Definitions

In this Act, unless the context otherwise requires. - (a) "budget" means the annual financial statement laid before the Legislative Assembly under article 202 of the Constitution of India; (b) "current year" means the financial year preceding the ensuing year; (c) "ensuing year" means the financial year for which the budget is being presented; (d) "financial year" means the year beginning on the 1st day of April and ending on 31 day of March next following; (e) "fiscal deficit" means the excess of, - (i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Consolidated Fund excluding the debt receipts during a financial year; or (ii) total expenditure from the Consolidated Fund of the State (including loans and advances but excluding debt repayment) over own tax and non-tax revenue receipts, devolution and other grants from the Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt of the State Government during the financial year; (f) "fiscal indicator" means the measures such as numerical ceilings and proportions to gross State domestic product as may be prescribed, for evaluation of the fiscal position of the State Government; (g) "Government" means the State Government of Sikkim; (h) "Legislative Assembly" means the Legislative Assembly of the State of Sikkim; (i) "prescribed" means prescribed by rules made under this Act; (j) "previous year" means the year preceding the current year. (k) "revenue deficit" means the difference between revenue expenditure and revenue receipts; (l) "State" means the State of Sikkim; (m) "total liabilities" means the liabilities under the Consolidated Fund of the State and the Public Account of the State.