The Indian League budget is one of the most anticipated events in India. Treasury Minister Nirmala Sitharaman will propose on February 1 that it will bring government revenue and expenditure goals for the eighth trade union budget for the next fiscal year.
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The budget of the trade union has a significant impact on the development of the national economy, affecting every individual, industry and enterprise. The budget reflects the government’s priority, policy orientation, and national development methods.
You are watching: Union Budget 2025: Glossary of Terms You Need to Know Ahead of the Presentation
With the approaching of the union budget in 2025, it is important to be familiar with some key phrases and concepts that may cover in the presentation. Whether you are a student in economics, professionals in the financial field, or being interested in understanding how budget decisions affect your daily life, you have a firm understanding of these terms and will help you understand the subtle different budget of the alliance.
The detailed vocabulary of key clauses related to the budget of the union will ensure that you prepare for your debate and analysis after the speech. The scope of these phrases from technical and financial terms to economic policies can help you understand the government’s financial goals and a wider economic impact of budgets.
Trade Union Budget 2025: List of key term used in budget introduction
A funding bill: A legislative proposal proposed in the parliament to authorize the government’s government expenditure in the year, which becomes a law after approval.
Assets: Economic resources owned by the government, such as infrastructure, investment and land with monetary value.
Annual Financial Statement (AF): A basic document introduces the expected income and expenditure of the upcoming financial annual government in detail, which guides the budget distribution.
Budget Estimation (BE): The government’s prediction of the expected income and expenses of the upcoming fiscal year.
Budget balance: Government revenue is equal to its expenditure, neither deficits nor left.
Borrowing: The government has made up for financial shortages through loans or funds raised by loans or issuance of bonds.
Capital expenditure: Government expenditures with assets such as infrastructure with long -term economic benefits, education institutions and medical institutions.
Indian Consolidation Fund: The main accounts of all government income, loans and other income with most government expenditures.
Tariffs: taxes levied to goods brought in or sent out of the country.
Capital income: The government’s funds raised by the government through borrowing or assets are different from conventional income because they are usually composed of one -time transactions.
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CESS: For additional taxes for existing taxes, it is specially used for specific purposes such as medical care or education funds.
Emergency Fund: The government management is unpredictable or urgent cost reserves, and the withdrawal of the parliament requires the approval of parliament.
Defold financing: It covers the fiscal deficit by borrowing funds or printing additional currencies.
Direct tax: taxes received directly from individuals or companies, such as income tax or corporate tax.
Investment: The government sells its shares raised in the public sector company.
Consumption tax: Commodity tax for production or manufacturing within the country.
Expenditure budget: A comprehensive document introduces the expenditure of government plans in detail, and classifies it as income or capital expenditure.
Economic Survey: A comprehensive report released before the union budget each year, reviewing the country’s economic performance and providing predictions for the upcoming fiscal year.
Financial Act: Introduce the legislative documents of the parliament, and summarize the proposed change tax law of the upcoming fiscal year. No budget cannot be implemented.
Financial deficit: The gap between the government’s total expenditure and its income does not include borrowing.
Fiscal policy: The government’s management tax and expenditure stabilize the economy, control the strategy of inflation and promotion of growth.
Fiscal Responsibility and Budget Management (FRBM) Law: A law aims to ensure fiscal discipline through restrictions on the government’s borrowing and fiscal deficit settings.
Commodity and service tax (GST): A unified tax system replaces the taxation process of various indirect taxes, such as VAT, consumption tax and service tax, simplified commodity and services.
Gift funds: The central government provides financial assistance provided by states or institutions with specific purposes or projects.
Person in charge of expenditure: Category of government organizational expenditures, such as education, healthcare or national defense.
Indirect tax: Taxes used for goods and services, such as GST or customs, these taxes are collected by consumers from intermediaries.
Inflation: The speed of rising goods and service prices, eroding purchasing power.
Non -tax revenue: government income from other sources other than taxes, including expenses, fines and investment interest.
New tax system: The simplified tax system was launched in 2022. It provides a lower tax rate. There is no exemption or deduction, which aims to reduce the compliance burden.
Old tax system: The tax system that previously allowed exemptions and deductions to provide higher tax rates among less tax boards.
Main deficit: The fiscal deficit that does not include interest payment reflects the government’s current loan needs.
Public accounts: government accounts that manage savings plans and provident fund transactions.
Increase deficit: Government expenditure exceeds the shortage of income and income, indicating that the lack of funds for regular operating costs.
Income expenditure: The government’s expenditure in the current service, such as salary, pensions, subsidies and interest.
Increase income: The government incurred from tax (direct and indirect) and non -tax sources (such as expenses and dividends).
Back deduction: Reduce tax liability and usually provide to motivate specific economic behaviors, such as savings or investment.
Specification budget: When the government’s income exceeds its expenditure, it leads to surplus.
Voting for votes: The temporary gifts issued by the government expenditure issued by the parliament will not be approved until the full budget is approved, which is essentially a temporary measure.
Taxes received at the source (TCS): The seller levied taxes from the buyer and handed it over to the government’s system at the sales point.
Source: https://dinhtienhoang.edu.vn
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