Published on February 20, 2014
KEY TO BUDGET DOCUMENTS THE LIST OF ASSOCIATED DOCUMENTS THE FINANCE MINISTER HAS TO PRESENT APART FROM THE BUDGET ITSELF.
Annual Financial Statement • The document shows the estimated receipts and expenditure of the government in the current year in relation to estimates for the previous. • The document also distinguishes expenditure on revenue account from other expenditure. • The document has three parts: • Consolidated Fund • Contingency Fund • Public Account
Demands for Grants • The Demands for Grants is presented to the Lok Sabha along with the Annual Financial Statement. • Each Ministry or Department presents a Demand for Grants, which needs to be voted by the Lok Sabha.
Appropriation Bill • The Vote on Account is obtained from Parliament through an Appropriation Bill. • The purpose of the Vote on Account is to keep Government functioning, pending voting of final supply.
Finance Bill • The document details the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget.
Memorandum Explaining the Provisions in the Finance Bill • The Memorandum Explaining the Provisions of the Finance Bill helps in understanding the taxation proposals contained in the Finance Bill, the provisions and their implications.
Macro-economic Framework Statement • The document contains assessment regarding the GDP growth rate, fiscal balance of the Central Government and the external sector balance of the economy.
Fiscal Policy Strategy Statement • The statement describes the strategic priorities of government in the fiscal area for the ensuing financial year relating to taxation, expenditure, lending and investments, administered pricing, borrowings and guarantees.
Medium-term Fiscal Policy Statement • The statement sets out three-year rolling targets for four specific fiscal indicators in relation to GDP at market prices namely • • • • Revenue Deficit Fiscal Deficit Tax to GDP ratio Total outstanding Debt at the end of the year
Medium-term Expenditure Framework Statement • The statement sets forth a three-year rolling target for the expenditure indicators and provides a closer integration between budget and the Fiscal Responsibility and Budget Management (FRBM) statements.
Expenditure Budget Volume-1 • The document outlines the revenue and capital disbursements of each Ministries/Departments. • It also provides broad reasons for the variations in estimates.
Expenditure Budget Volume-2 • The document shows the net estimate made for a scheme or a programme at a glance, using Major Heads. • In the Demand for Grants, the provisions made for a scheme or programmes are spread over a number of Major Heads in the Revenue and Capital sections.
Receipts Budget • The Document explains details of tax and non-tax revenue receipts and capital receipts. • It also provides information on arrears of tax revenues and non-tax revenues. Other documents include: • Statement pertaining to National Small Savings Fund • Statement of revenues foregone • Statement of liabilities • Statement of guarantees • Statements of assets and details of external assistance
Budget at a Glance • The document includes receipts and disbursements along with broad details of tax revenues and other receipts. • It also shows the broad break-up of expenditure Plan and Non-Plan. • It also has a statement that includes the share of Central Taxes, grants/loan of the total resources transferred to States and Union Territories.
Highlights of Budget • The document outlines major achievements in different sectors and key features of the Budget. • It also contains the summary of tax proposals.
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