.

Collection of customs duty up to February was Rs 42,798.25 crore showing a growth of 15.98 per cent over the corresponding period last year. In February alone, the customs collection went up to Rs 4,457.86 crore from Rs 3,820.54 crore in the corresponding month last year.

Total collection of indirect taxes up to February was Rs 98,990.44 crore compared to Rs 84,277.02 crore in the corresponding period last year, registering an increase of 17.46 per cent. During the month of February, indirect tax revenue was Rs 10,600.39 crore compared to Rs 8,986.86 crore in the corresponding month last year.

As far as direct taxes were concerned, corporation tax collection up to February was Rs 20,251.29 crore compared to Rs 17,418.45 crore during the corresponding period last year. The realisation went up by 16.26 per cent. The collection of income tax during the eleven months of the current fiscal was Rs 18,405.31 crore opposed to Rs 15,195.80 crore representing an increase of 21.12 per cent.

During the month of February, income tax collection was Rs 1,814.72 crore (up 44.58 per cent) and corporation tax Rs 567.83 (55.89 per cent).Total direct tax collections up to February were Rs 39,356.57 crore compared to Rs 33,740.88 crore during the corresponding period last year, registering a growth of 16.64 per cent.