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The union budget is an annual financial statement that lays out the government’s proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1 and ends on March 31 of the following year. A comprehensive document that outlines the government’s economic and fiscal policies, it is presented by the Finance Minister of India in the Parliament.
According to the differences in revenue and expenditure, the budget is categorised into three main types - balanced, surplus and deficit.
1. A balanced budget is when the estimated government expenditure is the same as the expected revenue in a certain financial year.
2. A budget is considered surplus when the government revenue surpasses the expected expenses in a financial year
3. When the government’s expenses overshoot the revenue during a fiscal year, it is termed as a deficit budget.
The union budget can be classified into two: revenue budget and capital budget. The revenue budget is made up of revenue receipts - the amount of taxes and other levies the union government expects to collect and revenue expenditures. Revenue receipts. Revenue expenditure are the regular expenses associated with the government's regular operations and the variety of services provided to the general population.
Capital expenditures and capital receipts make up the capital budget, which has long-term components. Loans from taxpayers, the Reserve Bank of India (RBI), and foreign governments are some of the main sources of government revenue.
On the other side, capital expenditures include expenses for the creation and upkeep of tools, machinery, buildings, schools, and other infrastructure. A fiscal deficit happens when the amount of money the government spends exceeds the amount it brings in.
Current budget refers to the total approved estimates of the current expenses of a fiscal year in the Annual Budget Statement.
Total government spending is projected to increase by Rs. 1,750 billion to about Rs. 39,450 billion compared to FY 2022 mainly due to interest payments and capital expenditure loans to states.
The union budget is more technically referred to as the Annual Financial Statement in Article 112 of the Constitution of India
The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.
An indirect tax is the one levied on goods and services rather than on income or profits. Sales tax, value-added tax (VAT), and excise taxes are examples of indirect taxes. Goods and Services Tax (GST) and Central Excise Duty are the two major indirect taxes.
A direct tax is the one that is levied on the income or wealth of an individual or organisation. Income tax, corporate tax, and property tax are all examples of direct taxes. The two major direct taxes are income tax and corporate tax
The Finance Bill is a part of the union budget and contains the fiscal proposals for the upcoming financial year. As per a Mint report, the government may bring in changes to GST law this year, withholding credit for taxes paid by businesses while taking the services rendered to the community as part of corporate social responsibility (CSR).
Union Budget: Disappointed by no increase in PM-Kisan payouts, say farmers
The agriculture sector, the country’s largest employer, has grown at an average annual growth rate of 4.6% in the last six years, according to data from the annual Economic Survey 2022-23.
![The government has allocated a mere <span class='webrupee'>₹</span>1 lakh for MIS-PSS for 2023-24, down from <span class='webrupee'>₹</span>1,500 crore in 2022-23 (both Budget and revised estimates being equal). The government has allocated a mere <span class='webrupee'>₹</span>1 lakh for MIS-PSS for 2023-24, down from <span class='webrupee'>₹</span>1,500 crore in 2022-23 (both Budget and revised estimates being equal).](https://images.hindustantimes.com/img/2023/02/02/148x111/As-many-as-5-000-progressive-farmers-associated-wi_1675013864366_1675364226305_1675364226305.jpg)
Union Budget 2023-24: Promotion of Indian languages receives impetus
Finance minister Niramala Sitharaman in the Union Budget 2023-24 has set aside ₹300.7 crore for the national institutions for the promotion of Indian languages, an increase of 20% from 2022-23
![The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to <span class='webrupee'>₹</span>20 crore from <span class='webrupee'>₹</span>10 crore (budget estimate) in 2022-23. (HT Archive) The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to <span class='webrupee'>₹</span>20 crore from <span class='webrupee'>₹</span>10 crore (budget estimate) in 2022-23. (HT Archive)](https://images.hindustantimes.com/img/2023/02/02/150x84/The-allocation-for-the-Indian-Knowledge-Systems--I_1675363107423.jpg)
What's new about the new tax regime?
Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”.
![People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO) People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO)](https://images.hindustantimes.com/img/2023/02/02/148x111/People-watch-the-Union-Budget-being-presented_1675300637746_1675301193974_1675301193974.jpg)
Bihar neglected, no roadmap for employment generation: CM Nitish on Budget 2023
Bihar chief minister Nitish Kumar alleged that the state's demands for special status and a package of ₹20,000 crore were neglected.
![Bihar chief minister Nitish Kumar.(ANI) Bihar chief minister Nitish Kumar.(ANI)](https://images.hindustantimes.com/img/2023/02/02/148x111/nitish_kumar_on_budget_2023_bihar_1675300125381_1675300125638_1675300125638.jpg)
Will the Budget nudge growth, spur consumption?
Finance Minister Nirmala Sitharaman said that the world has recognised the Indian economy as a 'bright star' which is expected to grow in the current year at seven per cent - the highest among all the major economies.
![For 2021-22, the economy grew 8.7%, compared to a 6.6% contraction the previous year. Importantly, nominal GDP grew 19.5%. (REUTERS) For 2021-22, the economy grew 8.7%, compared to a 6.6% contraction the previous year. Importantly, nominal GDP grew 19.5%. (REUTERS)](https://images.hindustantimes.com/img/2023/02/02/148x111/2f50befa-e0ed-11ec-972a-6880930f2fa8_1654008302800_1675300238321_1675300238321.jpg)
Decoding the big numbers in Union Budget 2023-24
The highlights from the Budget that sought to emphasise the govt's commitment to fiscal consolidation while introducing new tax slabs.
![The Union government has proposed to spend a record <span class='webrupee'>₹</span>22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times) The Union government has proposed to spend a record <span class='webrupee'>₹</span>22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times)](https://images.hindustantimes.com/img/2023/02/02/148x111/The-Union-government-has-proposed-to-spend-a-recor_1675272198451_1675297670548_1675297670548.jpg)
First budget of Amrit Kaal will build a strong foundation : PM Modi
In a televised speech soon after Union finance minister Nirmala Sitharaman presented the Budget in Parliament, Modi said the provisions prioritise the deprived sections, including craftspersons, who he dubbed as the creators of the nation.
![Prime Minister Narendra Modi during the BJP Central Election Committee meeting for Nagaland Legislative Assembly elections, at the party Headquarters in New Delhi, on Wednesday. (PTI) Prime Minister Narendra Modi during the BJP Central Election Committee meeting for Nagaland Legislative Assembly elections, at the party Headquarters in New Delhi, on Wednesday. (PTI)](https://images.hindustantimes.com/img/2023/02/01/150x84/Prime-Minister-Narendra-Modi-during-the-BJP-Centra_1675278564119.jpg)
Compliance burden down, PAN made common ID for ease of doing business
The Jan Vishwas (Amendment of Provisions) Bill, introduced in the Lok Sabha on December 22, 2022, aims to reduce the compliance burden for both people and businesses
![Finance minister Nirmala Sitharaman says the Budget proposes a ‘series of measures to unleash the potential’ of the economy. (REUTERS) Finance minister Nirmala Sitharaman says the Budget proposes a ‘series of measures to unleash the potential’ of the economy. (REUTERS)](https://images.hindustantimes.com/img/2023/02/01/150x84/Finance-minister-Nirmala-Sitharaman-says-the-Budge_1675278504003.jpg)
Tax-Capex double engine in Union Budget 2023-24
India’s vision for Amrit Kaal “includes (a) technology-driven and knowledge-based economy with strong public finances and a robust financial sector”, Sitharaman said in her 87-minute-long speech
![Nirmala Sitharaman, Union minister for finance and corporate affairs along with the ministers of state for finance, Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad and the senior officials arrived at Parliament ahead of presenting the Union Budget 2023-24 in New Delhi, India, on Tuesday. (Hindustan Times) Nirmala Sitharaman, Union minister for finance and corporate affairs along with the ministers of state for finance, Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad and the senior officials arrived at Parliament ahead of presenting the Union Budget 2023-24 in New Delhi, India, on Tuesday. (Hindustan Times)](https://images.hindustantimes.com/img/2023/02/01/150x84/Nirmala-Sitharaman--Union-minister-for-finance-and_1675278383193.jpg)
Economy is showing signs of robust viability: Sitharaman
In an interview with Doordarshan, Union finance minister Nirmala Sitharaman talks about how the Union Budget 2023-24 will spur growth and push India towards self-reliance. Edited excerpts:
![Union finance minister Nirmala Sitharaman during a post budget press conference, in New Delhi on Wednesday. (ANI) Union finance minister Nirmala Sitharaman during a post budget press conference, in New Delhi on Wednesday. (ANI)](https://images.hindustantimes.com/img/2023/02/01/150x84/Union-finance-minister-Nirmala-Sitharaman-during-a_1675277661765.jpg)