Budget 2023: Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. The Finance Minister delivers a speech to open the Budget. Even though it is only a small part of the Budget document, the speech is the most important aspect. It is possible to divide the speech into two halves.
The reform strategy and the finance minister's predictions for the upcoming fiscal year are presented in Part A. It includes planned plans and measures for a variety of industries, including agriculture, education, health care, large and small businesses, the service industry, startups, and others. The Finance Minister also makes public a few budgeted goals, such as divestment and reducing the deficit.
Direct and indirect tax announcements are included in Part B (with the exception of GST, which is not covered by the Budget but is decided by the GST Council). This section announces any modifications to the income tax slabs, corporate tax, capital gains tax, and customs and excise taxes.
The annexe, which includes a summary of the tax announcements and budgeted spending on various ministries, programs, and schemes, follows Part B.
The government's capital expenditures, administrative expenses, tax revenue, non-tax revenue, subsidy payments for food and fertiliser, revenue transfers to states and UTs, and other items can all be used in the coming fiscal year in the Budget document.
For easy reading, each chapter has highlights and executive summaries. If you want to quickly review the budget, you can search for something called "Budget at a Glance."
Information about the state of the government's finances can be found in a document known as an Annual Financial Statement.
Q1. What is the budget's summary?
The online version of the printed Budget Summary contains the budgeted amounts, encumbrances, transaction totals, and budget balances.
Q2. What are the two most important parts of a budget?
Receipts and expenditures are the two primary components of the budget.