Budget 2022 is just around the corner, with a handful of days to go before Finance Minister Nirmala Sitharaman presents it in the parliament on 1st February 2022.?
The entire nation is eagerly waiting to hear the announcements and hoping for relief amidst the pandemic, especially after being hit by the third wave in the form of the Omicron variant, which has shot up the cases in the entire country.
If you too have pinned high hopes from the Budget 2022 and are waiting for it keenly, then going through these Budget FAQs (frequently asked questions) can prove to be helpful and provide you with a better insight into the financial world of Budget.?
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One of the biggest reasons why we look forward to the Union Budget 2022 is to know whether it fulfils our expectations or not.?
With the nation and citizens going through a tough time since the past two years of the Covid Pandemic, the Union Budget 2022-23 is widely expected to provide some relief to the businesses, various industries as well as live up to the expectations of a common man.?
Click here to know about the expectations of the salaried class, which include lowering the income tax rate, increasing the standard deduction limit, etc. If you have an existing vehicle or plan to own one, then click here to know what the automobile sector expects from Budget 2022. And if you are an investor, click here to know what Budget 2022 expectations can be fulfilled.??
The Budget is expected to be presented on 1st February 2022 by Finance Minister Nirmala Sitharaman.
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The Budget documents usually include the Finance minister's speech in Parliament, highlights, annual financial statement, finance bill, demands for grants, statements mandated under FRBM Act, expenditure and receipt budget, memorandum explaining the provisions in the financial bill, key features of budget, budget at a glance, the key to the budget document, macroeconomic framework statement and some other documents.
The Union Budget is presented only once a year, mostly on 1st February, since the announcement regarding the same in 2016. Before that, it was presented on the last working day of the month of February, every year.?
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Preparing the annual union budget is not only important but in fact compulsory.?
Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year. By presenting the Union Budget on an annual basis the government announces its fiscal roadmap for the next financial year.
In exceptional or occasional cases like?the change of government mid-way, an interim Budget may be presented. It is similar to a full budget in nature but is presented for a temporary period instead of for the entire financial year.
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A budget deficit means the government¡¯s expenses exceed its revenue.
The Finance Minister usually starts the Budget speech at 11 am, to present the Union Budget every year. The speech can last for around 1.5-2 hours.
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Yes, continuing last year¡¯s move of presenting a paperless budget, which fits both the Prime Minister¡¯s idea of Digital India as well as is suitable in the current pandemic circumstances, Budget 2022 is also expected to be paperless, which is also suitable for the environment.
The Budget is expected to be presented on 1st February 2022 at 11 am by the Finance Minister in Parliament.
The first union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.
Amongst the total receipts of the government, the centre¡¯s net tax revenue constitutes the majority portion of the tax revenue included in receipts.?
This includes tax revenue in the form of corporation tax, taxes on income, customs, GST, service tax, Union Excise Duties etc. In 2020-21, the centre¡¯s net tax revenue was ?13.44 lakh crore, which was about 83% of total receipts, which stood at ?16.01 lakh crore (excluding borrowings).
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In 2016, the then Finance Minister Arun Jaitley had announced that the Budget will now onwards be presented on 1 February instead of following the colonial-era tradition of presenting the Union Budget on the last working day of February.?
In September 2016, the government announced that the Rail Budget will be merged with the Union Budget, and this practice has been taking place since the Union Budget 2017. This decision is said to be based on the recommendations of a committee headed by then-NITI Aayog member Bibek Debroy and included Bibek Debroy and Kishore Desai.
The current Finance Minister Nirmala Sitharaman¡¯s Budget 2020 speech (delivered on 1st February 2020) was reportedly the longest in the history of Independent India, as it lasted for close to 2 hours 42 minutes.?
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