Union Budget 2021 LIVE: Union Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2021 and revised the expenditure target for FY 2021 at Rs 34.50 lakh crore. She allocated Rs Rs 2,23,846 crore for health, Rs 1.18 lakh crore for road infra, Rs 1,10,055 crore for Railways, Outlay over Rs 3 lakh crore for power and set the divestment target for FY22 at Rs 1.75 lakh crore, among other things.
Speaking to Moneycontrol, the Minister of State for Finance said that while the medium term fiscal deficit targets till 2025-26 seem challenging, the Modi government has had a proven track record of fiscal discipline.
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From bringing tax parity between ULIPs and mutual funds to taking away traditional tax saving avenues of the well off, Budget 2021 aims to strike a balance
Nirmala Sitharaman Finance Minister| Government of India
Ajay Bhushan Pandey Revenue Secretary
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From reforms to prevent black marketing of COVID-19 vaccine to job creation & more; here's a list of budget expectations from Finance Minister Nirmala Sitharaman
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It is the division of monetary resources among the different sectors in the economy and the ministries of the government.
Indirect tax is imposed on goods and services. For example, GST.
The Union Budget is the annual report of India as a country. It contains the government of India's revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31. The Union Budget is the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. It also contains estimates for the next fiscal year.
When the government's receipts fall short of its expenditures, it borrows money to bridge the gap. The excess of total expenditure over (non-borrowed) receipts is called fiscal deficit.
All revenues raised, interest earned and money borrowed by the government flow into it. All government expenditures, except from Contingency Fund and Public Account, are made from the Consolidated Fund of India.
Direct tax is levied on individuals and corporations for incomes generated by them. For example, income tax, corporate tax.