Budget 2023: What is Union Budget, why is it presented every year? understand

Regarding the Union Budget, the question often comes to our mind that what is it and why is it presented every year.

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Union Budget 2023-24 The market for discussions is hot. The budget for 2023-24 will be presented by Union Finance Minister Nirmala Sitharaman on February 1. Now all the hopes of the people rest on the budget itself. Today we will tell you about this budget, what it is and why it is necessary for the governments. union budgetUnion Budget) In common parlance, it is called the general budget. Regarding the budget, we can say that it is an annual report as a country.

In the budget, the government presents the complete details of the expenditure and income to be incurred in the financial year. The financial year in India starts from 1st April and ends on 31st March. In such a situation, the government presents the details of this entire year in the Parliament. The government tells how much money it is going to spend in which sector in the next one year and what is its preparation regarding the market. There are mainly two parts of the budget, in which one is the capital budget and the other is the revenue budget.

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What is revenue budget?

The revenue receipts and expenditure of the government are included in the revenue budget. Which is called in common language that how much revenue the government received. Revenue receipts are also of two types. In this, the first taxable income and the second non-taxable income. Revenue expenditure is the expenditure incurred on the daily functioning of the government and various services provided to the citizens of the country. In revenue expenditure, the government broadly tells where it is going to invest or what is its plan. For this, she selects different areas and then allots budget for their expenditure.

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What is capital budget?

The second part is the capital budget, which includes capital receipts and payments of the government. If the government takes loans from foreign governments and RBI, then it is called capital receipts. While the expenditure on the development of machinery, equipment, buildings, health facilities, education etc. is called capital expenditure. If the revenue expenditure in the budget exceeds the revenue receipts, then it is called revenue deficit of the government.