Outline the structure of government budget and briefly explain its various
constituents?
Answers
Answer:
A government budget is a year-long country’s financial report explaining item-wise calculations of future revenue and expenditure. The budget explains what the income and expense of a nation is.
In India, every beginning of a year, the government presents its budget in front of the Lok Sabha explaining an estimated receipt and expense for the upcoming financial year. The fiscal year starts from 1st April and concludes on 31st March of the next year.
The government prepares an expenditure according to its objective and then starts gathering the resources and funds to fulfil the proposed investment. The funds are collected from fees, taxes, interest on loans given to states, fines, and dividends by public sector enterprises.
Explanation: