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Understanding The Union Budget : Part-I

What is Union Budget? 
It is nothing but the Annual Financial Statement presented by Central government in Parliament.
It shows receipt and expenditure of government in financial year(1 April-31 March).

How can government get Money for Budget?
Government too have its account.We can describe it in three parts.

1. Consolidated Fund -
- revenue received by taxation and other
- loan raised by government
- recoveries of load granted by government
- expenditure incurred from this fund
- parliamentary authorization required

 2. Contingency Fund -                
- emergency or unexpected or unforeseen or urgent outflows such as economic crisis,disaster
- held by the finance secretary on behalf of the president of India

3.  Public Account -
- money received from transactions such as money raised from government schemes e.g Provident Fund,Saving Scheme
- government acts as banker
- government authorization not required
- in layman's term, money received from public is kept in this account and respective authority uses it
What are core parts of Budget?
It is mainly divided in Two Parts

1.  Revenue Budget
1.1  Revenue Expenditure
- Salaries of government employee,military staff,minister
- office furniture
- grants to state,interest paid for loan
- pensions
- Any expenditure for the normal running of the government which does not lead to the creation of assets

1.2 Revenue Receipt
- it is government earning
 - taxes (corporate, income), duties (excise, custom), receipts, fees, interest and dividends (if the government makes investments).

2.  Capital Budget
2.1 Capital Expenditure
- money spent on creating assets (roads, highways, dams), buying land or building, purchasing machinery and equipment.
- loans from the Centre to various state governments or government-run companies
- any investments made by the government in shares or other such instrument

2.2 Capital Receipt
- money that the government gets from loans such as from the public (market loans), from the Reserve Bank of India (the country's central bank), from foreign governments or international organisations like the World Bank, IMF
- Loans which the government earlier gave to other states or Union territories which are now repaid find their way


to be continue...

Source:
Wikipedia


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