Budget 2023: Important Terms You Should Know

WRITTEN BY Saumya Jaiswar2023-01-23,10:32:02 news

Union Budget 2023

Nirmala Sitharaman will present her fifth Union Budget for the fiscal year 2023–24 on February 1st.

Jagran

Tax Revenue

It is the amount of money that is collected in the form of tax that is levied on your income, goods, and profits among other things.

Business Standard

Direct Tax

Direct tax, as the name suggests, is the tax that is paid by an individual directly to the government. This constitutes both income tax and corporate tax.

Housing

Indirect Tax

Indirect tax, on the other hand, is the tax paid by the people to a person/organisation/entity that holds the burden of paying tax to the govt.

Aditya Birla Capital

Fiscal Deficit

When the government’s total revenue exceeds its total expenditure, that difference is called the fiscal deficit.

Corporate Finance Institute

Revenue Deficit

It is the difference in the amount spent by the government on everyday operations and its total income from taxes and other sources.

The Financial Express

Gross Domestic Product (GDP)

It is the measurement of the monetary value of all goods and services bought by the final user and that are produced within the country in a given amount of time.

Capital.com

Fiscal Policy

Govt using taxation, public borrowing, and public spending to influence its economy so that sustainable growth is achieved.

TheStreet

Inflation

Inflation is simply the rise in prices in an economy.

Entrepreneur

Monetary Policy

This refers to the action taken by the central bank Reserve bank of India (RBI) to control the supply of money in the economy.

The Economic Times

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