Question

What is the difference between union and state budget

Answer 1

Answer:

Explanation:

Government budgets are of the following types: Union budget and State Budget.

Union budget : The union budget is the budget prepared by the central government for the country as a whole.

State budget : In countries like India, there is a federal system of government thus every state prepares its own budget.

Answer 2

The vital differences between union and state budget are stated below:

• A state budget can be defined as a budget which helps in providing the financial plans for the fiscal year, which includes both expenditures and financing.

• The state budget agency is responsible for forecasting and providing the fiscal services to the Governor.

• Union budget also known as the annual financial statement can be defined as a statement regarding the estimated expenditures and receipts.

• The ministry of finance is completely responsible for preparing the union budget.