Dear RACE Students,
The whole country is speaking about The BUDGET 2018-19 because the government’s vision and the various benefits to the people will be revealed in the Union Budget. The Union Budget is the Annual Budget of India and the Government presents it on the 1st of February so that all the things mentioned in the Union Budget will be materialized before the start of the new financial year.
Until 2016, the Union Budget was presented in the last date of the February but was changed later. The Union Budget of India is presented by the Finance Minister of India in the Parliament.
Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates.
The Union Budget which is presented as a finance bill and an appropriation bill have to be passed in both the houses before it comes into effect from the start of India’s Financial Year. This year the UNION BUDGET 2018 has gained more important because this is the first UNION BUDGET after the G Minster ST and the last Union Budget of the present Government.
The General election will be held in the next year, so this UNION BUDGET 2018 has gained more importance.