Appropriation Bill: Under Article 114(3) of the Constitution, no amount Can be withdrawn from the Consolidated Fund without the enactment of such a law by Parliament. After the Demands for Grants are voted by the Lok Sabha, Parliament’s approval to the withdrawal from the Consolidated Fund of the amounts so voted and of the amount required to meet the expenditure charged on the Consolidated Fund is sought through the Appropriation Bill.
Finance Bill: Finance Bill is presented in fulfilment of the requirement of Article 110 (1) (a) of the constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. A Finance Bill is a Money Bill as defined in Article 110 of the Constitution. It is accompanied by a Memorandum explaining the provisions include in it.
Macro-economic Framework Statement: It is presented to Parliament under Section 3(5) of the Fiscal Responsibility and Budget Management Act, 2003 and the rules made there under contains an assessment of the growth prospects of the economy with specific underlying assumption. It contains assessment regarding the GDP of the growth rate, fiscal balance of the Central Government and the external sector balance of the economy.
Fiscal policy strategy Statement: It is presented to parliament under Section 3(4) of the Fiscal Responsibility and Budget Management Act,2003, outlines the strategic priorities of Government in the fiscal area for the ensuring financial year relating to taxation, expenditure, lending and investment, administrated pricing, borrowing and guarantees. The Statement explains how the current policies are in conformity with sound fiscal management principles and gives the rationale for any major deviation in key fiscal measures.
Medium-term Fiscal Policy Statement: It is presented to Parliament under section 3(2) of the Fiscal Responsibility and Budget Management Act, 2003, sets out three-year rolling targets for four specific fiscal indicators in relation to GDP at market prices namely (i) Revenue Deficit, (ii)Fiscal deficit, (iii)Tax to GDP ratio and (iv)Total out-standing debt at the end of the year. The Statement includes the underlying assumptions, an assessment of sustainability relating to balance between revenue receipts and revenue expenditure and the use of capital receipts including market borrowing for generation of productive assets.
Ad-Valorem Duties: Defined as those duties that are established as a certain percentage of the price of the product.
Budget deficit: When the expenditure becomes more than revenues, then the budgetary exercise is considered a failure as there is shortage of funds. Such a situation is said to be a ‘Budget Deficit’
Countervailing Duties: These duties are imposed on all imports in order to thwart any kind of unfair trading practices carried by the foreign countries.
CENVAT: This scheme is applicable for most of the goods that reduces the cascading effect of indirect taxes on finished products.
Custom Duties: These are levies that are incurred from the goods exported from or imported to the country.
Excise Duties: The foods manufactured within the country are imposed with some duties. Those duties are known as Excise duties.
Fiscal Deficit: The sum found on calculating the difference of Revenue Receipts and Total Expenditure.
