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VISION: Journal of Indian Taxation
Year : 2019, Volume : 6, Issue : 1
First page : ( 64) Last page : ( 81)
Print ISSN : 2347-4475. Online ISSN : 2395-2571.
Article DOI : 10.17492/vision.v6i1.185484

Phases of Budgetary Cycle in India

Sury M. M.

Formerly Economic Advisor, Delhi State Finance Commission; Formerly Reader, University of Delhi, Delhi, India. E-mail: mmsury43@gmail.com

Online published on 3 September, 2019.

Abstract

As in the case of other democratic societies, government budgeting is a constitutional obligation in India. Given the huge size and federal structure of Indian economy, budgeting is a complex task which involves considerable efforts on the part of the Ministry of Finance and other related Ministries and Departments. With the help of their financial advisers, individual Ministries/Departments formulate their spending plans on the basis of their previous year spending and the new schemes and projects which they intend to take up. This paper outlines the phases of budgetary cycle in India focusing largely on preparation of the budget, legalisation of the budget, execution of the budget and auditing of accounts.

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Keywords

Budget, Ministry of finance, Grants, Expenditure, Revenue.

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