| Basics Customs Duty | Basic Customs Duty refers to the tax imposed on the goods when they are transported across the international borders. The customs duty is levied under the Customs Act 1962. |
| Capital Expenditure | It includes the expenditure that leads to creation of long-term physical/ financial assets including expenditure incurred on acquiring fixed assets like land and investment that gives profits or dividend in future. |
| Capital Reciepts | Capital receipts are receipts that create liabilities or reduce financial assets. It can be both non-debt and debt receipts. Loans from the general public, foreign governments and the Reserve Bank of India (RBI) form a crucial part of capital receipts. |
| Centrally Sponsored Schemes | Schemes that require a share of the outlays to be provided by the States and be implemented by States. |
| Central Sector Schemes | Central Sector Schemes are fully funded by the Government of India and are implemented in the States by agencies of the Central Government. |
| Effective Capital Expenditure | It refers to the sum of Capital Expenditure and Grants-in-Aid for creation of Capital Assets. |
| Effective Revenue Deficit | It is the difference between Revenue Deficit and Grants-in-Aid for creation of Capital Assets. |
| Farmer Producer Organizations (FPOs) | FPO refers to organization registered either under Part IXA of Companies Act or under Co-operative Societies Act, formed for the purpose of leveraging economies of scale in production and marketing of agricultural and allied sector. |
| Fiscal Deficit | It is the difference between total expenditure and total receipts (excluding Debt Capital Receipts). FD is reflective of the total borrowing requirement of Government. |
| Global Capability Centres (GCCs) | GCCs are offshore facilities that help multinational corporations (MNCs) manage their business operations. They are also known as Global In-house Centres (GICs) or Captive Centres. |
| Liberalized Remittances Scheme (LRS) | LRS is a scheme by the Reserve Bank of India that allows Indian residents to send money abroad for personal reasons. The scheme was introduced in 2004 to make it easier for people to send money abroad for a variety of reasons. |
| National Pension Scheme (NPS) | The National Pension System is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority which is under the jurisdiction of the Ministry of Finance. |
| Primary Deficit | It is measured as Fiscal Deficit less interest payments. |
| Revenue Deficit | It refers to the excess of revenue expenditure over revenue receipts. |
| Revenue Reciepts | Revenue receipts are those receipts which neither create any liability nor cause any reduction in the assets of the government. It include the proceeds from taxes and other duties levied by the Centre; the interest and dividend it receives on its investments; and the fees and charges the government receives for its services. |
| Safe Harbour Rules | Under this clause, a fund will be exempt if it does not have a business connection in India. |
| Small Modular Reactors (SMRs) | SMRs are advanced nuclear reactors that have a power capacity of up to 300 MW(e) per unit, which is about one-third of the generating capacity of traditional nuclear power reactors. |
| Tax Collected at Source (TCS) | TCS is the tax which is collected by sellers while selling something to buyers. |
| Tax Deducted at Source (TDS) | TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. |
| Wet Blue Leather | It refers to unfinished hides that have been dehaired and tanned with chromium salts and chromium sulfate. |
Table of Content
Watch Union Budget
Glossary
Posted 01 Feb 2025
Updated 08 Feb 2025
3 min read
- Tags :
- Fiscal Deficit
- Centrally Sponsored Schemes
- Effective Capital Expenditure
- Revenue Deficit
- Effective Revenue Deficit
- Central Sector Schemes
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