Union Budget 2023: Put Your Knowledge To The Test By Answering These Simple Questions On The Indian Budget

With just a few weeks left until India¡¯s Finance Minister Nirmala Sitharaman presents the Union Budget 2023 on February 1, various sectors of the economy are putting forth their set of pre-budget expectations from the government.

The annual budget of India is known as the "Union Budget of India," also known as the "Annual Financial Statement," under Article 112 of the Indian Constitution.

Budget 2023 | File Photo

Amid global recession fears, rising interest rates, unemployment, and inflationary concerns, among other troubling points, the worrisome economic scenario makes the upcoming Budget 2023 an even more crucial one for the nation.

ANSWERS:

Answer 1: Finance Minister: The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament.

Answer 2: Shanmukhan Chetty: Our first FM was not a member of Congress. In keeping with the idealistic spirit of Independence, Jawaharlal Nehru¡¯s first cabinet included non-Congress party members, like Dr. Ambedkar. The FM¡¯s post went to Sir R K Shanmukham Chetty, an industrialist, the erstwhile Diwan of Cochin State, and Constitutional Adviser to the Chamber of Princes. He had been a member of the pro-British Justice Party.

Answer 3: Both I & II¡ªThe Union Budget of India can be classified into two components¡ªthe revenue budget and the capital budget.

Answer 4: French Word - The word "budget" is derived from the French word "bougette," which means "little bag," from which the budget concept was derived, and after years of development, the budget for every single country started getting prepared.

Answer 5: 1773: The first official use of the term "budget," from what I could gather, was done by Mr. Walpole, who is considered the first de facto Prime Minister of Great Britain, when he presented the Financial Statement in 1773.

Answer 6: Sir Robert Walpole: The first use of the term "budget" may date from this financial statement by Walpole as Prime Minister and Chancellor of the Exchequer.

Answer 7: The government of India earns income by imposing several forms of taxes, such as taxes on the incomes of individuals and corporations, GST on goods and services, and property tax. It also earns revenue through non-tax sources such as interest on loans given to entities such as states and Railways.

Answer 8: GST & income tax: The Indian government's main sources of income are the Goods and Services Tax (GST) and income tax. Both forms constitute nearly 90% of the government's total tax collection. In 2021¨C22, the GST contributed over 57% to the total tax collection.

Answer 9: Vote on the accounts of the government - The vote-on-account is passed through the interim budget. It allows the government to meet its expenses in the short period leading up to the elections.

Answer 10: James Wilson - the first Finance Minister of the British Indian Government, introduced the tax system in India. In 1860, income tax was introduced by James Wilson in India.

Answer 11: In 2021, Uttar Pradesh became the first Indian state to present a paperless budget. Ipads were provided to all the state legislature members to view the highlights of the budget.

Answer 12: The budget was first introduced on April 7, 1860, two years after the transfer of Indian administration from the East India Company to the British Crown.

Answer 13: After independence, India's first finance minister, Shanmukham Chetty, presented the first budget of independent India on November 26, 1947.

Answer 14: Under Article 112 of the Constitution, a statement of estimated receipts and expenditures of the Government of India has to be laid before Parliament in respect of every financial year, which runs from April 1st to March 31st. This statement, titled "Annual Financial Statement," is the main budget document.

Answer 15: When the ruling party loses its majority in the Lok Sabha or the Prime Minister submits the resignation of the Council of Ministers.

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