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BUDGET 2001 HOME | BACK

 BUDGET 2001

Ad-valorem duties | Budget estimates | Capital goods | CENVAT | Current account deficit | Customs duties | Direct taxes | Disinvestment | Excise duties | Fiscal deficit | Gross Domestic Product (GDP) | Gross National Product (GNP) | Indirect taxes | MODVAT | Peak rate | Revenue deficit | Revised estimates | Subsidies


Ad-valorem duties
Duties which are determined as a certain percentage of the price of the product.

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Budget estimates
The estimates of government spending on various sectors during the year, together with an estimate of the income in the form of tax revenues, form the Budget estimates. The Budget also estimates the fiscal deficit and revenue deficit for the year.

Capital goods
Goods used in the manufacture of finished products, such as textile machinery, which is used to produce cloth for sale.

CENVAT
Designed to reduce the cascading effect of indirect taxes on final products. This is a more liberal and extensive scheme than the erstwhile MODVAT scheme with most goods brought within its ambit and no declarations or statutory records needed.

Current account deficit
The difference between the country's exports and imports.

Customs duties
Charged when goods are imported into or exported from the country and are paid by the importer or exporter. Usually, these are passed on to the consumer.

 Direct taxes
Taxes which affect the consumer directly, such as income tax, corporate tax, capital gains tax, et al.

 Disinvestment
The selling of the Government's stake in public sector undertakings. It is generally done to bring in private management to improve the company's performance and to add to the Government's revenue.

Excise duties
Levied on items manufactured within the country and are paid by the manufacturer. Usually, these are passed on to the consumer.

 Fiscal deficit
The difference between the revenue receipts plus certain non-debt capital receipts and the total expenditure including loans, net of repayments.

Gross Domestic Product (GDP)
The total of market value of the finished goods and services produced in the country in a given year.

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Gross National Product (GNP)
The total market value of the finished goods and services produced in the country in a given year, plus the income of domestic residents from investments made abroad, minus the income earned by foreigners abroad from the domestic market.

Indirect taxes
Taxes which are charged on goods produced, imported or exported : Excise and Customs duties.

MODVAT
The Modified Value Added Tax is a scheme for allowing relief to final manufacturers on the excise duty borne by their suppliers for goods manufactured by them. It has now been replaced by the CENVAT scheme.

Peak rate
The highest rate of Customs duty applicable on an item.

Revenue deficit
The excess of revenue expenditure over revenue receipts.

Revised estimates
The Budget estimates may not always be right, and the difference between the Budget estimates and the actuals are reflected in the Revised estimates, presented in the following Budget.

Subsidies
Financial aid given by the Government to individuals or groups. Subsidies are meant to encourage certain sections of the population to improve their skills or businesses so as to be locally and globally competitive.

Budget information sources : gujaratplus.com news service, ndtv.com, rediff.com, timesofindia.com etc
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