New Delhi: Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1. According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to the Parliament.
Here are some key terms that are related with the budget:
Tax Revenue: Tax revenue is the amount of money collected by the government from taxes on income, profits, and the consumption of goods and services. This includes both direct and indirect taxes. Tax revenue is the primary source of government income.
Direct Tax: Direct tax is a type of tax that is imposed on the income of individuals and businesses. Examples of direct taxes include income tax, corporate tax, property tax, and inheritance tax.
Indirect Tax: Indirect tax is a type of tax that is imposed on goods and services. Examples of indirect taxes include GST, customs duty, and central excise.
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Inflation: Inflation refers to the rate at which the overall cost of goods and services in an economy is rising.
Customs Duty: Customs Duty is a type of indirect tax imposed on the import and export of goods in or out of a country.
Fiscal Policy: Fiscal policy refers to the actions taken by the government to manage its spending and revenue collection (through taxes) to achieve its economic objectives.
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