What is Finance Bill?

Finance Bill meaning: The Finance Bill is a part of the Union Budget, stipulating all the legal amendments required for the changes in taxation proposed by the Finance Minister.
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What is Expenditure Budget?

Expenditure Budget definition: Expenditure Budget provides complete information about the total expenditure of the Union government in a financial year.

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What is Customs Duty?

Customs Duty definition: We shall look into its various aspects such as how Customs Duty is calculated, different categories that you need to be familiar with.

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What is Receipt Budget?

Receipt Budget meaning: The Receipt Budget is an extensive document prepared as a part of the Union Budget of India exercise to showcase the break-up of the government's receipts from various income s

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What is Securities Transaction Tax?

Securities Transaction Tax meaning: Securities Transaction Tax, also referred to as STT, is a tax that is levied on the purchase or sale of shares and other trade-able securities of the companies list

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What is Revenue Deficit?

Revenue Deficit definition: Revenue deficit arises when the government's revenue expenditure exceeds the total revenue receipts.

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What is Centrally Sponsored Scheme?

Centrally Sponsored Scheme meaning: The category of centrally sponsored schemes comprises programmes that have a national character or a regional character.

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What is Non Tax Revenue?

Non Tax Revenue definition: While taxation is a primary source of income for the government, it also earns some recurring income other than tax, which is called non-tax revenue.

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What is Demand for Grants?

Demand for Grants definition: Wondering what demand for grants is all about? It is a well established principle among modern democracies that no money can be withdrawn from the exchequer of the countr

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What is Dividend Distribution Tax?

Dividend Distribution Tax definition: The Dividend Distribution Tax is a tax levied on dividends that a company pays to its shareholders out of its profits.

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What is Non Debt Capital Receipts?

Non Debt Capital Receipts definition: Taxes and duties levied by the government form the biggest source of its income or receipts.

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What is Wholesale Price Index (WPI)?

Wholesale Price Index meaning: WPI measures the changes in the prices of goods sold and traded in bulk by wholesale businesses to other businesses.

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What is Public Debt?

Public debt meaning: In the Indian context, public debt includes the total liabilities of the Union government that have to be paid from the Consolidated Fund of India.

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What is Finance Commission Grants & Other Transfers?

Finance Commission Grants & Other Transfers definition: The Finance Commission is a constitutional body set up by the President of India.

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What is Economic Survey?

Economic Survey, presented in the Parliament ahead of the Union Budget, is the Ministry of Finance's flagship document.

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What is State Finance Commission?

A State Finance Commission reviews the financial position of the panchayats in a state and makes recommendations to the Governor.

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What is Primary Deficit?

Primary Deficit is the difference between the current year's fiscal deficit and the interest paid on the borrowings of the previous year.

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What is Subsidy?

Subsidy refers to the discount given by the government to make available the essential items to the public at affordable prices.

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What is Capital Account?

Capital Account meaning with example: In the field of international trade and commerce, these two terms - current account and capital accounts - are widely used.

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What is Consumer Price Index (CPI) Inflation?

Consumer Price Index or CPI as it is commonly called is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services.

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What is Capital Expenditure?

Capital Expenditure meaning: The Union government defines capital expenditure as the money spent on the acquisition of assets like land, buildings, machinery, equipment, as well as investment in share

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What is Goods and Services Tax (GST)?

Goods and Services Tax meaning: GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, items of daily needs, transportation et

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What is Fiscal Deficit?

Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure.

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What is Revenue Expenditure?

Revenue Expenditure is that part of government expenditure that does not result in the creation of assets.

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