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June 29 To July 5, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 23where receipts, disbursements, with details
of tax revenue, other receipts and resources
transferred by the Central Government to
State and Union Territory Governments in
brief. It also shows the revenue deficit, the
gross primary deficit and the gross fiscal
deficit, excess of revenue expenditure over
revenue receipts, difference between the to-
tal expenditure by way of revenue, capital
receipts and loans net of repayments on the
one hand and revenue receipts and capital
receipts which are not in the nature of bor-
rowing but which accrue to Government on
the other, constitutes gross fiscal. Budget at
a Glance also includes a statement indicating
the share in Central Taxes, grants or loan of
the total Resources transferred to the States
and the Union Territory Governments.
4.9 Outcome Budget - This document indicates
the outcomes of the financial budget of a
particular Ministry/Department, indicating
actual deliverables. From Financial Year
2017-18 onwards, the Outcome Budget of
all Ministries has been combined into one
single document rather than separately for
each Ministry or Department.
4.10 Economic Survey - Since Independence,
the Central Government is bringing an ‘Eco-
nomic Survey’ indicating survey on economic
trends in the country and present just previous
day of presenting of the Union Budget. The
Survey through much needed lights on agri-
cultural, industrial production, infrastructure,
employment, money supply, prices, imports,
exports, foreign exchange reserves and oth-
er relevant economic factors which have a
direct impact on the Budget. This year it is
reported that ‘Economic Survey 2018-19’ will
be presented on 4th July, 2019.
Departments and Officials
- No doubt, preparing of 6th largest Econ-
omy of the World’s ‘Budget Documents’ is
tedious and lengthy task which involves
hundreds of finance ministry officials, Central
Ministries including Finance, Industry, Law,
Comptroller of Auditor General of India, NITI
Aayog and other Administrative Ministries
of the Government. Team of Union Budget
for 2019-20 beside Smt. Nirmala Sitharaman,
Hon’ble Finance Minister, consists of other
top ten officials, they are -- Sri. Subhash Chandra Garg, Finance Sec-
retary, - Sri. Girish Chandra Murmu, Expenditure
Secretary, - Sri. Ajay Bhushan Pandey, Revenue Sec-
retary, - Sri. Sanjeev Sanyal, Principal Economic
Adviser, - Sri. Krishnamurthy Subramanian, Chief
Economic Adviser, - Sri. Pranab Kumar Das, CBIC Chairman,
- Sri. Pramod Chandra Mody, CBDT Chair-
man, - Sri. Atanu Chakraborty, DIPAM Secretary,
- Sri. Rajiv Kumar, Financial Services Sec-
retary, and - Sri. Anurag Thakur, Minister of State for
Finance.
Interim Budget
- Similar to full Budget, an Interim Budget
(in other words, approval obtained on vote-
on-accounts basis) will be presented by an
incumbent Government in its last year of the
five-year term or before General Elections.
Usually, in India, General elections will fall
after starting of the new fiscal year, say,
in April or June. Hence, to meet the day-
to-day expenses and requisite funds to run
the economy, the Government was allowed
to draw the funds from the Consolidated
Funds of India. Accordingly, the previous
Government presented its Interim Budget on
1st February, 2019. Thus, an Interim budget
is a temporary measure to the run-up to
the General Elections passed by an outgoing
INDIA - KNOW YOUR BUDGET..!!