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    BUDGET REACTIONS

    Acts regulated by the Finance Bill Acts regulated by the Finance Bill
    Annual Financial Statement Annual Financial Statement
    Appropriation Bill Appropriation Bill
    Banking cash transaction tax (BCTT) Banking cash transaction tax (BCTT)
    Balance of payments (BoP) Balance of payments (BoP)
    Budget cycle Budget cycle
    Budget estimates Budget estimates
    Budget Speech Budget Speech
    Capital Budget Capital Budget
    Capital Expenditure Capital Expenditure
    Capital Receipts Capital Receipts
    Central Plan Central Plan
    Centrally sponsored schemes Centrally sponsored schemes
    Cess Cess
    CPI-based Inflation CPI-based Inflation
    Consolidated Fund of India Consolidated Fund of India
    Contingency Fund of India Contingency Fund of India
    Countervailing Duty Countervailing Duty
    Current Account Deficit (CAD) Current Account Deficit (CAD)
    Customs duty Customs duty
    Cut Motion Cut Motion
    Demand for Grants Demand for Grants
    Direct Tax Direct Tax
    Dividend Distribution Tax (DDT) Dividend Distribution Tax (DDT)
    Divestment or disinvestment Divestment or disinvestment
    Economic Survey Economic Survey
    Excess grant Excess grant
    Excise Duty Excise Duty
    Expenditure Budget Expenditure Budget
    Expenditure profile Expenditure profile
    Finance Bill Finance Bill
    Financial Inclusion Financial Inclusion
    Fiscal Deficit Fiscal Deficit
    Fiscal Policy Fiscal Policy
    Fiscal Policy Strategy Statement Fiscal Policy Strategy Statement
    FRBM Act FRBM Act
    Fringe Benefit Tax (FBT) Fringe Benefit Tax (FBT)
    Goods and Services Tax Goods and Services Tax
    Gross Domestic Product (GDP) Gross Domestic Product (GDP)
    Gross National Product (GNP) Gross National Product (GNP)
    Income tax Income tax
    Indirect Tax Indirect Tax
    Inflation Inflation
    Interim Budget Interim Budget
    Long-term capital gains tax, or LTCG Long-term capital gains tax, or LTCG
    Macro-economic framework statement Macro-economic framework statement
    Medium-term expenditure framework statement Medium-term expenditure framework statement
    Medium-term Fiscal Policy Statement Medium-term Fiscal Policy Statement
    Memorandum Explaining the Provisions in the Finance Bill Memorandum Explaining the Provisions in the Finance Bill
    Minimum Alternate Tax (MAT) Minimum Alternate Tax (MAT)
    Monetised Deficit Monetised Deficit
    Non-debt capital receipts (NDCR) Non-debt capital receipts (NDCR)
    Non-Plan Expenditure Non-Plan Expenditure
    Non-Tax Revenue Non-Tax Revenue
    Outcome Budget Outcome Budget
    Pass-through status Pass-through status
    Plan Expenditure Plan Expenditure
    Plan outlay Plan outlay
    Primary Deficit Primary Deficit
    Public Account Public Account
    Public debt Public debt
    Receipts budget Receipts budget
    Revenue Revenue
    Revenue Budget Revenue Budget
    Revenue Deficit Revenue Deficit
    Revenue expenditure of the government Revenue expenditure of the government
    Revenue Receipts Revenue Receipts
    Securities Transaction Tax (STT) Securities Transaction Tax (STT)
    Service Tax Service Tax
    Short-term capital gains tax (STCG) Short-term capital gains tax (STCG)
    Sin Tax Sin Tax
    Subvention schemes Subvention schemes
    Surcharge Surcharge
    Tax Revenue Tax Revenue
    Treasury Bills Treasury Bills
    Value-added tax (VAT) Value-added tax (VAT)
    Wealth Tax Wealth Tax
    Ways and Means Advances Ways and Means Advances
    WPI-based Inflation WPI-based Inflation
    Zero-based Budget Zero-based Budget

    Union Budget 2020

    Finance Minister Nirmala Sitharaman is set to present the Budget 2020 on February 1. The Union Budget is an estimate of income and expenditure of the government for a set period of time. It is an annual financial report of India. The Budget also documents how much money the Centre could expect to raise in the coming fiscal and how and where it would spend the money. The Budget is prepared by the Ministry of Finance in consultation with other ministries, states and experts. Ministry officials hold discussions with non-governmental organisations (NGOs), private sector and other stakeholders before preparing the Budget.

    As per Article 112 of the Indian Constitution, it is mandatory for the government to present this annual statement. The Union Budget is classified into Capital Budget, Revenue Budget and Expenditure Budget.

    Union Budget history

    India's first Budget was presented on February 18, 1860, by James Wilson. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on November 26, 1947. In 2001, the then finance minister Yashwant Sinha broke the colonial practice of presenting the Budget in the evening and started the tradition of reading it out from 11 am. Indira Gandhi became the first woman finance minister to present India's Budget in Parliament in 1970. Nirmala Sitharaman, who was appointed as the finance and corporate affairs minister on May 31, 2019, is the second woman to have presented the Budget on July 5, 2019.

     

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