Characteristics of Budget
1. It is an estimate, not an actual statement.
2. It is prepared annually.
3. It is prepared at all levels of the Government, whether it is Central Government, State Government, or Local Government. However, our study is restricted to the Budget prepared by the Central Government, also known as the Union Budget.
4. The expected revenues and expenditures are planned as per the objectives of the Government.
5. In India, the Finance Minister presents the annual budget of the Government for its approval by the parliament. It is approved and then it is implemented.
6. A budget discloses both the financial performance of the Government in the last year and Government policies for the following year.
7. Budget impacts the economy through fiscal discipline and resource allocation.
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