Budget and Constitutional Provisions:
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According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
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It is a statement of the estimated receipts and expenditure of the Government in a Financial Year (which begins on 1st April of the current year and ends on 31st March of the following year).
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Overall, the Budget contains:
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Estimates of revenue and capital receipts,
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Ways and means to raise the revenue,
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Estimates of expenditure,
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Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and
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The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.
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In Parliament, the Budget goes through six stages:
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Presentation of Budget.
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General discussion.
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Scrutiny by Departmental Committees.
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Voting on Demands for Grants.
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Passing an Appropriation Bill.
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Passing of Finance Bill.
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The Budget Division of the Department of Economic Affairs in the Ministry of Finance is the nodal body responsible for preparing the Budget.
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The first Budget of Independent India was presented in 1947.