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Union Budget 2023-2024 – Glossary

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Old 01-31-2023, 05:10 PM
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Default Union Budget 2023-2024 – Glossary

Union Budget 2023-2024 – Glossary

  • Tax Revenue: The amount of money collected by the government from taxes on profits, income and consumption of goods and services. Tax revenue can be collected in the form of direct or indirect taxes.
  • Gross Domestic Product (GDP): Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time.
  • Fiscal Deficit: The condition when the government’s total income (total taxes and non-debt capital receipts) exceeds its revenue in a year. It is calculated both in absolute terms and as a percentage of the country’s gross domestic product (GDP)
  • Cess: Commonly it is referred to as a tax on tax. A form of tax charged/levied over and above the base tax liability of a taxpayer is termed as Cess.
  • Budget Estimates: The funds allocated for various jobs and activities and ministries for the coming financial year are called Budget estimates.
  • Corporate Tax: Direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities is Corporate Tax.
  • Repo Rate: The rate at which Reserve Bank of India (RBI) lends money to banks is called Repo Rate.
  • Annual Financial Statement: A statement that will include the income and expenses of the country for that particular financial year. It is presented by the government to the Parliament. Consolidated Fund, Contingency Fund and Public Account are the three parts in it.
  • Minimum Alternative Tax (MAT): When a company has to pay a minimum amount of tax to the government, even if it is under zero tax limits, then that amount is called MAT.
  • Ad-Valorem Duties: A Latin word that means “according to value”. This word is when it refers to a kind of tax that is similar to that of VAT that is calculated according to the value of the goods.
  • Capital Expenditure: Expenditure of a capital nature is broadly defined as expenditure incurred with the object of either increasing concrete assets of a material and permanent character or of reducing recurring liabilities.
  • Quasi-fiscal operations: These are government operations carried out by institutional units other than general government units. These operations have the same fiscal policy impact on the economy as those of government units.
  • Fiscal Policy: The fiscal policy of a government is concerned with the raising of government revenue and the incurring of government expenditure, to ensure how well the financial and resource management responsibilities have been discharged.
  • Revenue Expenditure: Charges on maintenance, repair, upkeep and working expenses, which are requiredto maintain the assets in a running order and also all other expenses incurred for the day to day running of the organisation, including establishment and administrative expenses are classified as revenue expenditure. Grants given to State/UT Government and other entities are also treated as revenue expenditure, even if some of the grants may be meant for creating capital assets.

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