Budget (Annual Financial Statement)

 Budget (Annual Financial Statement)

Why in News

The Union Minister of Finance recently presented the Budget 2024-25 in the Parliament. Budget and Constitutional Provisions

According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).

It is a statement of the estimated receipts and expenditure of the Government in a financial year 

In addition to it, the Budget contains:

1. Estimates of revenue and capital receipts,

2. Ways and means to raise the revenue,

3. Estimates of expenditure,

4. Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and

5. The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.

In Parliament, the Budget goes through six stages:

1. Presentation of Budget.

2. General discussion.

3. Scrutiny by Departmental Committees.

4. Voting on Demands for Grants.

5. Passing of Appropriation Bill.

6. Passing of Finance Bill.

The Budget Division of the Department of Economic Affairs in the

Finance Ministry is the nodal body responsible for preparing the Budget.

Changes Introduced in 2017

Advancement of Budget presentation to February 1 (earlier presented on the last working day of February),

Merger of Railway Budget with the General Budget, and

Doing away with plan and non-plan expenditure.


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