Budget 2021: Budget documents are classified into categories having unique purposesBudget 2021:Finance Minister Nirmala Sitharaman will present Budget 2021 in the Parliament on February 1.
As an annual financial statement of thegovernment, the budget details the estimates of revenue and expenditure in the past and inthe time to come.
Apart fromthe Budget speech delivered by the Finance Minister in Parliament, Budget documents include various sections such as the annual financial statement, the demand for grants, as well asthe macroeconomic framework.
(Also Read:Key Challenges For Finance Minister Ahead Of Budget 2021)Annual financial statementThis is also known as the budget statement and contains details of the estimated receipts and expenditure in the financial year ending in the coming March of the year.Similarly, the forward-looking estimates for the financial year starting in April this year (budget estimates) are included.
The final figures - also known as 'actuals'- for the year before the current financial year numbers are also mentioned in this document.The annual financial statement comparesthe government's projected receipts and expenditure for the coming financial year with those for the present financial year as well as the figures of the previous financial year.Finance BillThe Finance bill is introduced only in Lok Sabha immediately after the presentation of the Union Budget.
The finance bill giveseffect to the government's financial proposals on the taxation front.Demand for GrantsThe Demand for Grants is the form in which the estimates of expenditure from the Consolidated Fund are submitted in the Parliament.
In this form, the government is required to provide details of estimated expenditure.
Usually,one Demand for Grant is presented in respect of each ministry or its department.
More than one demand for grants may be presented for a ministry or department depending uponthe nature of expenditure.Expenditure BudgetThe provisions made for a particular scheme of the government couldbe spread over a number of major heads in the revenue and capital sections under the Demand for Grants.
The expenditure budget involvesthe estimates for a scheme or programme and is shown on a net basis on a revenue and capital basis in one place.Receipts BudgetThe receipts budgetdocument gives thedetails of tax and non-tax revenue receipts, as well as capital receipts.
It also provides a statement on the arrears of tax revenues as well asnon-tax revenues.
Details on the trend of receipts and expenditure and the deficit indicators, assets, liabilities, guarantees, and External Assistance are also included.Budget At A GlanceBudget at a glance - is aset of documents thatcontainsa brief description of the receipts and disbursements along with broad details of tax revenues and other receipts.
It also provides thedetails of the resources transferred by the centralto the state or theUnion Territory governments.
The set also has the following components:Debt and deficit statisticsTransfer of resources to states and UTs with legislatureBudget profileReceiptsExpenditureOutlay on major schemes