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 Interim Budget \ Vote on account A vote on account, also known as interim Budget, essentially means that the government seeks the approval of Parliament for meeting expenditure for the first four months of the fiscal year (January-April) paying salaries, ongoing programmes in various sectors etc with no changes in the taxation structure, until a new government takes over and presents a full Budget that is revised for the full fiscal . Though the Constitution doesn't bar a government to present a regular Budget in its fifth year, as per the parliamentary convention governments in the past too have presented Interim Budgets As per the Interim Budget or Vote on Account, the government seeks the approval of Parliament to meet its expenditure for the first four months(January-April) of the fiscal year with no changes in the taxation structure, until a new government takes over and presents a full Budget of the year in July 2019
Indian Fiscal System Interim Budget It is presented by the outgoing government during the last year of its tenure before It is also known as vote on account or approval, which the government seeks from It is generally meant for the first 2-4 months of the fiscal year in which the elections It does not include the proposal on the income part ofthe budget through collection of The vote-on-account is treated as a formal matter and passed by LokSabhawithout elections the parliament for essential spending for a limited period are scheduled. taxes. discussion
Indian Fiscal System Full Budget . It is presented by the new government during the first term of its tenure after it takes charge. The annual budget is presented in two parts. It includes the detailed structure of income and future ways to raise funds.It is prepared for the entire fiscal year. It includes a detailed structure of income and expenses prepared by the government in previous year. The full budget is passed by the LokSabhaonly after proper discussions and voting on demand for grants. . . .
Indian Fiscal System Cut motions 1. Disapproval of Policy Cut Motions A Disapproval of Policy Cut motion is moved so that the amount of the demand be reduced to Re.1 2. Economy Cut Motions An Economy Cut motion is moved so that the amount of the demand be reduced by a specified amount Token Cut Motions A Token Cut motion is moved so that that the amount of the demand be reduced by Rs. 100