Union Budget 2023: Important terms to know to understand the ‘Budget’ better

Budget Estimates | It is the estimate of fiscal and revenue deficits of the year, which is related to the estimates of the centre spending during the financial year and the income govt received through taxes.

Public account | Through this, the Government acts as a banker for the entire transactions associated with provident funds, small savings collection, and many others.

Direct and Indirect Taxes | Direct Taxes are those that are levied on the income of an individual or the corporation viz, income tax, corporate tax, etc. Indirect taxes are paid by consumers when they buy goods and services.

Finance Bill | Through the Finance bill, the Govt proposes levying new taxes present alterations in the present tax structure, or continuance of the current tax structure are placed before the Parliament in this bill.

Revenue Budget | The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are further divided into tax and non-tax revenue.

Fiscal Deficit | A Fiscal Deficit presents the gap between the total spending and the sum of its revenue receipts and non-debt capital receipts.

Monetary Policy | The entire course of actions taken by the central bank with aims to regulate the level of money of liquidity in the economy or changes in the interest rates.

Union Budget | The most common of all, mentioned in Article 112 of the Indian Constitution, is a statement in the main budget document and an estimate of the Govt's revenue and expenditure given at the end of a fiscal year.

Union Budget 2023: Important terms to know to understand the ‘Budget’ better | Union Budget 2023: Important terms to know to understand the ‘Budget’ better