Four basic things about India's budget, you need to know!
With all eyes fixed on Finance Minister Nirmala Sitharaman as she is set to present Union Budget 2021-22 in the Parliament today, let's take a look at four basic things it that you need to know.
What is Union Budget?
The Union Budget is an exercise carried out by the central government every year.
The government makes an estimate of revenue and expenses for the forthcoming financial year.
The exercise is similar to the monthly budget making one does for our household expenditure and earnings.
When is the Budget presented?
Date of budget presentation has varied throughout the history of independent India.
Since 2017, the Union Budget has usually been presented on the first of February, every year. Before that, it used to be presented on the last day of February.
Who presents the Budget?
The Union Budget is presented by India's finance minister.
Usually, the duration of the presentation ranges from 90 to 120 minutes.
This year, the Union Budget will be delivered in paperless form for the first time.
When was India’s first Budget presented?
The first Union Budget of independent India was presented by RK Shanmukham Chetty on November 26, 1947.
It was a review of the economy and no new taxes were proposed. From when do Budget proposals take effect? Proposals made in the Budget, if passed by Parliament, take effect from April 1 of every year, which is when the financial year starts.
They are valid till March 31 of the next year.