🙏नमस्कार🙏
हर साल 1st February Budget की सुर्खियां बटोरते हुए आता है|
Today we are going to discuss some facts and terms releated to Budget.
⭐ What is budget ??
Budget is an estimation of revenue and expenditure over a specific period.
Budget को Indian constitution के Artical 112 मे describe किया गया है |
Budget has been described as – “Annual financial statement” in article 112.
⭐Facts releated to Budget
Budget system was 1st introduced in India in 1860.
India में February 1869 में James Wilson द्वारा 1st time Budget present किया गया | The 1st union Budget of Independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.
In 1924 railways budget was seperated from general budget on recommendation of Acworth committee.
In 2017-18 a committee headed by NITI aayog member Bibek Debroy suggested amalgamation of railway Budget with union Budget.
⭐Types of Budget
🔹️Balanced Budget
🔹️Surplus Budget
🔹️Deficit Budget
⭐Components of Budget
🔹️Revenue Budget
🔹️Capital Budget
🔶️Revenue Budget is further classified as Revenue Reciept and Revenue Expenditure, while Capital Budget is Classified as Capital Reciept and Capital Expenditure.
🔘Revenue Reciept
🔅Revenue Reciepts are those which do not create liability and does not cause any reduction in assets of government.
🔅For the government, there are two sources of Revenue Reciepts — tax revenues and non-tax revenues.
🔅Revenue Reciepts are recurring in nature.
🔅Example- Interest and dividend received by the government.
🔘Capital Reciept
🔅Capital receipts are receipts that create liabilities or reduce financial assets.
🔅Capital receipts can be both non-debt and debt receipts.
🔅Capital Reciept are non-recurring in nature.
🔅Example- Recovery of loan and disinvestment.
🔘Revenue Expenditure
🔅Revenue Expenditure is that part of government expenditure that does not creat assets.
🔅Example- Payment of salaries, wages, pensions. The government also spends Money on the construction of schools, colleges, hospitals, roads, bridges, railways, airports and seaports this expenditure also comes under Revenue Expenditure
🔘Capital Expenditure
Capital expenditure is ‘something on which a business spends money in order to earn more money.
Capital Expenditure is the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc.
That’s it for now we will discuss more facts releated to Budget in upcoming article till then stay tuned.
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