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" Union Budget
Union Budget is the most comprehensive report of the Government’s finances inwhich revenues from all sources and outlays for all activities are consolidated. The
Budget also contains estimates of the Government’s accounts for the next fiscal year
called Budgeted Estimates.
" Direct and Indirect Taxes
Direct taxes are the one that fall directly on individuals and corporations. For example,
income tax, corporate tax, etc.
Indirect taxes are imposed on goods and services. They are paid by consumers when
they buy goods and services. These include excise duty, customs duty, etc.
" GST
The constitution defines “Goods and Services Tax” means any tax on supply of goods,
or services or both except taxes on the supply of the alcoholic liquor for human
consumption.
“Goods” means every kind of movable property other than money and securities but
includes actionable claim, growing crops, grass and things attached to or forming
part of the land which are agreed to be severed before supply or under a contract of
supply
“Services” means anything other than goods, money and securities but includes
activities relating to the use of money or its conversion by cash or by any other
mode, from one form, currency or denomination, to another form, currency or
denomination for which a separate consideration is charged
" Customs Duty
These are levies charged when goods are imported into, or exported from, the
country, and they are paid by the importer or exporter. Usually, these are also passed
on to the consumer.
" Fiscal Deficit
When the government’s non-borrowed receipts fall short of its entire expenditure,
it has to borrow money form the public to meet the shortfall. The excess of total
expenditure over total non-borrowed receipts is called the fiscal deficit.
" Revenue Deficit
The difference between revenue expenditure and revenue receipt is known as
revenue deficit. It shows the shortfall of government’s current receipts over current
expenditure.
" Primary Deficit
The primary deficit is the fiscal deficit minus interest payments. It tells how much
of the Government’s borrowings are going towards meeting expenses other than
interest payments.
" Fiscal policy
It is the government actions with respect to aggregate levels of revenue and spending.
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