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Government Budget Annual financial statement Art 112, receipt and…

- - - - various aspects of Budget
        
        Revenue Receipts (a+b)
        
        (a) Tax revenue (net of states’ share) (b) Non-tax revenue
        
        Revenue Expenditure of which
        
        (a) Interest payments
        
        (b) Major subsidies
        
        (c) Defence expenditure
        
        Revenue Deficit (2–1)
        
        Capital Receipts (a+b+c) of which
        
        (a) Recovery of loans
        
        (b) Other receipts (mainly PSU1 disinvestment) (c) Borrowings and other liabilities
        
        Capital Expenditure
        
        Non-debt Receipts [1+4(a)+4(b)]
        
        Total Expenditure [2+5=7(a)+7(b)]
        
        (a) Plan expenditure
        
        (b) Non-plan expenditure
        
        FISCAL DEFICIT= TOTAL EXP-REVENUE RECIPTS+NON DEBT CREATING CAPITAL receipts
        
        Fiscal Deficit (Fin) =Net borrowing at home + Borrowing from RBI + Borrowing from abroad
        
        Fiscal deficit [7-1-4(a)-4(b)]
        
        Primary Deficit [8–2(a)]
      - Revenue deficit
        
        Revenue'deficit = revenue expenditure-revenue receipts tab 5.1 NCERT
- - - - if demand increases and supply is short its inflationary and unemployment
        so govt makes demand dearer by raising taxes and forcing demand to go down
        
        Govt intervention to reduce demand or expand demand is called satbalization Function
- - - - Non Tax revenue
        
        1 mainly comes from interest central govt earns from loans & dividend and profit made from Investment
        
        2.Fee &receipts
        
        3 cash in grant aid from foreign Govt & International Orgs
      - TAX revenue
        
        Direct Tax
        
        Income TAX
        Corporation Tax etc
        
        Income Tax are progressive rise of income leads to raise in taxation
        
        Redistribution (f)
        
        Corporate tax are proportional with certain proportion of profit is taxed
        
        Indirect Tax
        
        Excise duty
        custom and Service tax
        
        Paper tax are like wealth tax exists on Paper do not apply
- - - - debt creating
  - - - non debt creating
- - - - Loans and advances given by central GOVT to states and PSU
- - - - assistance to state & UT
    - - interest payment defence exp and salaries/pension, subsidies
        
        expenses on subsides and under pricing of public goods/sevices like end and health