Gender Budgeting in India

A gender budget is not a separate budget for women. Instead, the gender budgets are an attempt to assess government priorities as they are reflected through the budget and examine how they impact women and men. Gender budgets look at ..

Participatory Budgeting in India

According to the International Budget Project (IBP), participatory budgeting is the process by which citizens deliberate and negotiate over the distribution of public resources. Participatory budgeting creates opportunities for engaging, educating and empowering citizens, which can equip and advance a ..

Budget Preparation Process in India

The preparation of budget in India involves the several stages before its presentation to the house. The fiscal year of the Union and State Governments is from April to March. The preparatory work on budget documents starts around 6-8 months ..

Principles of Budgeting

There are a few principles followed in budget preparation exercise. These are as follows: Principle of Annuality This implies that a budget is prepared every year on annual basis. One year is considered ideal period for budget because it’s an ..

Functions of a Budget

A government budget is a financial plan that outlines the projected revenues and expenditures for a specific period. It serves as a critical tool for policymakers to allocate resources to various sectors and implement public policies. A budget is not ..

History of Budget in India

Etymologically, the term budget is related to Latin bulga , which refers to a ‘leather bag. The term comes from a Gaulish source connected to the Irish bolg, which means a bag. It got associated with finance in mid 18th century following ..

Plan and Non-Plan Expenditures

Government of India has now scrapped the plan and non-plan expenditures in budget exercise and their place has been now taken by capital and revenue spending classifications. The classification of plan and non-plan was a major exercise in India during planning ..

Indirect Taxes in India

Indirect taxes include service tax, sales tax, custom, excise duties, VAT, MODVAT, CENVAT, proposed Goods & Services Act etc. Initially the indirect tax regime was too complicated and there was an ubiquitous problem of tax on tax. Post liberalization, there ..

Direct Taxes in India

Direct tax is a tax directly paid to the government by the individuals or organizations on whom it is imposed.  The main examples of Direct Taxes are Income Tax, Gift Tax, Wealth Tax, Property Tax etc. Important Laws on Direct ..

Capital Receipts and Capital Expenditures

A receipt that results in either reduction in government assets (sale of share, disinvestment) or increase in some liability (government borrowings) is a capital receipt. These receipts are NOT a part of normal operations of government business. Capital Receipts include ..