Illustration with the words Union Budget. For representational purposes.
Credit: iStock Photo
Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, having already presented an Interim Budget ahead of the Lok Sabha elections. In light of the upcoming Budget, we take a look at some of the terms associated with the exercise.
What is the Revenue Budget?
The revenue budget is the sum of the government’s revenue receipts and expenditures. Revenue receipts are divided into two categories: tax and non-tax revenue.
Tax revenue includes direct tax such as income tax and indirect tax such as GST, cess and import/export duties.
Non-tax revenue includes the interest earned on the government’s investments, loans and income from other services it renders.
Revenue expenditure includes the government’s expenses in running its ministries and departments and the services and programmes it offers to citizens such as social security, pension, medical services via ESI and so forth. It also includes the interest it pays on loans it borrows and subsidies it provides.
The total bill of the revenue receipts and expenditures is tabled during the presentation of the annual Union Budget. Generally, the government’s expenditure exceeds its income, creating a revenue deficit or fiscal deficit.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.