By the end of May 2003, the Centre`s fiscal deficit was Rs. 34,141 crore. Fiscal deficit refers to the difference between the government`s total expenditure and its total revenue in a fiscal year. In simpler terms, it is the amount of money that the government needs to borrow in order to meet its expenses.

Going through the options, option 1 states that the fiscal deficit was Rs. 34,141 crore, which is the correct answer according to the question. Option 2 states that the fiscal deficit was Rs. 35,140 crore, which is different from the correct answer. Option 3 states that the fiscal deficit was Rs. 30,254 crore, which is also different from the correct answer. Option 4 states that the fiscal deficit was Rs. 32,159 crore, again differing from the correct answer.

Therefore, the correct answer to the question is option 1 - Rs. 34,141 crore.