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What do you mean by Union Budget?

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Union Budget, which is a yearly affair, is a comprehensive display of the Government's finances. It is the most significant economic and financial event in India. The Finance Minister puts down a report that contains Government of India's revenue and expenditure for one fiscal year.

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Union government needs funds to implement its programes and policies. Therefore, the finance minister presents to the parliament a budget, called the union budget, which is essentially a statement of revenue (how much revenue the government collected by way of taxes, duties and other levies; and how the government proposes to spend this money. The union government can not spend from the revenues until the Union Budget is passed by the parliament.

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As per the given definition in line with Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

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It is presented each year by union finance minister which gives the financial. Details of the year in which the budget is presented, of previous year and the coming year.

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The Union Budget of India, also referred to as the Annual financial statement in the Article 112 of the Constitution of India is the annual budget of India. The budget process in India, like in most other countries, comprises four distinct phases. Budget formulation: The preparation of estimates of expenditure and receipts for the ensuing financial year; Budget enactment: approval of the proposed Budget by the Legislature through the enactment of Finance Bill and Appropriation Bill; Budget execution: Enforcement of the provisions in the Finance Act and Appropriation Act by the government—collection of receipts and making disbursements for various services as approved by the Legislature; and Legislative review of budget implementation: audits of government’s financial operations on behalf of the Legislature. The Budget is a money bill and it is introduced in the Parliament accordingly. The budget is divided into two parts. Expenditure and Revenue Part They are introduced in Lok Sabha in the form of Appropriation Bill and Finance Bill respectively.

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