This discussion clarifies that the Union Budget covers amendments for both direct and indirect taxation, including applicable GST changes from April 2022. It also delves into fundamental government finance concepts, explaining revenue and fiscal deficits, and the implications of government expenditure versus receipts. A question is raised regarding the justification and prudence of importing crude oil in dollars, given the significant cost to the country.
Yes I agree with Nidhi , both Direct and Indirect Tax amendment effects in Budget .
The Government of any country incurs lot of expenditure for the walfare of its Citizens and for that purpose it collect money from its Citizens for i.e Tax , sale of an asset etc it's GOVT revenue If expenditure is more , it's leads to Deficit Deficit = Total Expenses - Total Receipt
Two Types of Deficit 1) Revenue Deficit 2) Fisical Deficit .
Revenue Deficit = Total Revenue Expenses - Total Revenue Receipts .
Fisical Deficit = Total Expenses ( Revenue+Capital ) - Total Receipt ( Revenue + Capital ) Fisical Deficit is always bad .
If these expenses which are incurred by the GOVT for walfare of the Nation are less than revenue collected by it , this leads to Surplus at the end of the year , It's Good position.
Can any one explain the Justification of importing crude oil from Iran /Syria in dollar. The import costs the country in 8 lakh crore. Is it a prudent decision. Many a times we all take loan but why not to this extent. I think it's obligatory for everyone to accept this and the govt. must search for any other means.
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