Union Budget 2022-23 is known to be a statement that is presented each year by the government of India. This statement released every month is known as the ‘Annual Financial Statement’. It is basically a statement that includes all the estimated expenditures along with receipts that are expected by the government to happen in the coming year.
Facts About Union Budget That are Important for you to Know:
- A budget for the fiscal year starts from 1st April to 31st March.
- Every year the budget is released by the finance minister and this year the same will be presented by Nirmala Sitharaman.
- A budget is released on 1st February every year. However, it was later changed from 1st to the last working day of the month, these change in the norms of the release of the budget was made by Finance Minister Arun Jaitley.
- The timing of the release has now also been changed from 11 am to 5 pm as per the British timings.
- The budget statement is divided into 2 sections that are Revenue Budget which includes both the revenue receipts and its expenditure (these basically include all the recurring nature transactions for e.g.: tax receipts) and the other section includes Capital Budget that includes both capital receipt and capital expenditure (these basically include all the non-recurring nature transactions for e.g.: loan).
- For India particularly the budget statement that is presented is of the deficit budget. This means that the expenditure made by the government is greater than the receipts made by the government. And the easiest way to cover this deficit is through different modes such as borrowing or even selling bonds.
- As per the budget statement the most important is the economic survey which is basically the blueprint of the entire budget. Last year on 17th December the chief minister advisor- KV Subramanian resigned from his position, which is why the same is now handled by CEA. And the replacement of the chief minister Advisor is yet to be decided by the government.
- The people who are responsible for this year’s budget statement are as follows:
- Finance Secretary
- Revenue Secretary
- Economic Affairs Secretary
Latest Updates for Union Budget 2022-23
| Union Budget of India |
