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

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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.
Budget EstimatesIt 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.
Through this, the Government acts as a banker for the entire transactions associated with provident funds, small savings collection, and many others.
Public accountThrough this, the Government acts as a banker for the entire transactions associated with provident funds, small savings collection, and many others.
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.
Direct and Indirect TaxesDirect 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.
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.
Finance BillThrough 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.
The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are further divided into tax and non-tax revenue.
Revenue BudgetThe revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are further divided into tax and non-tax revenue.
A Fiscal Deficit presents the gap between the total spending and the sum of its revenue receipts and non-debt capital receipts.
Fiscal DeficitA Fiscal Deficit presents the gap between the total spending and the sum of its revenue receipts and non-debt capital receipts.
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.
Monetary PolicyThe 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.
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 BudgetThe 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’ betterUnion Budget 2023: Important terms to know to understand the ‘Budget’ better

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