In order to educate the country general public ahead of the budget presentation set for 1 February, the Ministry of Finance has started a 'Know Your Budget' series on Twitter. Using its official Twitter handle, the ministry has been providing the definition of some the basic yet important aspects of understanding the significance and making of the Union Budget. The series is set to be continued for at least a fortnight.
On 1 February, an interim budget, also known as a vote-on-account budget, will be presented by the interim finance minister Piyush Goyal, in the absence of Arun Jaitley who is away for his health treatment. The full budget for the financial year 2019-10 will be prepared and presented after the general assembly elections by the new government.
The series of tweets are being posted for close to 10 days now. Here are some of the definitions provided by the ministry:
What is Union Budget?
As Union Budget is round the corner, we come across so many terms which leave us puzzled. So via “Know Your Budget” Series, we aim to assist you in enhancing your Budget Vocabulary.— Ministry of Finance (@FinMinIndia) 15 January 2019
Before diving into details of Budget,let us first understand what a ‘Union Budget’ is? #Budget2019 pic.twitter.com/o0UdDOfuL8
What is Vote on Account?
What is Capital Budget?
Capital Budget:— Ministry of Finance (@FinMinIndia) 16 January 2019
Yesterday we gave a glimpse of what is ‘Union Budget’ and ‘Vote on Account’. Let’s move forward and see what the other types of Budget are.
What is a ‘Capital Budget’?
What is Outcome Budget?
What is Revenue Budget?
What is Finance Bill?
Tax proposals are the most anticipated part of the Budget Announcements as they are directly linked to the common man's life.— Ministry of Finance (@FinMinIndia) 23 January 2019
Let's see how they are presented in the Parliament.
What is a ‘Finance Bill’?#Budget2019 pic.twitter.com/4ce37WtgDZ
What is Guillotine?
Parliament has a limited time to scrutinise the Expenditure Demands from all Ministries. Once the prescribed period for discussion on Demands for Grants is over,in order to put the process on fast-track,‘Guillotine’ is applied.Let's know the process of ‘Guillotine’.#Budget2019 pic.twitter.com/djBi33sCqQ— Ministry of Finance (@FinMinIndia) 25 January 2019
What are Cut Motions?
Demand for Grants are demands made in respect of the grant proposed by each Ministry.However, the Parliament has authority to check expenditure of the Govt.& ‘Cut Motions’may be moved in Parliament to reduce the amount of a demand.Let us learn more about ‘Cut Motion’?#Budget2019 pic.twitter.com/sXCylHfsiW— Ministry of Finance (@FinMinIndia) 25 January 2019