Fill in the blank:
The annual financial statement presented by the Government of India is commonly known as the _______.
Show answer & explanation
Correct answer: A
Explanation
Correct Answer
Budget
Explanation
The annual financial statement, as referred to in Article 112 of the Constitution of India, is the statement of the estimated receipts and expenditure of the Government of India for a financial year. While the Constitution does not use the term "Budget," it is commonly known by this name in common parlance and parliamentary proceedings. It provides a comprehensive view of the government's fiscal plan, including revenue projections and planned expenditures across various sectors.
Key Points
The Budget is presented by the Union Finance Minister to the Parliament. It serves as a crucial tool for the government to outline its economic priorities, allocate resources, and implement its developmental policies for the upcoming fiscal year (which runs from April 1 to March 31). It is typically accompanied by various documents like the Finance Bill and the Economic Survey.
Important Questions and Answers
Question: Which article of the Indian Constitution requires the government to present an annual financial statement?
Answer: Article 112.
Question: What is the document that details the government's proposals for the levy of new taxes or modification of existing tax structures called?
Answer: The Finance Bill.