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Meaning of government budget
Government budget is a annual statement that shows item wise estimates of receipts and expenditure during a financial year. The financial or fiscal year is from 1st April to 31st march.
Important points of government budget
- budget is prepared by government at all levels the central government the state government and the local government.
- estimated expenditure and receipts are planned as per the objectives of the government .
Objectives of government budget
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Reallocation of resources
Through the policy the government aims to reallocate resources in accordance with the profit maximization and social priorities of the country.
Reducing inequalities in income and wealth
The economic inequality is an inherent part of every economic system. The government aims to influence distribution of income by imposing taxes on the rich and spending more on benefits of poor.
Economic stability
The economic stability means absence of large scale fluctuations in prices. Government excercises the fluctuations through taxes and expenditures.
Components of budget
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Revenue budget
It deals in the revenue aspect of the government budget. It explains how revenue in generated and collected by thr government and how it is placed in the various expenditure heads.
Capital budget
It deals on the capital aspects of the government budget and is consist of capital receipt and capital expenditures. Capital budget is th6r statement of estimated capital receipts and estimated capital expenditures during in financial or fiscal year.
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