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Union Budget 2019 Highlights
Union Budget of India is the country’s comprehensive Annual Financial Statement. It consists of details of the government's capital, revenue and expenditures. Article 112 of the constitution says, "the Union Government lays a statement of its estimated receipts and expenditure for that year, from April 1 to March 31, before both the Houses of Parliament.
The Budget, in a nutshell, is nothing but a statement of income and expenditure. Two important elements on both sides - income and expenditure - are Revenue Receipts and Revenue Expenditure.
Budget 2019 will be presented before the Parliament by Finance Minister Nirmala Sitharaman. The Interim Budget was tabled by Piyush Goyal on February 1. Breaching a largely male bastion, Sitharaman is the first woman in 48 years since then prime minister Indira Gandhi to hold charge of the key ministry.
The three categories of Budget
The Union Budget comprises Capital Budget, Revenue Budget, Expenditure Budget
Capital Budget
The Capital Budget part of the Union Budget has accounts for capital payment and receipts of the government. Capital receipts include: i) Loans from the public; ii) Loans from RBI
Capital receipts are loans raised by the government from the public (which are called market loans), borrowings by the government from the Reserve Bank of India and
other parties through sale of treasury bills, loans received from foreign bodies and governments, and recoveries of loans granted by the Central government to state and Union Territory governments and other parties.
Capital payments include expenses incurred towards building long term assets and facilities like land, buildings, machinery, etc.
Revenue Budget
The Revenue Budget records all the revenue receipts and expenditure. If the revenue expense is more than that of receipts, it indicates that there is a revenue deficit. Revenue expenditure is for the normal running of government departments and various services, interest payments on debt, subsidies, etc. Revenue receipts are divided into tax and non-tax revenue. Tax revenues are made up of taxes such as income tax, corporate tax, excise, customs and other duties that the government levies.
In non-tax revenue, the government's sources are interest on loans and dividend on investments like PSUs, fees, and other receipts for services that it renders.
Expenditure Budget
The expenditure budget refers to the estimated expenditure of the government during a given financial year. It shows the capital and revenue disbursements of various ministries/departments and presents it under 'Plan' and Non Plan'. Expenditure Budget provides analysis of various types of expenditure. Demand for grants of the Central government is also a part of the Expenditure Budget.
Finance
Minister Nirmala
Sitharaman on Friday said that the
country is well within its capacity to become a $5 dollar economy in the next
five years.
Budget 2019 highlights: Here are the
key takeaways from finance minister Nirmala Sitharaman's maiden Budget speech:
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