Budget 2022: What is this special A to Z which can be heard in Sitharaman’s speech?
Budget 2022 – If you also have the urge to know the general budget of the country. Then this news can be of your use. According to the constitution, the government has to present the budget in Parliament at the beginning of every financial year.
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What is Budget 2022
India’s Finance Minister Nirmala Sitharaman will present the General Budget on February 1, 2022. The general budget will be presented at 11 am. Nirmala Sitharaman will present the budget for the fourth time.
Before this, the Economic Survey will be presented on January 31.
The financial year period is from 1st April of the current year to 31st March of the next year. The financial statement presented by the government shows the estimated receipts (revenue and other receipts) and expenditure of the central government in a particular financial year.
In simple words, the budget is the financial plan of the government for the next financial year. Actually, through this, it is tried to decide to what extent the government can increase the expenditure in comparison to its revenue.
What is this special A to Z which can be heard in Sitharaman’s speech – Budget 2022
Understand this special ABCD very well, because when Finance Minister Nirmala Sitharaman will present her fourth budget on February 1, 2022, you can hear these words in her speech…
A to Annual Financial Statement
On the day of the budget, the Finance Minister presents about 10 documents in Parliament. The most important document in this is the Annual Financial Statement. In this document, the government gives the details of its income and expenditure every financial year i.e. from 1st April to 31st March.
B to Budget Estimates
In the budget speech of the Finance Minister, you will hear the word Budget Estimates repeatedly. The government allocates a fixed amount for each ministry in the budget of the next financial year. This is the budget estimate to be spent by the government for that ministry.
C to Current Account Deficit
In the budget speech, when the Finance Minister tells the difference between the money sold to other countries (export) and the money spent on buying (import) goods from other countries, and our import bill is more than that of export, then understand that Talking about the current account deficit of the country i.e. Current Account Deficit.
Disinvestment from D
When the government sells some or all of its stake in a company. Or if it earns money by selling any of its assets, then it is called disinvestment or disinvestment. The most recent example is Air India, which was sold to Tata by the government for Rs 18,000 crore.
E to Economic Survey
A day before presenting the budget, the government presents an economic survey in Parliament. There is a review of what was the trend of the country’s economy in this last year, in which sector, what kind of trend was seen. Along with this, the analysis of which sector can be the outline of the government in the next budget.
F to Finance Bill
It is called Finance Bill in Hindi. The new taxes that the government imposes in the budget. The details of the government’s expenditure and borrowings, which get the approval of Parliament through this bill. This bill gives the recognition of the Parliament to the budget and financial proposals of the government. You can also understand Fiscal Deficit with F. When the expenditure of the government exceeds its income, it is called its fiscal deficit.
G to GDP
You must have heard this word many times here and there. The full form of GDP is Gross Domestic Product, in Hindi, it is called Gross Domestic Product. Its simple meaning is that what is the value of all the goods and services produced within a country in a year. This is a way of measuring the economic growth of the country.
H to HNI
People who have a high income. They are called High-Income Individuals (HNI) in financial language. Simply put, an industrialist like Mukesh Ambani or a film star as big as Amitabh Bachchan, etc. To reduce the tax burden on poor people, the government takes a little extra tax from such people. This tax is taken as a surcharge on their income tax.
I to Indirect Tax
The tax that you do not pay directly to the government, but the government collects from you on the purchase of any goods or the use of services, is an indirect tax. Like GST. Another word from I is heard in the budget speech Inflation, its direct meaning is inflation. That is, how much the price of an item has increased in a certain time frame, when it is calculated, it is known how expensive that item has become.
J to Jargon
Generally, the budget speech is full of such words, which can be understood only by the people or experts associated with that field. These are very technical terms, which are like ‘rocket science’ to understand for the common man. These are called Jargon. In this news, we are making such Jargon easy. Finance Minister Nirmala Sitharaman has been heard saying many times to target her opponents that she reduces the use of Business Jargon.
K to K-Shaped Recovery
After Corona, this new term related to the economy has come up again and again. K-Shaped Recovery means such a situation when the economy is improving but it does not move in the right direction, but in this situation, a large number of people remain unemployed, while some rich people from the stock market, etc. make money.
L to Long Term Capital Gains
Capital Gains means the profit made on the sale of an old investment. For example, if you buy a house for 1 lakh and sell it after a few years for 4 lakh, then the profit earned on your deposited capital is a capital gain i.e. capital gain. Such gains are taxable under the Income Tax Act. Long Term Capital Gain is the profit in the long term, Short Term Capital Gain is in the short term. However, in the case of shares, the period of 1 year is called long term, while in the case of real estate, the period of 2 years is called a long term.
M to Minimum Alternate Tax
Companies that do not come under the purview of income tax and do not pay any kind of tax. To collect tax from them, the government has made this Minimum Alternate Tax.
N to Non-Plan Expenditure
Whatever the government spends according to the budget, it does it in two parts in the form of Plan Expenditure and Non-Plan Expenditure. In this, Non-Plan Expenditure is the expenditure that is not spent on the productive sector, such as salary, subsidy, interest, etc. On the other hand, Plan Expenditure is what the government spends on the plans of the ministries. Or spends any kind of asset on building infrastructure.
O to Outcome Budget
Outcome budget means taking account of the expenditure of the budget in a way. The progress report of how much money the government gave to which ministry in the last budget and how it spent it is called the Outcome Budget.
P to Public Account
The amount that comes to the government in the form of provident funds, small savings, the government keeps in a separate account and uses it. Because this amount does not belong to the government, but to the people and the Provident Fund Authority, which the government has to return to them.
Q to Quarterly Review
GDP in India is reviewed every three months of the financial year. This shows where the economy is headed. This is called Quarterly Review i.e. Quarterly Review.
R to Revenue Deficit
Understand Revenue Deficit in simple language, then such a deficit when the revenue expenditure of the government exceeds its revenue income. This happens when the revenue income of the government is not equal to the estimated income in its budget.
S to Securities Transaction Tax
When you buy and sell any shares, derivatives, units of mutual funds, etc. listed on the stock market, the tax that the government collects from you is Securities Transaction Tax.
T to Treasury Bills
When the government raises money from the market for a short period, it issues Treasury Bills. Its maximum maturity period is 364 days.
U to Union Budget
The budget presented by the central government is called Union Budget. It is defined in Article 112 of the Indian Constitution. In common language, this is called the general budget.
V to VAT
By the way, after the introduction of GST, this indirect tax has been removed from most of the items. But this tax is still collected on commodities like petrol and diesel. This tax is levied on the difference between the cost of production of an item and the value of the product produced. It is called Value Added Tax i.e. Value Added Tax.
W to Wealth Tax
This type of tax is not levied in India yet, but it is often discussed. Paying this tax is from rich people. This tax is levied on luxury goods and from those who have a lot of wealth.
Z to Zero Based Budget
A budget that starts from the very beginning. Meaning, in this type of budget, the remaining amount of the previous budget is not carried-forward.
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