Budget Deficit

Tax Glossary Definition

Budget Deficit

Budget Deficit – A budget deficit arises when a government’s total expenditure during a fiscal year surpasses the income it generates from taxes and other sources. To finance this shortfall, the government typically borrows funds, which adds to the level of public debt.

Example: If a government collects ₹10 trillion in revenue but spends ₹12 trillion, it incurs a budget deficit of ₹2 trillion.

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