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The budget is the Annual Financial Statement that the Government must present to Parliament each year in accordance with the Constitution. It contains an overview of the economy, and the financial position of the country. The budget makes proposals to raise revenue through taxation Direct taxes are collected by the union and shared with the states.
The budget is the Annual Financial Statement that the Government must present to Parliament each year in accordance with the Constitution. It contains an overview of the economy, and the financial position of the country. The budget makes proposals to raise revenue through taxation Direct taxes are collected by the union and shared with the states.
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The budget is the Annual Financial Statement that the Government must present to Parliament each year in accordance with the Constitution. It contains an overview of the economy, and the financial position of the country. The budget makes proposals to raise revenue through taxation Direct taxes are collected by the union and shared with the states.
Hak Cipta:
Attribution Non-Commercial (BY-NC)
Format Tersedia
Unduh sebagai PPT, PDF, TXT atau baca online dari Scribd
Government must present to Parliament each year in accordance with the Constitution The Finance Minister usually presents it in February each year
Centre for Budget and Policy
Studies, Bangalore What does a budget contain? It contains an overview of the economy, and the financial position of the country It details the Governments priorities in expenditure and the Demands for Grants of the Ministries Based on this, it details the Government’s proposals to raise revenues through taxation Centre for Budget and Policy Studies, Bangalore Who makes the budget? The Finance Minister, on the basis of priorities of the Government, balances out the need for expenditure with the resources available
The various ministries make demands
based on the Government’s programmes
Centre for Budget and Policy
Studies, Bangalore Who decides on Priorities? Governments come to office on the basis of elections Promises made to the people must be kept The priorities are derived from these promises For example, the UPA Government prioritised the issue of rural employment and designed NREGA Centre for Budget and Policy Studies, Bangalore How are Priorities Implemented? Once Parliament approves the budget, they are implemented by the ministries. Some are implemented by the state governments The NREGA, by law, is to be implemented by panchayats. Parliament monitors the implementation through Standing committees Centre for Budget and Policy Studies, Bangalore How are Priorities Financed? The budget makes proposals to raise revenue through taxation Direct taxes are collected by the union and shared with the states in accordance with Finance Commission recommendations There are indirect taxes also—like excise, value added tax etc, which are also shared with the states Centre for Budget and Policy Studies, Bangalore What is the role of Parliament? The Government sets the agenda, and must get Parliamentary approval to act. In addition to passing the budget—the Finance Bill —the Parliament must also pass appropriation bills for a ministry to be able to spend money In each budget, the actual expenditures of the past year, revised estimates of the current year, and proposals for the next year are presented to Parliament
Centre for Budget and Policy
Studies, Bangalore Where Does the Money Go? All revenues received by the government are placed in the Consolidated Fund of India. To spend money from the Consolidated Fund, a law must be passed by Parliament As an imprest to the Government, Parliament has created a Contingency fund of India Centre for Budget and Policy Studies, Bangalore Is Government Accountable? Government is accountable to Parliament To enable Parliament hold government accountable, the Comptroller and Auditor General audits how government spends money approved by Parliament The CAG reports are tabled in Parliament The Public Accounts Committee goes through the CAG reports and decides on necessary action Centre for Budget and Policy Studies, Bangalore A look at Budget Documents
We can relate this discussion to the budget
by going through some documents we have collected We will now look at how the budget papers look, and then move into discussion
Centre for Budget and Policy
Studies, Bangalore Issues for Discussion -1
Given that there are committed
expenditures, how much flexibility does the Government have?
Centre for Budget and Policy
Studies, Bangalore Issues for Discussion - 2
What are revenue and capital accounts?
What are Plan and Non-Plan expenditures? How does one find specific information in the budget document?
Centre for Budget and Policy
Studies, Bangalore Issues for Discussion - 3
How are the budget and the 5 year Plans
related?
Centre for Budget and Policy
Studies, Bangalore Issues for Discussion - 4 Why should a budget be ‘balanced’? Why are there so many definitions of ‘deficit’? Is a deficit always ‘bad’?
Centre for Budget and Policy
Studies, Bangalore Issues for Discussion - 5 India today has among the lowest tax rates in the world Our system has many ‘exemptions’ that reduce the tax burden on a taxpayer Is this justified when the tax rates are low? Should not exemptions be removed? Is there a case for a few specific exemptions? Centre for Budget and Policy Studies, Bangalore Discussion on the Budget