Budget 2023: As soon as the budget is passed, you do not get the benefit directly, know what the rules say? - Newztezz Online


Monday, January 30, 2023

Budget 2023: As soon as the budget is passed, you do not get the benefit directly, know what the rules say?

The general budget of the country will be presented on February 1. Before the budget is presented, know that how the budget is passed and what process has to be passed for it. It is not that the government ends just by allowing it to be presented, it has to go through many processes even before that.

Union Finance Minister Nirmala Sitharaman will present the country's general budget on February 1 . This will be the fifth budget to be presented by him and this will be the last budget of the second term of the Modi government. Everyone's eyes are fixed on this budget to be presented on Wednesday. This budget is also very important because the country's economy has gained momentum after the Corona epidemic. What big steps the government takes in the budget, it will be known only on Wednesday, but before that, know what are the rules and regulations for passing the budget.

Let's start with the presentation of the budget first. The budget is first presented in the Lok Sabha, but before that it is necessary to take the approval of the President. After the President's approval, it is placed before the Union Cabinet. After this it is introduced in both the houses of the Parliament. First it is presented in the Lok Sabha and then it is presented in the Rajya Sabha. After the budget is presented in both the Houses, it is discussed. One more thing to note here is that in Rajya Sabha, there is only discussion about the budget, there is no voting. The Lok Sabha votes on the demands for grants.

When does the budget come into effect?

After the budget is passed, it has to be implemented from April 1 because the financial year in India starts from April 1 and ends on March 31 next year. In such a situation, it is necessary to implement the budget from April 1. The Finance Bill is introduced in the budget session to fulfill the requirement of Article 110 (1) (a) of the Constitution of India. In this bill, budget-related proposals such as imposing tax, reducing or increasing tax, waiving tax as well as other information are given. It is presented and passed in both the houses.

How is the budget prepared?

A circular is issued by the Ministry of Finance to all Ministries, Union Territories and Autonomous Bodies to start the preparation of the budget. After this, the departments prepare a report based on their respective needs and send it to the Finance Ministry. In this report, he tells about his funds and plans to the Finance Ministry. Every ministry goes through this process and demands funds for its schemes. The finance ministry holds a meeting after the reports are sent by the ministries. The process of preparing the budget starts in August-September itself.

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