India. The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament.
Has budget 2021 been passed?
Rajya Sabha on Wednesday passed the Finance Bill, 2021, thus completing the Parliamentary approval process. The Bill gives effect to the financial proposals of the central government for the financial year 2021-22. … The passage of the Finance Bill by Parliament marks the completion of the budgetary process.
Who presented the first budget?
The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48. After Independence, India’s first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947.
What is the current budget of India?
As per the revised estimates, the government spent Rs 34,50,305 crore in 2020-21, 13% higher than the budget estimate. Receipts: The receipts (other than borrowings) are expected to be Rs 19,76,424 crore in 2021-22, which is 23% higher than the revised estimates of 2020-21.
Which budget is used in India?
In India, budgets fall under three main categories: Balanced budget, Surplus budget and Deficit budget. A budget’s classification depends on whether the estimated spending by the government over the year is equal to, lower than or higher than the receipts anticipated.
What was the budget for 2021?
Main budget revenue is projected to be R1. 35 trillion, or 25.3 per cent as a share of Gross Domestic Product (GDP) in 2021/22. This rises to R1. 52 trillion in the outer year (2023/24) of the Medium-Term Expenditure Framework (MTEF).
What is India’s budget in 2021?
2021 Union budget of India
|Emblem of India|
|Submitted||1 February 2021|
|Total revenue||₹19.76 trillion (US$280 billion) (23.4%)|
|Total expenditures||₹34.83 trillion (US$490 billion) (1%)|
Is GST audit abolished in budget 2021?
Budget 2021-22 proposed to remove the mandatory requirement of getting annual accounts audited and the reconciliation statement submitted by specified professionals, such as CAs under the GST regime, the people cited above said.