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What is Budget?


The Budget is an annual Financial overview of the estimated revenue and expenditure of the government for the financial year. (From 1 April to 31 March). It is presented by the Union's Minister of Finance in Parliament. After approval by both of the houses of the Parliament and approved by the President of India, the budget comes into force on 1 April.


Why do we need budget?

The budget was created to use government resources optimally for different sectors and regulations, so that the general goals of the government can be achieved. It outlines the revenue and expenditure proposed by the government for the coming financial year. It also determines how the tasks of financial and resource management were adequately fulfilled in the past financial year. The budget is also a means of ensuring the government's financial accountability to Parliament. There, while maintaining the legislative privilege in terms of taxes and expenses.



This post first appeared on Our Commerce, please read the originial post: here

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What is Budget?

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