Arijit Basu Chowdhury is teaching live on Unacademy Plus
ECONOMICS Indian Fiscal System ARIJIT BASU CHOWDHURY Target WBCS(EXECUTIVE)
About Me Graduate in History from St.Paul's Cathedral Mission College, Kolkata Interests: Fitness, Current Affairs ,Burning Issues, Music, News Analysis . You can follow me on UNACADEMY https:/lunacademy.com/userlArijitBasuChowdhury Life has two rules: 1) Never quit. 2) Always remember Rule #1 . Rate, Review & Recommend
Indian Fiscal System What is finance commission? Finance commission is a constitutional body set up under Article 280 of the constitution of India. The major function inter alia includes devising the formula for tax devolution to states. Currently, recommendations of 14th Finance Commission is in force WHAT ARE THE FUNCTIONS OF FINANCE COMMISSION? Setting up rules regarding the distribution of the tax revenues between the Centre and the states Determining the principles governing the allocation of Grants-in-Aid to the states and local bodies. Determining the magnitude of Grants-in-Aid allocated to the states and local bodies. Any other matter referred to the Commissiorn
Indian Fiscal System What happens after presentation of report by Standing Committees? . After the presentation of the reports to the House, the House moves ahead to the discussion and voting on Demands for Grants. The time for voting is allocated by the Speaker in consultation with the Leader of the House. On the last day, the Speaker puts all the outstanding Demands to the Vote of the House. This process is commonly known as'guillotine'. TheLokSabhaholds the right to vote on the outstanding Demands . LokSabhahas the power to assent or refuse any Demand or even reduce the amount of Grant.However, RajyaSabhacan only hold general discussions on the Budget; it does not have the power to vote on the Demands for Grants.
Indian Fiscal System Appropriation BillThe Appropriation Bill is introduced by the government after the completion of the General Discussion on the Budget proposals and Voting on Demands for Grants. Finance Bill Once the Appropriation Bill becomes an Act, the Finance Bill is passed. The Finance Bill seeks to give effect to the Government's taxation proposals. The Finance Bill must be passed within 75 days of its introduction by the Parliament.
Indian Fiscal System Railway Budget . Until 2016 (for 92 years), the budget of the Indian Railways was presented separately to Parliament and dealt with separately. Even then the receipts and expenditure of the Railways formed part of the Consolidated Fund of India and the figures relating to them are included in the 'Annual Financial Statement'. . The last Railway Budget was presented on 25 February 2016 by Mr. Suresh Prabhu Since 2017, Railway Budget is merged with the Union Budget. First Budget Liyakat Ali Khan (1946) (Before Freedom) First Budget Sir Ramasamy Chetty (After Freedom) Maximum Number of Budget Morarji Desai Railway First Budget 1921 Ackward Commission Railway Budget separated from Union Budget