Here are 20 key Budget 2017 terms that you need to know

As the Government of India gets ready to prepare its Union Budget 2017-18 in few hours from now, we managed to bring you 20 important Budget 2017 Glossary terms that you need to know.

Finance Minister Arun Jaitley will present the country's Budget 2017 in the Lok Sabha in New Delhi on Wednesday.

The Government for the first time will present the Union Budget 2017-18 on February 1 as against the old practice of presenting it on the last working day of February.

Besides, this time the Government will merge the Union Budget with Railway Budget. 

Watch live telecast of FM Jaitley Budget 2017 speech here-

Citizens of India can ask budget questions to FM Jaitley on Twitter by tweeting their questions with #MyQuestionToFM.  

ALSO READ: Budget 2017: Ask your questions directly to FM Jaitley on Twitter

The Ministry of Finance on Tuesday tweeted Three Parts of Budget 2017 Glossary.

Union Budget is coming.... Know your #Budget2017 Glossary (Part-I) pic.twitter.com/PnDKw5TMZk

— Ministry of Finance (@FinMinIndia) January 31, 2017

Union Budget is coming..... Know your #Budget2017 Glossary (Part-II) pic.twitter.com/paH76LyJKG

— Ministry of Finance (@FinMinIndia) January 31, 2017

Union Budget is coming..... Know your #Budget2017 Glossary (Part-III) pic.twitter.com/aZ0G1FRcm9

— Ministry of Finance (@FinMinIndia) January 31, 2017

Here are 20 Budget 2017 Glossary terms before you head towards FM Jaitley's speech:

1. Union Budget 
Union Budget is the most comprhensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next fiscal year called Budgeted Estimates. 

2.Direct and Indirect Taxes
Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax, etc., Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty, etc.

3.Excise Duty
An indirect tax levied on goods manufactured in India and meant for home consumption. 

4.Customs Duties 
These are levies charged when goods are imported into, or exported from the country and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

5.Fiscal Deficit
When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

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6.Revenue Deficit
The difference between revenue expenditure and revenue receipt is known as revenue deficit.It shows the shortfall of government's current receipts over current expenditure.

7.Primary Deficit
The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments. 

8.Fiscal Policy 
It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

9.Monetary Policy 
This comprises actions taken by the central bank (Reserve Bank of India) to regulate the level of money or liquidity in the economy or change the interest rates.

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10.Inflation
A sustained increase in the general price level. The inflation rate in the percentage rate of change in the price level.

11.Capital Budget 
The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the Central Government to State Governments, Government companies, corporations and other parties.

12. Revenue Budget 
The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes likes income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

13. Plan Expenditure
Money given from the Government's account for the central plan is called Plan Expenditure.This is developmental in nature and is spent on schemes detailed in the Plan.

14.Non-Plan Expenditure
Non-Plan Expenditure covers all expenditure of the Government not included in the Plan. It includes both development and non-development expenditure.

15.Corporate Tax
This is the tax paid by corporations or firms on the incomes they earn.

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16. Minimum Alternate Tax (MAT)
The Minimum Alternate Tax (MAT) is a minimum tax that a company must pay, even if it is under zero tax limits. 

17.Finance Bill
The Bill produced immediately after the presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget.

18.Budget Estimates
Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

19.Revised Estimates
Revised Estimates are mid-year review of possible expenditure, taking into account the trend of expenditure, new services and new instrument of services, etc., Revised Estimates are not voted by the Parliament and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorised for expenditure through the Parliament's approval or by Re-appropriation order. 

20. Outcome Budget 
From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

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