By Afiur
January 31, 2026
Annual statement of the Centre’s estimated receipts and spending, presented in Parliament by the Union Finance Minister for the coming financial year.
Gap between total government expenditure and total non-borrowed receipts, indicating how much the government needs to borrow to meet expenses.
Government expenditure used to create assets like highways, dams and buildings, and includes loans given by the Centre to states.
Expenditure that does not create assets, covering items such as subsidies, salaries, pensions and interest payments on past debt.
Taxes paid straight to the government by individuals and companies, including income tax, corporate tax and other profit-based levies.
Taxes on goods and services collected by sellers but ultimately paid by consumers, such as GST, customs duty and certain excise duties.
Projected allocation of funds to ministries, departments and schemes for the upcoming financial year as outlined in the Budget
Goods and Services Tax is a unified indirect tax on the supply of goods and services, replacing multiple older levies from 2017 onward.
Indirect tax on domestically produced goods; now limited mainly to items like petroleum and tobacco after most duties moved under GST
Tax imposed on goods imported into or exported out of the country, used to regulate trade and generate revenue.
Mid-year updated projections of government receipts and spending, reflecting changes from the original Budget Estimates.
Final record of actual government expenditure and receipts presented after the financial year ends, showing how funds were used.
Tax paid by companies and firms on profits earned during a financial year, forming a major component of direct tax revenue.
Minimum Alternate Tax ensures companies pay a baseline tax amount even if exemptions or deductions reduce regular tax liability
Interest rate at which commercial banks borrow short-term funds from the RBI against government securities under repurchase agreements.