In order to give a boost to manufacturing, in 2019, the Government announced 15% corporate tax rate for new manufacturing companies that are set up before 31
The most accurate measure of economic prosperity of a country is its GDP per capita or per capita income. It is calculated by dividing the total GDP of the country by its total population.
When the expenditures of a government are more than its revenues in a given financial year, it is known as fiscal deficit. When the revenues of the government are more than the expenditures, then it is known as fiscal surplus.
A special provision is, therefore, made for "Vote on Account" by which Government obtains the Vote of Parliament for a sum sufficient to incur expenditure on various items for a part of the year.
Finance Minister presents the annual Union Budget in the Parliament generally on the last working day of February. The Budget is the most extensive account of the Government finances, in which revenues from all sources and expenses of all activities undertaken are aggregated.
The Union Budget presented for 2017-18 was path-breaking in many ways. With it, the day of the budget presentation was shifted from the end of February to the first day of February.
Budget documents are not just numbers. Scrutinising them, one can understand the intention of the government, its priorities, policies and allocation of financial resources, among different regions & industries—which create a sea change in the lives of the people affected by it, Rajkumar Adukia stresses
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