Union Budget 2016-17: Terms to know

We take a look at the terms associated to Union Budget.

INCOME TAX

This is the tax levied on individual income from various sources like salaries, investments or interest

INDIRECT TAX
Tax imposed on goods manufactured, imported or exported such as excise duties and custom duties

INFLATION
Inflation is a sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level

GDP
Total market value of the goods and services manufactured within the country in a financial year

FISCAL DEFICIT
Fiscal deficit is the gap between the government's total spending and the sum of its revenue receipts and non-debt capital receipts

EXCISE DUTY
These are levies paid by manufacturers on items manufactured within the country. Usually, these are passed on to the consumer

DIRECT TAXES
These are the taxes that are levied on the income and resources of individuals or organizations

DISINVESTMENT
It is the liquidation or sale of part or the whole of government's stake in public sector undertakings

CORPORATE TAX
This is the tax paid by corporates or firms on the incomes they earn

CURRENT ACCOUNT DEFICIT
This deficit shows the difference between the nation's exports and imports

BUDGET
The annual Union Budget is an estimate of the Government of India's revenue and expenditure for the end of a particular fiscal year, which usually runs from April 1 to March 31

APPROPRIATION BILL
This Bill is like a green signal enabling the withdrawal of money from the Consolidated Fund to pay off expenses. These are instruments that Parliament clears after the demand for grants has been voted by the Lok Sabha