Mumbai: As Budget is round the corner, Ministry of Finance via its Twitter handle @FinMinIndia has been posting Budget related terminologies for raising awareness.
Here is a compilation of terminologies tweeted so far:
1) What is Union Budget?
As Union Budget is round the corner, we come across so many terms which leave us puzzled. So via “Know Your Budget” Series, we aim to assist you in enhancing your Budget Vocabulary.
Before diving into details of Budget,let us first understand what a ‘Union Budget’ is? #Budget2019 pic.twitter.com/o0UdDOfuL8— Ministry of Finance (@FinMinIndia) January 15, 2019
2) What is Vote on Account?
Reading about the Union Budget, you might have stumbled upon the term ‘Vote-on-Account’. Do you know what it means?#Budget2019 pic.twitter.com/ke7aNJNjuc
— Ministry of Finance (@FinMinIndia) January 15, 2019
3) What is Capital Budget?
Capital Budget:
Yesterday we gave a glimpse of what is ‘Union Budget’ and ‘Vote on Account’. Let’s move forward and see what the other types of Budget are.
What is a ‘Capital Budget’?
#Budget2019 pic.twitter.com/nolw5zojQ0
— Ministry of Finance (@FinMinIndia) January 16, 2019
4) What is Revenue Budget?
Revenue Budget:
Do you know about ‘Revenue Budget’ and what does it comprise of?#Budget2019 pic.twitter.com/UKPwicBUBd
— Ministry of Finance (@FinMinIndia) January 16, 2019
5) What is Outcome Budget?
Outcome Budget:
Another type of Budget is the ‘Outcome Budget’.
Do you know what it is and what is its importance?#Budget2019 pic.twitter.com/NfHBsHXdu0— Ministry of Finance (@FinMinIndia) January 16, 2019
6) What are Direct and Indirect Taxes?
Tax structure in India is divided mainly into Direct & Indirect Taxes. In the last 4 years, the present Government has undertaken multiple Tax Policy & Process Simplification Reforms to have greater predictability, transparency, fairness & automation among others. #Budget2019 pic.twitter.com/OT06OsPwfL
— Ministry of Finance (@FinMinIndia) January 17, 2019
7) What is Fiscal Deficit?
Fiscal Deficit:
We all come across the term ‘Fiscal deficit’ very frequently. But what is meant by ‘Fiscal Deficit’? #Budget2019 pic.twitter.com/8IY4xu26uJ
— Ministry of Finance (@FinMinIndia) January 20, 2019
8) What is Primary Deficit?
‘Primary Deficit’ is a part of Fiscal deficit. Let us see how ‘Primary Deficit’ is defined.#Budget2019 pic.twitter.com/7c6vLv6Nio
— Ministry of Finance (@FinMinIndia) January 21, 2019
9) What is Revenue Deficit?
Generally Fiscal Deficit takes place due to either Revenue Deficit or a major hike in Capital Expenditure. But what is a ‘Revenue Deficit’?#Budget2019 pic.twitter.com/RPtoodWCS2
— Ministry of Finance (@FinMinIndia) January 21, 2019
10) What is Fiscal Policy?
The Government needs to adjust its spending levels and tax rates to monitor and influence a nation’s economy.
‘Fiscal Policy’ is the means through which a Government does this. Today let us understand what it means.#Budget2019 pic.twitter.com/YwAyRIhnWe— Ministry of Finance (@FinMinIndia) January 22, 2019
11) What is Monetory Policy?
‘Monetary Policy’ and ‘Fiscal Policy’, both are the widely recognised tools used to steer a nation’s economic activity.
Do you know what is meant by a ‘Monetary Policy’?#Budget2019 pic.twitter.com/EzLbxbujQn— Ministry of Finance (@FinMinIndia) January 22, 2019
12) What is Inflations?
Inflation has a central place not just in the corridors of Economic Policy but also in the hearts of our citizens as it effects their daily life.
Today let’s understand what exactly is inflation.#Budget2019 pic.twitter.com/nSCXtmvBz2— Ministry of Finance (@FinMinIndia) January 23, 2019
13) What is Finance Bill?
Tax proposals are the most anticipated part of the Budget Announcements as they are directly linked to the common man’s life.
Let’s see how they are presented in the Parliament.
What is a ‘Finance Bill’?#Budget2019 pic.twitter.com/4ce37WtgDZ— Ministry of Finance (@FinMinIndia) January 23, 2019
14) What is Excess Grant?
What happens when the total expenditure under a Grant is in excess of what was originally sanctioned by the Parliament?
Do you know how is it funded?#Budget2019 pic.twitter.com/SaKCiZnxvt— Ministry of Finance (@FinMinIndia) January 23, 2019
15) What are Budget Estimates?
The Union Budget comprises of the detailed Statement by the Government regarding its Estimated Expenditure and Receipts for the next Financial Year. Today let us see what a ‘Budget Estimate’ is.#Budget2019 pic.twitter.com/lVTbWDUpki
— Ministry of Finance (@FinMinIndia) January 24, 2019
16) What are Re-appropriations?
The Government is allowed to re-appropriate provisions from one sub-head to another within the same grant subject to some limitations and restrictions laid down.
Let us familiarize ourselves more with what are ‘Re-appropriations’.#Budget2019 pic.twitter.com/XIcL3gZ1ur— Ministry of Finance (@FinMinIndia) January 24, 2019
17) What are Revised Estimates?
What happens when the Budget projections & required expenditures do not agree with each other? For monitoring these situations, there is a Mid-year Review of possible expenditure which takes place through ‘Revised Estimates’. Let us know what is ‘Revised Estimate’.#Budget2019 pic.twitter.com/wf48WNl4L3
— Ministry of Finance (@FinMinIndia) January 24, 2019
18) What are Cut Motions?
Demand for Grants are demands made in respect of the grant proposed by each Ministry.However, the Parliament has authority to check expenditure of the Govt.& ‘Cut Motions’may be moved in Parliament to reduce the amount of a demand.Let us learn more about ‘Cut Motion’?#Budget2019 pic.twitter.com/sXCylHfsiW
— Ministry of Finance (@FinMinIndia) January 25, 2019
19) What is Guillotine?
Parliament has a limited time to scrutinise the Expenditure Demands from all Ministries. Once the prescribed period for discussion on Demands for Grants is over,in order to put the process on fast-track,‘Guillotine’ is applied.Let’s know the process of ‘Guillotine’.#Budget2019 pic.twitter.com/djBi33sCqQ
— Ministry of Finance (@FinMinIndia) January 25, 2019
20) What is Contingency Fund?
It is said ” There is nothing certain but the uncertain”. This is also true of Policy Making. Budgeting calls for setting-out funds for a rainy day,when, Ministries encounter unforeseen situation.This is where Contingency Fund gets into picture. Let’s know what is it.#Budget2019 pic.twitter.com/afNhO9DfCP
— Ministry of Finance (@FinMinIndia) January 26, 2019
21) What is Consolidated Fund of India?
Funds are the drivers of the life cycle of an economy. For the swift and efficient functioning of the Economic System, a systematic management of funds is a prerequisite. How is it done in India?
Let’s learn about ‘Consolidated Fund of India’ to understand the same.#Budget2019 pic.twitter.com/AGPdI2PhEk— Ministry of Finance (@FinMinIndia) January 26, 2019
22) What is Public Account?
How does the Government of India keep an account for the flows of the transactions in which it merely acts as a banker? It is here the role of Public Account comes into play. Let us learn more about ‘Public Account’.#Budget2019 pic.twitter.com/esCmoaKJRy
— Ministry of Finance (@FinMinIndia) January 27, 2019
23) What is Minimum Alternate Tax (MAT)?
What happens when a Company is under zero tax limits? Does it pay any taxes? Let’s see what happens in such a situation.#Budget2019 pic.twitter.com/Hrqww5Wbge
— Ministry of Finance (@FinMinIndia) January 28, 2019
24) What is Corporate Tax?
In India, the taxes are collected not only from its citizens. A very important stakeholder called the ‘Corporate Houses’ also contributes a significant amount of tax revenue. Let us see what that Tax is called.#Budget2019 pic.twitter.com/yJB3S67zAe
— Ministry of Finance (@FinMinIndia) January 28, 2019
