Chapter Article in Contemporary Issues In Business And Economics: Volume-1
A STUDY ON GOVERNMENT BUDGET AND ITS COMPONENTS
Dr. Ranjna Rani*, Mr. Ankur Sharma**, Ms. Dhanvi***
*Assistant Professor, Saharanpur Institute of Advanced Studies
**Assistant Professor, I.T Department, Disha Bharti College of Management and education
***Assistant Professor, Department of Management, Disha Bharti College of Management and Education, Saharanpur
* (Corresponding Author)
- ISBN: 978-1-387-65048-4
- DOI: 10.25215/1387734229.30
Article 112 of the Constitution of India states a detailed procedure for preparing the Annual Financial Statement (popularly known as Union Budget of India). The Union Finance Minister presents the Budget estimates (for the forthcoming financial year) each year on the last working day the February. The Budget is implemented from the start of the new financial year i.e. 1st April. Before that the Budget proposal needs to be passed by both the houses (Rajya Sabha and Lok Sabha) of the Parliament. In some special circumstances like election year (change in government) the Constitution also allows the ruling government to present a ‘Vote of Account’ or ‘Interim Budget’. Where the former is a just a statement of expenditure, the latter includes both receipts and expenditure. The term ‘budget’ has been derived from a French term ‘BOUGETTEE’ which means a bag of leather. It is believed that the seal of treasury of England used to be kept in a bag of leather. Even Kings and other rulers around the world used to keep their official seal and important documents in leather cover. Currently ‘A budget is a master financial plan of government. It presents the estimates of forthcoming revenue and proposed expenditure of the budget period simultaneously’ (Taylor, 1961).
This research paper deals with the notion ‘Government Budget And its Components’. Government Budget is one of the important aspects of the country on the path of development and therefore is the vital area of consideration. This research paper also deals with the Components of Government Budget and Types of Government Budget. Recently the government has introduced GST on essential items and there has been uproar in the common man unity, the effects of which have also been discussed in this research paper.