CONCEPT OF GOVERNMENT BUDGET

Government budget is a statement of the estimates of the government’s expected receipts and government’s expected expenditure during the financial year or fiscal year which runs from 1^st April to 31^st March.

In India, Article 112 of the Constitution requires the Central Government to prepare Annual Financial statement’ for the country as a whole. This is called ‘Budget of the Central Government’. Article 202 of the Constitution requires every state Government to prepare ‘Annual Financial Statement’ for the concerned state. This is called ‘Budget of the state Government’.

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