Union Budget 2023: The last full budget of the second term of the Modi government will be presented soon. Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 (FY24) on February 1, 2023. The year 2024 is an election year. In such a situation, the government can take many decisions this year to woo the middle class of the country. This year taxpayers are hopeful that the government will make changes in the tax slab. While giving the budget speech, the Finance Minister uses many such words which are sometimes not understood by the common people. In such a situation, it is very important to understand the meaning of those words so that you can understand the true meaning of the budget. Let us know about the common words used in the budget speech-
What is meant by fiscal deficit?
Fiscal Deficit is a word that is used again and again. Fiscal deficit means fiscal deficit. The difference between the government’s income and expenditure is named Fiscal Deficit. This deficit shows the economic condition of the country. The government fixes the target of fiscal deficit every year. According to media reports, the government can keep the fiscal deficit from 6.3 percent to 6.5 percent in the next financial year.
What is the meaning of direct tax?
It is being known only by the name of Direct Tax. Direct tax means that tax which the government is getting directly. This tax is levied directly on income and deposited directly in the government’s account as income tax. Apart from income tax, corporate tax and wealth tax are collected as direct taxes.
What is meant by indirect tax?
Indirect tax is a tax that is not collected directly but is collected through a service. This tax is imposed on any service provider, service, product etc. Let us tell you that the most common indirect tax is GST which every businessman has to pay. Apart from this, taxes like production charge, service charge etc. come under the category of indirect tax.
Know the meaning of other common words?
Apart from this, the word which is used the most in the budget is the financial year. The government plans its budget according to a financial year. A financial year runs from 1 April to 31 March. In the middle of this period, the government calculates the budget, income and tax on a quarterly basis. Apart from this, the word Gross Domestic Product (GDP) is also used a lot in the budget. This is called the value of the total product and service made in the country.
read this also-
Bank Holidays in Feb 2023: There are a lot of holidays in February, banks will remain closed for so many days, check the complete list