Historical Background Of Budget


 
 
Concept Explanation
 

Historical Background Of Budget

  • 'Budget System' was introduced in India on 7th April, 1860. Sir James Wilson the first Indian Finance Member delivered the budget speech expounding the Indian financial policy as an integral whole for the first time.
  • The financial year for the Union and the State Governments in India is from April to March. Each financial year is, therefore, spread over two calendar years. The period of financial year as from April to March was introduced in India from 1867. Prior to that, the financial year in India used to commence on 1st  May and ended on 30th April (L.K. Jha Committee's Report of the Committee On Change in Financial Year).
  • Although the Indian Constitution does not mention the term Budget', it provides that the President shall in respect of every financial year cause to be laid before both the Houses of Parliament, the House of People (Lok Sabha) and the Council of States (Rajya Sabha), a statement of the estimated receipts and expenditure of the Government for that year. This statement known as the 'Annual Financial Statement' is the main fiscal or budgetary document of the Government.
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