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According to the Article 112 of the Indian Constitution, the Government launches the annual financial statement, known as the Union Budget for that particular year.<br>See this presentation to get a better understanding of the Union Budget.<br>Check out the Union Budget(https://www.edelweiss.in/insight/inside-the-mind-of-3/union-budget-2020--blueprint-for-5-trillion-economy-dream-f04f1b?utm_source=facebook&utm_medium=social&utm_campaign=free) for the year 2020-2021 on 1st February 2020. It will be presented by Mrs. Nirmala Sitharaman, the financial minister of India.
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definition According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government’s finances for the fiscal year that runs from 1st April to 31st March • It is classified into 2: • Revenue Budget • Capital Budget
Revenue Budget • The Revenue Budget includes the government’s revenue receipts and expenditure. • There are 2 kinds of Revenue Receipts: • Tax Revenue • Non-Tax Revenue • The revenue expenditure is the expenditure incurred on day to day functioning of the government and on various services offered to citizens • If the revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit
Capital budget • Capital Budget includes capital receipts and payments of the government. • Loans from public, foreign governments and RBI form a major part of the government’s capital receipts • Capital expenditure is the expenditure on development of machinery, equipment, building, health facilities, education etc. • A fiscal deficit occurs when the government’s total expenditure exceeds its total revenue The Union Budget for 2020-2021 will be presented on 1st February 2020!
