What is a budget? What do you need to know..!?

Finance minister Nirmala Sitharaman is wearing a red saree and carrying a red purse. Before presenting the budget, the President meets Murmu and comes to Parliament. What is the budget at this stage? Everyone should know what the filing is for. Union Finance minister Nirmala Sitharaman will present the Union Budget 2023-2024 in parliament today, february 1. Article 112 of the Constitution requires the government to submit a statement of estimated income and expenditure for every financial year starting in April.

Fiscal Deficit:
Fiscal deficit occurs when the government's expenditure exceeds its non-debt income in a fiscal year. It represents the total amount of debt required by the government.
Revenue Deficit: A revenue deficit is a difference between the government's expenditure on day-to-day operations and the total income from taxes and other sources. It is an important measure of the fiscal health of the government. It indicates that its income is insufficient to cover its expenses. When there is a revenue shortfall, the government has to borrow to cover the difference.

Tax Revenue: Tax revenue is the number of funds collected by the government from taxes on income, profits, and consumption of goods and services.
Direct Tax: Direct tax is a type of tax levied on the income of individuals and businesses. In this, the person who pays tax and the person who is taxed is the same.

Indirect Tax: Indirect tax is a type of tax levied on goods and services. In this, the person who pays tax and the person who is taxed is different. Examples of indirect taxes include GST, customs duty, and central excise duty.

Gross Domestic Product (GDP):
GDP (Gross Domestic Product) is a measure of the monetary value of all goods and services. All products produced within the country in a year are taken into account.
Inflation: Inflation refers to the rate at which the overall price of goods and services in an economy rises. Indicates the price of goods.

Customs duty: Customs duty is a type of indirect tax levied on imports and exports within or within a country.

Fiscal Policy: Fiscal policy refers to the measures taken by the government to manage its expenditure and revenue collections (through taxes) to achieve economic objectives.

Consolidated Fund: The Consolidated Fund of india is an important government account that includes revenues and expenditures received during the financial year, excluding exceptional expenditures such as disaster management. All non-exceptional government expenditure is met from this fund.

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