The country’s Finance Minister Nirmala Sitharaman presented the fourth budget of her tenure on February 1, which was the budget 2022- 23. Before the budget came, people had high hopes that this time there may be some different for. Common people in the budget. But as it announced people’s started talking that this budget was as common as the previous budget. There is nothing special in this for the common man. Similarly, the budget and economic review of Bihar which is presented one day before the budget Will come this month.What are the special things of the budget, for whom you are, and what is not, then everyone will get to know in a few days. But along with this, it is also important to know some other things related to the budget.
The word budget is not mentioned anywhere in the Constitution of India. Budget is called annual financial statement in constitutional language which is mentioned in Article 112. Before 2017, there were two budgets in the country. One railway and one general budget which is called Aam budget. Since then only one budget provision has been made. At the same time, in the year 1921, on the report of the Ek worth committee, in 1924, the railway budget was separated from the general budget. Now from 2017 India has only one budget of the government, Union Budget.
The budget gives the estimated receipts and expenditure details of the Government of India. The budget in Parliament passes through phases which are then passed which are 6 phases. That are
- Presentation of budget
- General discussion
- Inquiry by departmental committees.
- Debate on Demand for Grants
- Passing of Appropriation Bill.
- .Passing of Finance Bill.
According to the Final Tax Collection Act 1931, the Finance Bill should become effective within 75 days. The Finance Act gives legal recognition to the side of the budget and gives an effective form to the budget.The budget estimates the income and expenditure of a financial year, but there is also a provision for grants by the Parliament in special circumstances.
The budget is prepared by several officers of the Ministry of Finance together. This work is done in a very secretive manner. Therefore, all the officers and all the employees involved in the work of the budget are not allowed to go anywhere until the budget is completely ready.
Economic survey is presented one day before the budget in the country as well as in the state. The GDP of the next year is estimated in the survey in the account. The first Economic Survey of India was presented in 1950-51. In 1965, it was separated from the budget and presented in the house a day before.