Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsBudget3 Marks
Question
Describe the meaning and characteristics for Budget
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Answer
Meaning of Budget :
In general, budget is a financial statement of the expected income and expenditure.
In other words, to be done in the next financial year.
It presents the revenue and expenditure of the coming year.
"A government budget is an annual accounting statement of the item-wise estimates of expected revenue and anticipated expenditure of government for a new fiscal year.
" The statement presented by the central government $($municipal corporation, Nagar Panchayat$)$ about the proposal of expected income and expenditure for the next financial year is called budget
Characteristics of Budget :
Budget shows the amount of income and expenditure.
Budget is presented for the next coming financial year.
The main objective of budget is to increase economic development and public welfare.
This expectation is exactly for one year.
State government presents the budget in legislative assembly $($Vidhan Sabha$)$ and Central Government presents the budget in parliament to get the consent of $MLA's$ and $MP's.$
After this the proposal of Budget is discussed in lok sabha and rajya sabha and with the changes and after getting majority the budget is approved.
In general, budget is presented by central and state finance minister.
In India budget is presented for the year $El"$ April to $31"$ March$).$
Central Government in general presents at the end of February in lok sabha.
Budget is presented according to the article$-112(1)$ of the constitution. This budget is presented in two types -. $A$. Railway Budget. $B$. General Budget.
In common terms budget is financial planning of government. It gives introduction of government activities. It is the mirror which shows which path is followed by government.
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