The government is due to present Interim Budget 2019 on February 1.
The budget is an annual financial statement of a government, detailing its revenue and expenditure in past, as well as estimated spending and projections for time to come.
The Budget is tabled in Parliament by finance minister.
Other than Budget speech, Budget comprises a set of documents such as annual financial statement, finance bill, demand for grants and macroeconomic framework.Annual financial statementAlso known as budget statement, this document contains details of estimated receipts and expenditure in year gone by (revised estimates) vis-a-vis year to come (budget estimates), as well as those incurred in year before current financial year (actuals).Demand for grantsA government is required to provide details of estimated expenditure in this form.
Generally, one Demand for Grant is presented in respect of each Ministry or Department.
However, more than one Demand may be presented for a Ministry or Department depending on nature of expenditure.Finance BillA government submits its proposals - in terms of imposition, abolition, remission, alteration or regulation of taxes - to Parliament through this document.Memorandum explaining provisions in Finance BillThe purpose of this document is to facilitate understanding of taxation proposals contained in Finance Bill.
It also explains different provisions and their implications.Macroeconomic frameworkIt contains an assessment of growth prospects of economy, such as GDP growth rate and fiscal balance.Budget at a glanceThis is a summary of receipts and disbursements, along with a brief description of key terms.
Besides broad details of tax as well as non-tax revenues and other receipts, and Plan and Non-Plan expenditure, it also indicates revenue deficit, gross primary deficit and gross fiscal deficit.