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Union Budget Trivia

The Budget for the year 2020-2021 is right around the corner.<br>Check out this presentation to know about some facts you may not know about the budget.<br>Also check out the Union Budget(https://www.edelweiss.in/insight/today-s-perspective-1/budget-trivia---facts-you-may-not-know-e87c56?utm_source=facebook&utm_medium=social&utm_campaign=free) on 1st February 2020, which will be presented by Mrs. Nirmala Sitharaman, the Finance Minister of India

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Union Budget Trivia

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  1. Union budget facts you may not know!

  2. Introduction According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government’s finances for the fiscal year that runs from 1st April to 31st March • It is classified into 2: • Revenue Budget • Capital Budget

  3. Facts you may not know • Budget papers were prepared in Hindi from 1955-56 • The 1957 Budget was the first to differentiate between Active (Salary, Business) v/s Passive (Rent, Interest) Income • Jawaharlal Nehru was the first Prime Minister to present the budget as he held the Finance Minister portfolio in 1958-59 • Jawaharlal Lal Nehru, Indira and Rajiv Gandhi have presented the budget while serving as the Prime Minister of India.

  4. Some more facts • Services Tax was introduced by Manmohan Singh in budget 1994 to tap the growing sector in Indian economy • Budget of 1973-74 is known as the ‘Black Budget’ in India. During this year, budget deficit was Rs. 550 crore • Scrapping close to century old practice, in the Budget of 2017 the Railway Budget was merged with the union budget, a move which was expected to save close to Rs. 10K crore • Earlier, Budget was presented at 5 pm on the last working day, inherited from colonial era. The practice was put to end in 2001 and the Union Budget is presented at 11 am since then

  5. THANK YOU

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