The word Budget is not referred to as being a part of Indian Constitution.
The connected phrase is included in Annual Financial Statement. In this column, the basics of Indian Budget and Government Budgeting process for beginners has been described.
- Article 265 imparts that no tax intends to be imposed or assembled apart from the authority of law. Taxation requires the consent of Parliament.
- Article 266 imparts that no outlay can be suffered excluding the authorization of the Legislature Expenditure needs the consent of Parliament.
- Article 112: President will, with regard to all economic year, cause to be arranged before Parliament, Annual Financial Statement.
- Annual Financial Statement (AFS) – Article 112
- Demands for Grants (DG) – Article 113
- Appropriation Bill – Artice 114(3)
- Finance Bill – Article 110 (a)
- Memorandum Explaining the Provisions in the Finance Bill, 2014
- Macro-economic framework for the relevant financial year – FRBM Act
- Fiscal Policy Strategy Statement for the financial year – FRBM Act
- Medium Term Fiscal Policy Statement – FRBM Act
- Medium Term Expenditure Framework Statement – FRBM Act
- Expenditure Budget Volume-1
- Expenditure Budget Volume-2
- Receipts Budget
- Budget at a glance
- Highlights of Budget
- Status of Implementation of Announcements made in Finance Minister’s Budget Speech of the previous financial year.
The Budget of the Indian Railways is displayed distinctly to Parliament and handled one by one. Other than, the receipts and outflow of the Railways become the part of Consolidated Fund of India and the facts regarding them are encompassed by the Annual Financial Statement.
In India, the Budget is offered in Parliament on the date scheduled by the President. Given that 1999 the General Budget is offered at 11 A.M. on the occupied day of February, in other words around a month in advance to the origination of the Financial year apart from year when General Elections to Lok Sabha are reckoned. In an election year budget possibly will be existing two times to get Vote on expenses for some months and then in total.
Vote on Account
The discussion on the Budget begins one or two days afterward the demonstration. As Parliament is not able to poll the total budget before the beginning of the new financial year specifically within 1 month, the requirement to retain sufficient economics at the removal of Government with the purpose of letting it administer the management of the nation.
Vote on Account is a distinct facility in all budget by which Government gets the Vote of Parliament for a amount adequate to sustain outlay on many objects for a share of the year, frequently two months. Vote on Account merely handles the outflow portion. Then provisional budget along with full budget has both receipt and expenditure side.
Therefore, presentation and passing of vote on account is the first stage in the budget approving procedure. Vote on Account is obligatory for the performing of the government as late as the period of the full budget is approved.
The speech of the Finance Minister is generally in two portions. Part 1 handles general economic review of the state whereas Part 2 recounts the taxation suggestions. He gives a lecture presenting the budget which is simply in the ultimate part of his speech that the applications for renewed taxation or for disparities in the present taxes are revealed by him. The Annual Financial Statement is arranged on the Table of Rajya Sabha during the inference of the speech of the Finance Minister in Lok Sabha.