Union Budget 2025: The first full budget of Prime Minister Narendra Modi’s 3.0 government is to be presented today. Finance Minister Nirmala Sitharaman has reached Parliament. There is a possibility of many announcements focused on development -oriented and general public in this budget. The Finance Minister often uses some words in the budget presented for the financial year. Which is important to know and understand. Let us know the meaning of technical words…
Direct tax
Direct tax is the tax that is directly given to the government. Income tax, property tax, corporate tax etc. are direct taxes.
Indirect tax
Indirect tax is tax levied on goods and services. Such as GST Indirect taxes are taxes that are indirectly imposed on services and goods consumed by the public or business. Which includes excise, customs, service fee, GAST.
Fiscal deficit
The fiscal deficit, which is the difference between the central government’s income and expenditure. There is a difference in income from import and export. Which reflects the economic condition of the country.
Financial year
The financial year is the base year for accounting for financial matters. The financial year starts from April 1 and ends on 31 March. This year is used as a base in accounting and budget making.
Gross domestic product (GDP)
GDP reflects the status of economic development of a country. Which shows the total value of all goods and services in a country in a year. With which the economic condition of the country can be estimated.
Financial bill
The Finance Bill is related to changes in the proposed new taxes and tax slabs in the budget. Which is proposed to improve and expand financial matters.
Budget estimate
Budget estimates are estimated to be allocated to various ministries, departments and schemes, which is reported where and how the money will be used.
New tax system
The new tax system is expected to improve a major improvement from the budget 2025. Which will begin in 2022. Currently taxpayers have the option to choose from both new and old tax systems. In this system, the tax slab is expected to be increased from six to seven.
