UNION BUDGET OF INDIA, referred to as the annual financial statement in Article 112 of the constitution.
Budget is presented every year on the last working day of February in Lok Sabha by the finance Minister of India.
Finance Minister Morarji Desai presented the budget ten times, the most by any.
There are 3 types of BUDGET:
1) Revised budget (2013-14)
2) Actual budget (2014-15)
3) Estimated budget (2015-16)
UNION BUDGET is classified into Revenue Budget and Capital Budget.
Revenue Receipts + Expenditure
Capital Receipts + Payments of the Government
NOTE: Fiscal deficit is incurred when the Governments total expenditure exceeds its total revenue.
UNION FINANCE MINISTER Arun Jaitley presented the first full UNION BUDGET of MODI’S Government.
HIGHLIGHTS OF UNION BUDGET 2015-2016
OTHER IMPORTANT HIGHLIGHTS OF THE BUDGET: