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Important Budget Terms 2023 – Economy

By February 24, 2023May 22nd, 2023Announcement, Economy, GS 3

Important Budget Terms


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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.

Financial Bill

  • 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

  • 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

  • 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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