Following are some of the commonly used terms in connection with the Indian Budget.
1)- Ad- Valorem Duties:– Defined as those duties that are established as a certain percentage of the price of the product.
2)- Appropriation bill:– It is a bill that authorize payment and appropriation of expenses from the consolidated fund. The bill is introduced only after the general discussion on budget proposals and the completion of voting on grants.
3) Bill:– It is a well drafted legislative proposal that later becomes on Act on being approved by both the Lok Sabha and Rajya Sabha.
4) Budget Annual Financial Statement:– According as the section 112 of the Indian constitution, the govt presents a statement of estimated receipts, expend line and detailed plan that is presented for every financial that is for 1st of April to 31st March of every year.
5) Budget Deficit:– When the expenditure become more than resources, than the budgetary exercise is considered a failure as there is shortage of funds.
6) Capital Budget:– This budget comprises of laws of advances that are granted by the all corporations, govt. companies & other parties. It also includes capital receipts & payments by the govt.
7) Capital Expenditure:– The total expenditure by the govt. on acquiring any asset that may include investment in shares, machinery building or land. It’s scope extends to payments, advancements or loans that are approved or sanctioned to the state govts., UTs, PSUs by the central govt.
8) Countervailing Duties:– These duties are imposed an all imports in-order to thought any kind of unfair trading practices carried by the foreign countries.
9) Consolidated fund:– This funds made of the reveries that is received by govt, plus the loans that is raised by this reserves as well as the receipts from recoveries of loans granted by it.
10) CENVAT (Central Value Added Tax):– This scheme is implied for most of the goods & reduces the cascading effects of indirect taxes on finished products.