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
Tarun Bajaj Economic Affairs Secretary
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The Vote on Account is a grant made in advance by the Parliament, allowing an outgoing government to incur expenses for the part of the year it will be in office.
Indirect taxes are those paid by consumers when they buy goods and services. These include excise and customs duties. Customs duty is the charge levied when goods are imported into the country, and is paid by the importer or exporter. Excise duty is a levy paid by the manufacturer on items manufactured within the country. Usually, these charges are passed on to the consumer.
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission. Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments. Non-plan capital expenditure mainly includes defence, loans to public enterprises, loans to States, Union Territories and foreign governments.
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.
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.
It is a levy imposed on imports into, and exports out of a country, and are paid by the importer and exporter, respectively.