Business Standard Budget 2021

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BUDGET GLOSSARY
Acts regulated by the Finance Bill Acts regulated by the Finance Bill
Annual Financial Statement Annual Financial Statement
Appropriation Bill Appropriation Bill
Banking cash transaction tax (BCTT) Banking cash transaction tax (BCTT)
Balance of payments (BoP) Balance of payments (BoP)
Budget cycle Budget cycle
Budget estimates Budget estimates
Budget Speech Budget Speech
Capital Budget Capital Budget
Capital Expenditure Capital Expenditure
Capital Receipts Capital Receipts
Central Plan Central Plan
Centrally sponsored schemes Centrally sponsored schemes
Cess Cess
CPI-based Inflation CPI-based Inflation
Consolidated Fund of India Consolidated Fund of India
Contingency Fund of India Contingency Fund of India
Countervailing Duty Countervailing Duty
Current Account Deficit (CAD) Current Account Deficit (CAD)
Customs duty Customs duty
Cut Motion Cut Motion
Demand for Grants Demand for Grants
Direct Tax Direct Tax
Dividend Distribution Tax (DDT) Dividend Distribution Tax (DDT)
Divestment or disinvestment Divestment or disinvestment
Economic Survey Economic Survey
Excess grant Excess grant
Excise Duty Excise Duty
Expenditure Budget Expenditure Budget
Expenditure profile Expenditure profile
Finance Bill Finance Bill
Financial Inclusion Financial Inclusion
Fiscal Deficit Fiscal Deficit
Fiscal Policy Fiscal Policy
Fiscal Policy Strategy Statement Fiscal Policy Strategy Statement
FRBM Act FRBM Act
Fringe Benefit Tax (FBT) Fringe Benefit Tax (FBT)
Goods and Services Tax Goods and Services Tax
Gross Domestic Product (GDP) Gross Domestic Product (GDP)
Gross National Product (GNP) Gross National Product (GNP)
Income tax Income tax
Indirect Tax Indirect Tax
Inflation Inflation
Interim Budget Interim Budget
Long-term capital gains tax, or LTCG Long-term capital gains tax, or LTCG
Macro-economic framework statement Macro-economic framework statement
Medium-term expenditure framework statement Medium-term expenditure framework statement
Medium-term Fiscal Policy Statement Medium-term Fiscal Policy Statement
Memorandum Explaining the Provisions in the Finance Bill Memorandum Explaining the Provisions in the Finance Bill
Minimum Alternate Tax (MAT) Minimum Alternate Tax (MAT)
Monetised Deficit Monetised Deficit
Non-debt capital receipts (NDCR) Non-debt capital receipts (NDCR)
Non-Plan Expenditure Non-Plan Expenditure
Non-Tax Revenue Non-Tax Revenue
Outcome Budget Outcome Budget
Pass-through status Pass-through status
Plan Expenditure Plan Expenditure
Plan outlay Plan outlay
Primary Deficit Primary Deficit
Public Account Public Account
Public debt Public debt
Receipts budget Receipts budget
Revenue Revenue
Revenue Budget Revenue Budget
Revenue Deficit Revenue Deficit
Revenue expenditure of the government Revenue expenditure of the government
Revenue Receipts Revenue Receipts
Securities Transaction Tax (STT) Securities Transaction Tax (STT)
Service Tax Service Tax
Short-term capital gains tax (STCG) Short-term capital gains tax (STCG)
Sin Tax Sin Tax
Subvention schemes Subvention schemes
Surcharge Surcharge
Tax Revenue Tax Revenue
Treasury Bills Treasury Bills
Value-added tax (VAT) Value-added tax (VAT)
Wealth Tax Wealth Tax
Ways and Means Advances Ways and Means Advances
WPI-based Inflation WPI-based Inflation
Zero-based Budget Zero-based Budget

Union Budget 2021

Finance Minister Nirmala Sitharaman will present the Union Budget 2021 on February 1. The Budget is an estimate of income and expenditure of the government for a set period of time. It is an annual financial statement of India. The Budget also documents how much money the Centre could expect to raise in the coming fiscal and how and where it would spend the money. The Budget is prepared by the Ministry of Finance in consultation with other ministries, states and experts. Ministry officials hold discussions with non-governmental organisations (NGOs), private sector and other stakeholders before preparing the Budget.
 
According to Article 112 of the Indian Constitution, it is mandatory for the government to present this annual statement. The Union Budget is classified into Capital Budget, Revenue Budget and Expenditure Budget.
 
Coming as it is against the backdrop of the coronavirus pandemic, which has affected economies around the world, both developing and developed, Budget 2021 will be keenly watched for policy initiatives to revive the key sectors of the economy. The Indian economy took a major hit this financial year amid months-long nationwide lockdowns to prevent the spread of the virus, leading to an unprecedented GDP contraction of nearly 24 per cent in the first quarter and 7.5 per cent in the second. In the first half of the financial year, the Indian economy has shrunk 15.7 per cent from a year earlier, and for the full year, the National Statistical Organisation (NSO) has projected a 7.7 per cent contraction in its first advance estimates.
 
The economy has shown some signs of a recovery since the second quarter; all eyes now will be on Finance Minister Nirmala Sitharaman to see how she gives a meaningful push in the Budget to expedite the revival. 
 
Union Budget history
 
India's first Budget was presented on February 18, 1860, by James Wilson. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on November 26, 1947. In 2001, the then finance minister Yashwant Sinha broke the colonial practice of presenting the Budget in the evening and started the tradition of reading it out from 11 am. Indira Gandhi became the first woman finance minister to present India's Budget in Parliament in 1970. Nirmala Sitharaman, who was appointed as the finance and corporate affairs minister on May 31, 2019, is the second woman to have presented the Budget on July 5, 2019.