Overview of Budget
A government budget is a document presenting the government's proposed revenues, spending and priorities for a financial year. The budget is passed by the legislature, approved by the chief executive and presented by the national or county treasury to the national or county assemblies. It is also a set of procedures by which the government rations resources and controls spending among the various government agencies.
Learn MoreCOMPONENTS OF THE BUDGET
WHAT ARE THE COMPONENTS OF THE BUDGET?
Article 112 of the Constitution of India stipulates that Government should lay before the Parliament an Annual Financial Statement popularly referred to as ‘Budget’. The Union Budget presented to the Parliament, besides the Finance Minister's Budget speech, consists of the following 14 documents:
Types of Budget
WHAT ARE THE DIFFERENT TYPES OF BUDGET PRESENTED?
The Union Budget is presented to the Parliament in two parts:
a. Railway Budget pertaining to "Railway Finance".
b. General Budget, which gives an overall picture of financial position of the Government of India. It includes the effect of "Railway Budget”.
