{"id":28207,"date":"2024-07-23T20:26:39","date_gmt":"2024-07-23T14:56:39","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=28207"},"modified":"2024-07-23T20:29:18","modified_gmt":"2024-07-23T14:59:18","slug":"important-budget-terms-terminology","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/important-budget-terms-terminology\/","title":{"rendered":"Budget Terms and Definitions &#8211; A Glossary of Important Terms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/important-budget-terms-terminology\/#Budget_Terminology\" >Budget Terminology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/important-budget-terms-terminology\/#What_is_Union_Budget\" >What is Union Budget?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/important-budget-terms-terminology\/#Budget_Terminology_PDF\" >Budget Terminology PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/important-budget-terms-terminology\/#Budget_Terms_Definitions\" >Budget Terms &amp; Definitions<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.oliveboard.in\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.oliveboard.in\/blog\/category\/static-gk\/\">Static GK<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Budget Terms and Definitions<\/strong><\/span><\/span><\/div>\n\n\n<p>The union budget is presented in the Parliament on the 1st of February every year but this year due to elections, the budget has been released on 23rd July 2024. Questions related to various schemes announced in the budget and allocations to these schemes by the government are mostly asked in various Banking and Government Exams like <a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-notification-2024-out\/?ref=contss-rbi-blog\" target=\"_blank\" rel=\"noreferrer noopener\">RBI Grade B<\/a>, SBI PO, IBPS PO, NABARD, SEBI, etc. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budget_Terminology\"><\/span>Budget Terminology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>But before you go on to read and learn about the Union Budget, it is very important to understand the basic budget terms and get acquainted with their definitions so that when you go on to read the budget, its terminology doesn\u2019t seem unfamiliar to you. The Budget Terms should be very clear to you after reading this blog of Budget Terms and Definitions &#8211; A Glossary of Important Terms. Let us go on to learn the Budget terms and definitions below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Union_Budget\"><\/span>What is Union Budget?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Check out the following points to understand the union budget:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Union Budget is an annual financial report&nbsp;of India. It contains the Government\u2019s revenue and expenditure for a fiscal year, which runs from<strong> April 1 to March 31<\/strong>.<\/li><li>According to <strong>Article 112 <\/strong>of the Indian Constitution, the Union Budget, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditures of the government in respect of every financial year.&nbsp;<\/li><li>It is presented by the government every year before the start of the financial year. It is the most extensive account of the Government&#8217;s finances, in which revenues from all sources and expenditures on all activities undertaken are enumerated.<\/li><li>It comprises of the revenue budget and the capital budget. It also contains estimates for the next fiscal year.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"578\" height=\"343\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2019\/01\/Budget-1.png\" alt=\"\" class=\"wp-image-63173\"\/><\/figure><\/div>\n\n\n<p><span style=\"color: #000000;\"><strong>REVENUE BUDGET: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Revenue Budget consists of the revenue receipts of the government (tax revenues and other revenues) and the expenditure met from these revenues.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>REVENUE RECEIPTS: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Those receipts which neither create any liability nor cause any reduction in the assets of the government.<\/span><\/li><li><span style=\"color: #000000;\">They are regular and recurring in nature and the government receives them in the normal course of activities.<\/span><\/li><li><span style=\"color: #000000;\">Revenue receipts include the proceeds from taxes and other duties levied by the Centre; the interest and dividend it receives on its investments; and the fees and charges the government receives for its services.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\">For the government, there are two sources of revenue receipts \u2014 tax revenues and non-tax revenues.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Tax Revenues:<\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">It gives a detailed report on revenue collected from different items like corporation tax, income tax, wealth tax, customs, union excise, service, taxes on Union Territories like land revenue, stamp registration, etc.<\/span><\/li><li><span style=\"color: #000000;\">Taxes collected from both direct and indirect tax are considered in Tax Revenue.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Non-tax Revenues:<\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Non-Tax Revenue is the recurring income earned by the government from sources other than taxes.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Direct tax: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">A direct tax is a tax an individual or organization pays directly to the imposing entity.<\/span><\/li><li><span style=\"color: #000000;\">Direct taxes include income tax, property tax, corporate tax, estate tax, gift tax, value-added tax (VAT), sin tax, and taxes on assets.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Indirect tax: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">An indirect tax is collected&nbsp;by one entity in the supply chain and paid to the government,&nbsp;but it is passed on to the consumer as part of the purchase price of a good or service.<\/span><\/li><li><span style=\"color: #000000;\">The consumer is ultimately paying the tax by paying more for the product.<\/span><\/li><li><span style=\"color: #000000;\">Example: GST<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Revenue Expenditure:<\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Part of government expenditure that does not result in the creation of assets. Payment of salaries, wages, pensions, subsidies, and interest fall in this category as revenue expenditure examples.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Capital Budget: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">The capital budget consists of capital receipts and payments.<\/span><\/li><li><span style=\"color: #000000;\">It also incorporates transactions in the Public Account.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Capital Receipts: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Those receipts that create liabilities or reduce financial assets. They also refer to incoming cash flows.<\/span><\/li><li><span style=\"color: #000000;\">Capital receipts can be both non-debt and debit receipts.<\/span><\/li><li><span style=\"color: #000000;\">Capital receipts are loans taken by the government from the public, borrowings from foreign countries and institutes, and borrowings from the RBI.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Non-debt capital receipts <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Non-debt receipts are those which do not incur any future repayment burden for the government.<\/span><\/li><li><span style=\"color: #000000;\"><strong>Examples of non-debt capital receipts: <\/strong>Recovery of loans and advances, disinvestment, issue of bonus shares, etc<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Debt capital receipts <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Debt Receipts have to be repaid by the government. A reduction in debt receipt (or borrowing) can be a big leap for the economy&#8217;s financial health.<\/span><\/li><li><span style=\"color: #000000;\"><strong>Examples of debt capital receipts: <\/strong>Market loans, issuance of special securities to public-sector banks, issue of securities, short-term borrowings, etc. are all examples of debt capital receipts.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Capital Expenditure: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">It is the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc.<\/span><\/li><li><span style=\"color: #000000;\">It also includes the expenditure incurred on acquiring fixed assets like land and investment by the government that gives profits or dividends in the future.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Capital expenditure includes money spent on the following: <\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">Acquiring fixed and intangible assets<\/span><\/li><li><span style=\"color: #000000;\">Upgrading an existing asset<\/span><\/li><li><span style=\"color: #000000;\">Repairing an existing asset<\/span><\/li><li><span style=\"color: #000000;\">Repayment of loan<\/span><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budget_Terminology_PDF\"><\/span>Budget Terminology PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We have compiled all the Budget Terms and definitions in a PDF. Download the Budget Terminology PDF from the direct link given below:<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/bit.ly\/3nS91LB\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Download Budget Terminology PDF<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budget_Terms_Definitions\"><\/span>Budget Terms &amp; Definitions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"color: #000000;\"><strong>1. Annual Financial Statement<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a statement of <strong>estimated receipts and expenditure<\/strong> of the government in respect of every financial year (April 1-March 31). It is divided into three parts, the Consolidated Fund, Contingency Fund, and Public Account. The government must present a statement of receipts and expenditure for each of these funds.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>2. Appropriation Bill<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a bill that gives power to the government to <strong>withdraw funds from the Consolidated Fund of India<\/strong> for meeting the expenditure during the financial year.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>3. Bearish Trend <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is&nbsp;defined as a <strong>downward trend in the prices of an industry&#8217;s stocks<\/strong> or the overall fall in broad market indices in financial markets. The bearish trend is characterized by heavy investor pessimism about the declining market price scenario. A fall in the prices of about 20% is identified as a bearish trend.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>4. Budgetary Deficit<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is the <strong>difference between all receipts and expenses<\/strong> in both revenue and capital accounts of the government. If revenue expenses of the government exceed revenue receipts, it results in a revenue account deficit. Similarly, if the capital disbursements of the government exceed capital receipts, it leads to a capital account deficit. Budgetary deficit is usually expressed as a percentage of GDP.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>5. Bullish Trend <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">A trend in financial markets can be defined as a direction in which the market moves. &#8216;Bullish Trend&#8217; is an <strong>upward trend in the prices of an industry&#8217;s stocks<\/strong> or the overall rise in broad market indices, characterized by high investor confidence. A bullish trend for a certain period of time indicates the recovery of an economy.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>6. Capital Account<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The capital account can be regarded as one of the primary components of the balance of payments of a nation. It gives a <strong>summary of the capital expenditure and income for a country.<\/strong>&nbsp;This account comprises foreign direct investments, portfolio investments, etc. It gives a summary of the net inflow of both private and public investment into an economy.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>7. Capital Budget <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;consists of <strong>capital receipts and payments<\/strong>. It also incorporates transactions in the Public Account. Capital receipts are loans raised by the government from the public, borrowings by the government from the Reserve Bank and other parties through the sale of treasury bills, loans received from foreign bodies and governments, and recoveries of loans granted by the Central government to state and Union Territory governments and other parties. <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Capital payments consist of capital expenditure on acquisition of assets like land, buildings, machinery, and equipment, as also investments in shares, loans, and advances granted by the Central government to state and Union Territory governments, government companies, corporations, and other parties.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>8. Capital Market <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a market where <strong>buyers and sellers engage in the trade of financial securities<\/strong> like bonds, stocks, etc. The buying\/selling is undertaken by participants such as individuals and institutions. The capital market consists of primary markets and secondary markets. Primary markets deal with the trade of new issues of stocks and other securities, whereas secondary market deals with the exchange of existing or previously-issued securities.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>9. Consolidated Fund <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Consolidated Fund of India is the most important of all government accounts. <strong>Revenues received by the government and expenses made by it,<\/strong> excluding the exceptional items, are part of the Consolidated Fund.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>10. Consumer Price Index <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a comprehensive measure used for the estimation of price changes in a basket of goods and services representative of consumption expenditure in an economy.&nbsp;<strong>Inflation is measured using CPI.<\/strong> The <strong>percentage change in this index<\/strong> over a period of time gives the amount of inflation over that specific period, i.e. the increase in prices of a representative basket of goods consumed.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>11. Contingency Fund <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is created as an imprest account to meet some <strong>urgent or unforeseen expenditure<\/strong> of the government.&nbsp;This fund is at the disposal of the President.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>12. Core Inflation <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">An inflation measure <strong>excludes transitory or temporary price volatility<\/strong> as in the case of some commodities such as food items, energy products etc. It reflects the inflation trend in an economy.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>13. Corporation Tax <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a tax imposed on the <strong>net income of the company<\/strong>.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>14. Countervailing Duty <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Duties that are imposed in order to <strong>counter the negative impact of import subsidies<\/strong> to protect domestic producers are called countervailing duties.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>15. Credit Rating <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is an analysis of the <strong>credit risks associated with a financial instrument<\/strong> or a financial entity. It is a rating given to a particular entity based on the credentials and the extent to which the financial statements of the entity are sound, in terms of borrowing and lending that has been done in the past.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>16. <\/strong><\/span><span style=\"color: #000000;\"><strong>Customs Duty <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a tax imposed on <strong>imports and exports of goods<\/strong>.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>17. Deflation <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">When the <strong>overall price level decreases<\/strong> so that the inflation rate becomes negative, it is called deflation. It is the opposite of the often-encountered inflation. Deflation is different from disinflation as the latter implies a decrease in the level of inflation whereas on the other hand deflation implies negative inflation.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>18. Demand for Grants <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is the form in which <strong>estimates of expenditure from the Consolidated Fund<\/strong>, included in the annual financial statement and required to be voted upon in the Lok Sabha, are submitted in pursuance of Article 113 of the Constitution. <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The demand for grants includes provisions with respect to revenue expenditure, capital expenditure, grants to State and Union Territory governments together with loans and advances. Generally, one demand for a grant is presented in respect of each ministry or department. However, for large ministries and departments, more than one demand is presented.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>19. Depreciation &#8211; <\/strong>The <strong>monetary value of an asset decreases over time<\/strong> due to use, wear and tear, or obsolescence. This decrease is measured as depreciation.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>20. Direct Tax<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a type of tax where the <strong>incidence and impact of taxation fall on the same entity.<\/strong>&nbsp;These are largely taxes on income or wealth. <strong>Income tax, corporation tax, property tax, inheritance tax, and gift tax<\/strong> are examples of direct tax.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>21. Education Cess <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is an additional levy on the basic tax liability.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>22. Excess Grants <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is the grant in excess of the approved grants for meeting the requisite expenses of the government.&nbsp;The Demand for Excess Grants is made after the actual expenditure is incurred and is presented to the Parliament after the end of the financial year in which the expenses were made.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>23. Expenditure Budget <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It shows the revenue and capital disbursements of various ministries\/departments.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>24. External Debt <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It refers to money <strong>borrowed from a source outside the country<\/strong>. External debt has to be paid back in the currency in which it is borrowed.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>25. Finance Bill <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a Money Bill as defined in Article 110 of the Constitution.&nbsp;The proposals of the government for <strong>levy of new taxes<\/strong>, modification of the existing tax structure, or continuance of the existing tax structure beyond the period approved by Parliament are submitted to Parliament through this bill.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>26. Fiscal Deficit <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The <strong>difference between total revenue and total expenditure<\/strong> of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government. While calculating the total revenue, borrowings are not included.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>27. Gross Domestic Product <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">GDP is the <strong>final value of the goods and services produced within the geographic boundaries of a country<\/strong> during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>28. Index of Industrial Production<br><\/strong>The Index of Industrial Production (IIP) is an index that shows the growth rates in different industry groups of the economy in a stipulated period of time. The IIP index is computed and published by the Central Statistical Organisation (CSO) on a monthly basis.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>29. Indirect Tax <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a type of tax where the <strong>incidence and impact of taxation do not fall on the same entity<\/strong>.&nbsp;<strong>Customs duty, central excise, service tax, and value-added tax, GST<\/strong> are examples of indirect tax.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>30. Non-Tax Revenue<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"> It is the recurring income earned by the government from sources other than taxes. The most important receipts under this head are interest receipts (received on loans given by the government to states, railways, and others) and dividends and profits received from public sector companies.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>31. Primary deficit <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Gross Primary Deficit is Gross <strong>Fiscal Deficit minus interest payments<\/strong>. Net Primary Deficit is Net Fiscal Deficit minus net interest payments. The net interest payment is interest paid minus interest receipt.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>32. Privatization <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The<strong> transfer of ownership<\/strong>, property, or business from the government <strong>to the private sector<\/strong> is termed privatization. The government ceases to be the owner of the entity or business.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>33. Property Tax <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is the <strong>annual amount paid by a landowner to the local government<\/strong> or the municipal corporation of his area. The property includes all tangible real estate property, his house, office building, and the property he has rented to others.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>34. Public Account<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Public Account of India accounts for flows for those transactions where the government is merely acting as a banker.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>35. Public Debt<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Public debt receipts and public debt disbursals are borrowings and repayments during the year, respectively, by the government.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>36. Purchasing Power Parity<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The theory aims to determine the adjustments needed to be made in the <strong>exchange rates of two currencies<\/strong> to make them on par with the purchasing power of each other. The expenditure on a similar commodity must be the same in both currencies when accounted for the exchange rate. The purchasing power of each currency is determined in the process. Purchasing power parity is used worldwide to compare the income levels in different countries. PPP thus makes it easy to understand and interpret the data of each country.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>37. Real Economic Growth Rate<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is the rate at which a nation&#8217;s <strong>Gross Domestic Product (GDP) changes\/grows from one year to another<\/strong>. <strong>GDP is the market value of all the goods and services<\/strong> produced in a country in a particular time period.&nbsp;Real Economic Growth Rate takes into account the effects of inflation.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>38. Receipts Budget<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It shows a detailed <strong>summary of the revenue and capital receipts of the government<\/strong>. Receipts Budget forms a part of the Annual Financial Statement. It gives a summary of tax revenue, non-tax revenue, and capital receipts. It also gives a detailed analysis of tax and non-tax receipts together with the trends.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>39. Regressive Tax<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">Under this system of taxation, <strong>the tax rate diminishes as the taxable amount increases<\/strong>. In other words, there is an inverse relationship between the tax rate and taxable income. The rate of taxation decreases as the income of taxpayers increases.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>40. Securities Transaction Tax <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a kind of turnover tax where the investor has to pay a small tax on the total consideration paid or received in a share transaction.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>41. Subsidy<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It is a <strong>transfer of money from the government to an entity.<\/strong> It leads to a fall in the price of the subsidized product. The objective of subsidy is to bolster the welfare of society.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>42. Subvention<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It refers to a <strong>grant of money in aid or support, mostly by the government<\/strong>. The term finds a mention in almost every Budget.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>43. Supplementary Grants<\/strong>&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">The <strong>additional grant required to meet the required expenditure of the government<\/strong> is called Supplementary Grants. When grants, authorized by the Parliament, fall short of the required expenditure, an estimate is presented before the Parliament for Supplementary or Additional grants. These grants are presented and passed by the Parliament before the end of the financial year.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>44. Surcharge<\/strong> <\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">A surcharge is an <strong>additional charge or tax<\/strong>.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>45. Tax Revenue<\/strong> &#8211; Tax Revenue forms part of the Receipt Budget, which in turn is a part of the Annual Financial Statement of the Union Budget.&nbsp;It gives a detailed report on revenue collected from different items like <strong>corporation tax, income tax, wealth tax, customs, union excise, service, taxes on Union Territories like land revenue, stamp registration,<\/strong> etc. Taxes collected from both direct and indirect tax are considered in Tax Revenue.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>46. Union Excise Duty <\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">It&nbsp;is a type of <strong>indirect tax on goods<\/strong> manufactured in India.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>47. Ways and means advance (WMA)<\/strong><\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">One of RBI&#8217;s roles is to serve as banker to both central and state governments. In this capacity, <strong>RBI provides temporary support to tide over mismatches<\/strong> in their receipts and payments in the form of ways and means advances.<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\">This was all from us in this blog of&nbsp;<strong>Budget Terms and Definitions.<\/strong> Budget terms should now be clear to you and you should be able to comprehend the upcoming Budget well. We hope that you like it and prove to be helpful in understanding and learning when you read the upcoming budgets.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Related Exams<\/td><td>Related Exams<\/td><td>Related Exams<\/td><td>Related Exams<\/td><\/tr><tr><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-notification-2024-out\/?ref=contss-rbi-blog\" target=\"_blank\" rel=\"noreferrer noopener\">RBI Grade B Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/nabard-grade-a-notification-2024\/?ref=contss-nabard-blog\" target=\"_blank\" rel=\"noreferrer noopener\">NABARD Grade A Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/ifsca-grade-a-notification\/?ref=contss-ifsca-blog\" target=\"_blank\" rel=\"noreferrer noopener\">IFSCA Grade A Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/sidbi-grade-a-notification-2024\/?ref=contss-sidbi-blog\" target=\"_blank\" rel=\"noreferrer noopener\">SIDBI Grade A Notification<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/www.oliveboard.in\/blog\/irdai-assistant-manager-notification\/?ref=contss-irdai-blog\" target=\"_blank\" rel=\"noreferrer noopener\">IRDAI Assistant Manager Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/pfrda-assistant-manager-notification\/?ref=contss-pfrda-blog\" target=\"_blank\" rel=\"noreferrer noopener\">PFRDA Assistant Manager Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/fssai-notification\/?ref=contss-fssai-blog\" target=\"_blank\" rel=\"noreferrer noopener\">FSSAI Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/fssai-technical-officer-notification\/?ref=contss-fssai-blog\" target=\"_blank\" rel=\"noreferrer noopener\">FSSAI Technical Officer Notification<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link\" href=\"https:\/\/chat.whatsapp.com\/EnWSKf4LxpVILgLZU9su19\" target=\"_blank\" rel=\"noreferrer noopener\">Join Our Whatsapp community Now<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-selection-process\/\">RBI Grade B Selection Process 2026, Know About Phase 1, 2 &amp; 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