Which type of budget is made by Government of India?

The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government.

Which type of budget is made by Govt of India?

Definition: According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

Which budget is used in India?

The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India.

What are types of government budget?

A budget can be of three types:

  • Balanced budget: when government receipts are equal to the government expenditure.
  • Deficit budget: when government expenditure exceeds government receipts. A deficit can be of 3 types: revenue, fiscal and primary deficit.
  • Surplus: when government receipts exceed expenditure.

How many types are of government budget in India?

Also known as the annual financial statement of the government, the union budget keeps the exact count of its finances from April 1 to March 31. In terms of classification of the Union Budget, it is divided into three categories- Balanced budget, Surplus budget, and Deficit budget.

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What are the 3 types of government budget?

A government budget is a financial document comprising revenue and expenses over a year. Depending on these estimates, budgets are classified into three categories-balanced budget, surplus budget and deficit budget.

Who is the father of Indian budget?

The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

What are the two types of budget?

There are two major types of budgets: static budgets and flexible budgets. A static budget remains unchanged over the life of the budget. Regardless of changes that occur during the budgeting period, all accounts and figures originally calculated remain the same.

Who presented first Indian budget?

A Scotsman named James Wilson created India’s first budget in 1860. He came to India in 1859 when the British government here was under stress due to the Sepoy Mutiny and aftermath of the revolt of 1857.

How Indian budget is prepared?

It is prepared by the ministry of finance in consultation with Niti Aayog and other concerned ministries. The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget. … Upon approval, the data is then sent to the finance ministry.

What is central and state budget?

It consists of tax and non-tax revenues collected by the state, the share of Central Taxes shared with the state as mandated by the Finance Commission, Central Assistance State Annual Plans as well as Borrowings.

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What is central government budget?

Central government expenditure is defined as the central government budget expenditure as reported in the final central government accounts. … Central government spending by function is the breakdown of expenditures on the basis of the activities governments support.