Page 7 of What is

Capital Expenditure meaning: The Union government defines capital expenditure as the money spent on the acquisition of assets like land,…

Goods and Services Tax meaning: GST, or Goods and Services Tax, is a tax that customers have to bear when…

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

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

Finance Commission is a constitutional body, that determines the method and formula for distributing the tax proceeds between the Centre…

Gross Domestic Product meaning: Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in…

Union Excise Duty meaning: This is a duty on manufactured goods, which is levied at the time of manufacture.

Inflation meaning: Inflation refers to the rise in the prices of most goods and services of daily or common use,…

Union Budget of India is the country’s comprehensive Annual Financial Statement. The Union Budget consists of a detailed account of…

Current Account Deficit meaning: CAD is the shortfall between the money flowing in on exports, and the money flowing out…

Index of Industrial Production meaning: IIP is an index that tracks manufacturing activity in different sectors of an economy.

Cess meaning: Cess is a form of tax charged/levied over and above the base tax liability of a taxpayer.

What is Interim Budget Meaning: An Interim Budget is presented during the transition period when a new government is due…