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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 Fiscal Policy Budgetary Stance of Central Government Instruments of Fiscal Policy: 1. Taxation 2.Public Debt 3. Deficit Financing etc Objective of Fiscal Policy : 1. Improving the growth performance of the Economy 2. Ensuring Social Justice to the People What exactly is a budget? As you know, the budget is a report presented by the government. It is a report of the government finances which includes revenues and outlays. Thus, the budget can be defined as the most comprehensive report of the government's finances in which revenues from all the sources and outlays for all activities are consolidated. . In simple terms, the budget is an annual financial statement of the revenue and expenditure of a government.
Indian Fiscal System Budget in the Indian Constitution Budget is an estimate of revenues and expenditure of the Government during a financial year (April-March). The Constitution of India defines Union Budget under the Article 112. . What are the constitutional requirements which make Budget necessary? Article 265: provides that 'no tax shall be levied or collected except by authority of law. lie. T axation needs the approval of Parliament. . Article 266: provides that 'no expenditure can be incurred except with the authorisation of the Legislature' [ie. Expenditure needs the approval of Parliament.] Article 112: President shall, in respect of every financial year, cause to be laid before Parliament, Annual Financial Statement