Government budget is an annual statement of expected receipts and expenditure of the government during a financial year.
- Revenue deficit: It is the excess of revenue expenditure over revenue receipts.
Revenue Deficit = Revenue Expenditure - Revenue Receipts
- Fiscal deficit: It is the difference of total budget expenditure over total budget receipts excluding borrowings.
Fiscal Deficit = Total Budget Expenditure - Total Budget Receipts (excluding borrowings)