DMPQ- What is the process of government budgeting in the Parliament?

by

According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS). It is a statement of the estimated receipts and expenditure of the Government in a financial year (which begins on 01 April of the current year and ends on 31 March of the following year). In addition to it, the Budget contains:

    • Estimates of revenue and capital receipts,
    • Ways and means to raise the revenue,
    • Estimates of expenditure,
    • Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and
    • The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.

In Parliament, the Budget goes through six stages:

  • Presentation of Budget.
  • General discussion.
  • Scrutiny by Departmental Committees.
  • Voting on Demands for Grants.
  • Passing of Appropriation Bill.
  • Passing of Finance Bill.

 

Final Destination for Kerala PSC Notes and Tests, Exclusive coverage of KPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for KPSC Kerala PSC  Notes brings Prelims and Mains programs for Kerala PSC  Prelims and Kerala PSC  Mains Exam preparation. Various Programs initiated by Kerala PSC  Notes are as follows:- For any doubt, Just leave us a Chat or Fill us a querry––