Budget and Fiscal Termsबजट और राजकोषीय शब्दावलीअर्थसंकल्प आणि राजकोषीय संज्ञा questions and answersप्रश्न और उत्तर

How budget and fiscal terms worksबजट और राजकोषीय शब्दावली को समझिए

Start with a family. Salary, rent from a shop and interest earned are regular income: in budget language, revenue receipts. For the government these are taxes, fees and dividends. A loan from a relative, or money from selling old gold, is different: it either creates a debt or reduces what you own. For the government that is a capital receipt, such as borrowing or disinvestment.एक परिवार से शुरू कीजिए। वेतन, दुकान का किराया और मिला हुआ ब्याज नियमित आय है: बजट की भाषा में राजस्व प्राप्तियाँ। सरकार के लिए ये कर, शुल्क और लाभांश हैं। किसी रिश्तेदार से लिया उधार, या पुराना सोना बेचकर मिला पैसा अलग है: इससे या तो कर्ज़ बनता है या आपकी संपत्ति घटती है। सरकार के लिए यह पूँजीगत प्राप्ति है, जैसे उधार या विनिवेश।एका कुटुंबापासून सुरुवात करा. पगार, दुकानाचे भाडे आणि मिळालेले व्याज हे नियमित उत्पन्न: अर्थसंकल्पाच्या भाषेत महसुली जमा. सरकारसाठी हे कर, शुल्क आणि लाभांश आहेत. एखाद्या नातेवाइकाकडून घेतलेले कर्ज, किंवा जुने सोने विकून मिळालेले पैसे वेगळे आहेत: त्यातून एकतर कर्ज निर्माण होते किंवा तुमची मालमत्ता कमी होते. सरकारसाठी ही भांडवली जमा आहे, जसे कर्ज किंवा निर्गुंतवणूक.

Spending splits the same way. Paying the milkman, school fees and EMI interest leaves you with nothing to show: that is revenue expenditure, like salaries, pensions, interest and subsidies. Building a room or buying a tractor leaves an asset: that is capital expenditure, like roads, dams and repaying a loan.ख़र्च भी इसी तरह बँटता है। दूधवाले का भुगतान, स्कूल फ़ीस और EMI का ब्याज चुकाने के बाद आपके पास दिखाने को कुछ नहीं बचता: यह राजस्व व्यय है, जैसे वेतन, पेंशन, ब्याज और सब्सिडी। एक कमरा बनवाने या ट्रैक्टर ख़रीदने से एक संपत्ति बनती है: यह पूँजीगत व्यय है, जैसे सड़कें, बाँध और ऋण की अदायगी।खर्चही असाच विभागला जातो. दूधवाल्याचे पैसे, शाळेची फी आणि EMI चे व्याज भरल्यानंतर तुमच्याकडे दाखवण्यासारखे काही उरत नाही: हा महसुली खर्च, जसे पगार, निवृत्तिवेतन, व्याज आणि अनुदाने. एखादी खोली बांधणे किंवा ट्रॅक्टर खरेदी करणे यातून मालमत्ता तयार होते: हा भांडवली खर्च, जसे रस्ते, धरणे आणि कर्जाची परतफेड.

Now the deficits. If a family spends Rs 1,20,000 in a year but earns only Rs 1,00,000 without borrowing, it must borrow Rs 20,000. That gap is the fiscal deficit. Take out the Rs 5,000 that went just to pay interest on old loans and you get the primary deficit of Rs 15,000, which shows how much fresh borrowing is due to this year’s choices. The revenue deficit is the gap on day-to-day items alone: borrowing to pay running costs is the worrying kind.अब घाटे। अगर कोई परिवार साल में ₹1,20,000 ख़र्च करता है पर उधार के बिना केवल ₹1,00,000 कमाता है, तो उसे ₹20,000 उधार लेने होंगे। यह अंतर राजकोषीय घाटा है। इसमें से वे ₹5,000 निकाल दीजिए जो केवल पुराने कर्ज़ों का ब्याज चुकाने में गए, तो ₹15,000 का प्राथमिक घाटा मिलता है, जो दिखाता है कि कितना नया उधार इस साल के फ़ैसलों के कारण है। राजस्व घाटा केवल रोज़मर्रा की मदों का अंतर है: चालू ख़र्च चलाने के लिए उधार लेना चिंता वाला प्रकार है।आता तुटी. एखादे कुटुंब वर्षाला ₹1,20,000 खर्च करते पण कर्ज न घेता फक्त ₹1,00,000 कमावते, तर त्याला ₹20,000 कर्ज घ्यावे लागेल. हा फरक म्हणजे राजकोषीय तूट. त्यातून फक्त जुन्या कर्जांचे व्याज भरण्यात गेलेले ₹5,000 वजा करा, म्हणजे ₹15,000 ची प्राथमिक तूट मिळते, जी दाखवते की किती नवे कर्ज या वर्षीच्या निर्णयांमुळे आहे. महसुली तूट म्हणजे फक्त रोजच्या बाबींमधील फरक: चालू खर्च भागवण्यासाठी कर्ज घेणे हा काळजी करण्याजोगा प्रकार आहे.

A direct tax is paid by the person it falls on, like income tax. An indirect tax is collected by a shopkeeper and passed on in the price, like GST, which replaced many indirect taxes from 1 July 2017. In Parliament, the Annual Financial Statement (Article 112) is the budget; the Finance Bill carries tax changes; the Appropriation Bill lets money leave the Consolidated Fund; and a vote on account keeps the government running until the full budget passes.प्रत्यक्ष कर वही व्यक्ति चुकाता है जिस पर वह लगता है, जैसे आयकर। अप्रत्यक्ष कर दुकानदार वसूलता है और क़ीमत में जोड़कर आगे बढ़ा देता है, जैसे GST, जिसने 1 जुलाई 2017 से कई अप्रत्यक्ष करों की जगह ली। संसद में वार्षिक वित्तीय विवरण (अनुच्छेद 112) ही बजट है; वित्त विधेयक कर में बदलाव लाता है; विनियोग विधेयक संचित निधि से पैसा निकालने की अनुमति देता है; और लेखानुदान पूरा बजट पारित होने तक सरकार को चलाता रहता है।प्रत्यक्ष कर ज्याच्यावर बसतो तीच व्यक्ती भरते, जसे आयकर. अप्रत्यक्ष कर दुकानदार गोळा करतो आणि किमतीत जोडून पुढे ढकलतो, जसे GST, ज्याने 1 जुलै 2017 पासून अनेक अप्रत्यक्ष करांची जागा घेतली. संसदेत वार्षिक वित्तीय विवरणपत्र (कलम 112) म्हणजेच अर्थसंकल्प; वित्त विधेयक करांतील बदल आणते; विनियोजन विधेयक संचित निधीतून पैसा काढण्याची परवानगी देते; आणि लेखानुदान संपूर्ण अर्थसंकल्प मंजूर होईपर्यंत सरकार चालू ठेवते.

Answers and full solutions are shown. Hide them to test yourself first.उत्तर और पूरे हल दिखाए गए हैं। पहले खुद को परखने के लिए इन्हें छिपाइए।

1. Example 1उदाहरण 1 · Budget and fiscal terms · Easyआसान

   In the Union Budget, what does "Consolidated Fund of India" mean?

   1. the main government account into which all revenues, loans raised and loan repayments go
   2. the bill that carries the government’s tax proposals for the year
   3. a tax collected by a seller and passed on to the buyer in the price, such as GST and customs duty
   4. a fund placed at the President’s disposal for urgent, unforeseen spending
   Answer:उत्तर: the main government account into which all revenues, loans raised and loan repayments go

   1. Consolidated Fund of India: the main government account into which all revenues, loans raised and loan repayments go (Article 266).
   2. Indirect tax: a tax collected by a seller and passed on to the buyer in the price, such as GST and customs duty.
   3. Finance Bill: the bill that carries the government’s tax proposals for the year.
   4. Contingency Fund of India: a fund placed at the President’s disposal for urgent, unforeseen spending (Article 267).
   5. Source: https://www.indiabudget.gov.in/

2. Example 2उदाहरण 2 · Budget and fiscal terms · Mediumमध्यम

   Which budget term means: spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans?

   1. Revenue expenditure
   2. Capital expenditure
   3. Fiscal deficit
   4. Capital receipts
   Answer:उत्तर: Capital expenditure

   1. Capital expenditure: spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans.
   2. Revenue expenditure: spending that creates no asset, such as salaries, pensions, interest payments and subsidies.
   3. Fiscal deficit: total expenditure minus total receipts other than borrowings, which is the government’s total borrowing need.
   4. Capital receipts: money the government gets by borrowing, recovering loans it gave or selling assets (disinvestment).
   5. Source: https://www.indiabudget.gov.in/

3. Example 3उदाहरण 3 · Budget and fiscal terms · Hardकठिन

   Consider the following pairs (Term : Meaning): 1. Effective revenue deficit : fiscal deficit minus interest payments 2. Revenue receipts : spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans 3. Indirect tax : a tax paid to the government by the same person it falls on, such as income tax and corporation tax How many of the pairs given above are correctly matched?

   1. Only one pair
   2. Only two pairs
   3. All three pairs
   4. None of the pairs
   Answer:उत्तर: None of the pairs

   1. Pair 1 is wrong: Effective revenue deficit is not fiscal deficit minus interest payments. Effective revenue deficit: revenue deficit minus grants given for creating capital assets.
   2. Pair 2 is wrong: Revenue receipts is not spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans. Revenue receipts: money the government gets that creates no debt and sells no asset, such as taxes, fees and dividends.
   3. Pair 3 is wrong: Indirect tax is not a tax paid to the government by the same person it falls on, such as income tax and corporation tax. Indirect tax: a tax collected by a seller and passed on to the buyer in the price, such as GST and customs duty.
   4. So 0 of the 3 pairs are correctly matched.
   5. Source: https://www.indiabudget.gov.in/

4. Example 4उदाहरण 4 · Budget and fiscal terms · Mediumमध्यम

   Which budget term means: a fund placed at the President’s disposal for urgent, unforeseen spending?

   1. Contingency Fund of India
   2. Consolidated Fund of India
   3. FRBM Act, 2003
   4. Vote on account
   Answer:उत्तर: Contingency Fund of India

   1. Contingency Fund of India: a fund placed at the President’s disposal for urgent, unforeseen spending (Article 267).
   2. Consolidated Fund of India: the main government account into which all revenues, loans raised and loan repayments go (Article 266).
   3. FRBM Act, 2003: the law that sets targets to bring down the fiscal and revenue deficits (Fiscal Responsibility and Budget Management Act).
   4. Vote on account: an advance grant by the Lok Sabha for part of the year, until the full budget is passed (Article 116).
   5. Source: https://www.indiabudget.gov.in/

5. Example 5उदाहरण 5 · Budget and fiscal terms · Mediumमध्यम

   In the Union Budget, what does "Revenue expenditure" mean?

   1. spending that creates no asset, such as salaries, pensions, interest payments and subsidies
   2. money the government gets by borrowing, recovering loans it gave or selling assets (disinvestment)
   3. money the government gets that creates no debt and sells no asset, such as taxes, fees and dividends
   4. spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans
   Answer:उत्तर: spending that creates no asset, such as salaries, pensions, interest payments and subsidies

   1. Revenue expenditure: spending that creates no asset, such as salaries, pensions, interest payments and subsidies.
   2. Capital receipts: money the government gets by borrowing, recovering loans it gave or selling assets (disinvestment).
   3. Capital expenditure: spending that creates assets or cuts debt, such as roads, dams, machinery and repaying loans.
   4. Revenue receipts: money the government gets that creates no debt and sells no asset, such as taxes, fees and dividends.
   5. Source: https://www.indiabudget.gov.in/

6. Example 6उदाहरण 6 · Budget and fiscal terms · Mediumमध्यम

   Consider the following statements: 1. "Primary deficit" means revenue expenditure minus revenue receipts. 2. "Indirect tax" means a tax paid to the government by the same person it falls on, such as income tax and corporation tax. Which of the statements given above is/are correct?

   1. 1 only
   2. 2 only
   3. Both 1 and 2
   4. Neither 1 nor 2
   Answer:उत्तर: Neither 1 nor 2

   1. Statement 1 is wrong: it pairs Primary deficit with "revenue expenditure minus revenue receipts". In fact, Primary deficit: fiscal deficit minus interest payments.
   2. Statement 2 is wrong: it pairs Indirect tax with "a tax paid to the government by the same person it falls on, such as income tax and corporation tax". In fact, Indirect tax: a tax collected by a seller and passed on to the buyer in the price, such as GST and customs duty.
   3. Source: https://www.indiabudget.gov.in/

Common mistakesआम गलतियाँ

• Counting borrowing as a receipt when working out the fiscal deficit. The fiscal deficit is the gap after leaving borrowings out.राजकोषीय घाटा निकालते समय उधार को प्राप्ति में गिनना। राजकोषीय घाटा उधार को छोड़कर निकाला गया अंतर है।राजकोषीय तूट काढताना कर्जाला जमेत धरणे. राजकोषीय तूट म्हणजे कर्जे वगळून काढलेला फरक.
• Calling repayment of a loan revenue expenditure. It reduces a liability, so it is capital expenditure.ऋण की अदायगी को राजस्व व्यय कहना। इससे देनदारी घटती है, इसलिए यह पूँजीगत व्यय है।कर्जाच्या परतफेडीला महसुली खर्च म्हणणे. त्यामुळे दायित्व कमी होते, म्हणून तो भांडवली खर्च आहे.
• Thinking GST is a direct tax because everyone pays it. The shopkeeper collects it and passes it on, so it is indirect.यह मानना कि GST प्रत्यक्ष कर है क्योंकि इसे सब चुकाते हैं। इसे दुकानदार वसूलता है और आगे बढ़ा देता है, इसलिए यह अप्रत्यक्ष है।सगळेच भरतात म्हणून GST प्रत्यक्ष कर आहे असे समजणे. दुकानदार तो गोळा करून पुढे ढकलतो, म्हणून तो अप्रत्यक्ष आहे.

Frequently asked questionsअक्सर पूछे जाने वाले प्रश्न