Annual Financial Statement
As per Article 112 of the Constitution, the government is required to present a statement of estimated receipts and expenditures in respect of every financial year (from April 1 to March 31), to the Parliament.
- Finance Bill is a form of proposal the central government proposes to the Parliament for approval to introduce or amend taxes or the current tax structure (or continue with the same).
- It can only be presented in Lok Sabha.
- Consolidated Fund of India includes revenues received and expenses incurred by the government in a financial year, except exceptional expenses like disaster management.
- All government expenditure is made from this fund except exceptional expenditure.
Monetary Policy and Fiscal Policy
- Capital expenditure or CapEx refers to the total spending on the purchase of assets in a given period.
Direct and Indirect Tax
- Indirect taxes are charged on goods and services, while direct taxes are charged on profits and income.
Types of Deficit
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