Government Budget

In finance, Government Budget is the part of public finance. In simple words, Government budget is that legal document which shows the estimation of government expenses and incomes. Main source of government income is tax. But there are large numbers of expenditures which has to be incurred by government. In these expenses, we can include salary and pension of government employee, expenses for making schools, colleges, universities, railways and roadways. ForAll these, need money. Government budget also shows difference of estimated incomes and expenses. This difference can be adjusted by increasing revenue, decreasing expenses, issuing of new notes and taking of loan. Government budget is base of making family budget and every citizen wants that it should be made for Garib Aadmi not Aam Aadmi . In India government budget is made under union budget by finance Minister.

Aims and Challenges of Indian Government Budget 2010-2011

  •  To quickly revert to the high GDP growth path of 9 per cent and then find the means to cross the ‘double digit growth barrier’.
  • To harness economic growth to consolidate the recent gains in making development more inclusive.
  • To address the weaknesses in government systems, structures and institutions at different levels of governance.

Plus Points of Indian Government Budget 2010-2011

  1. India among the first few countries in the world to implement a broad-based counter-cyclic policy package to respond to the negative fallout of the global slowdown.
  2. The Advance Estimates for Gross Domestic Product (GDP) growth for 2009-10 pegged at 7.2 per cent. The final figure expected to be higher when the third and fourth quarter GDP estimates for 2009-10 become available.
  3. The growth rate in manufacturing sector in December 2009 was 18.5 per cent – the highest in the past two decades.
  4. A major concern during the second half of 2009-10 has been the emergence of double digit food inflation. Government has set in motion steps, in consultation with the State Chief Ministers, which should bring down the inflation in the next few months and ensure that there is better management of food security in the country.
  5. The Income Tax department has introduced “Sevottam”, a pilot project at Pune, Kochi and Chandigarh through Aayakar Seva Kendras, which provide a single window system for registration of all applications including those for redressal of grievances as well as paper returns. The scheme will be extended to four more cities in the year.
  6. Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent.
  7. Accredited news agencies which provide news feed online that meet certain criteria, exempted from service tax.

Minus Point of Indian Government Budget

  1.  In India, Central govt. makes budget but is not acted upon due to corruption. You can see that govt. fixes the prices of commodity in budget but in the middle of year, these expenses are dramatically increased. No authority has any answer for this.
  2. One side govt. says that our income sources are limited and we should decrease our expenses but on the other side, each minister’s per month cost is more than Rs. 500000 which is provided in budget. Why?
  3. Like last year budget, Govt. has made planning to expand Rs. 300 crore to organize 60,000 “pulses and oil seed villages” in rain-fed areas during 2010-11 and provide an integrated intervention for water harvesting, watershed management and soil health, to enhance the productivity of the dry land farming areas. I think that after this, price of pulses will reach at Rs. 200 per kg. Because I have read last year budget in which govt. had made same planning and today all pulses are touching Rs. 100 per kg.
  4.  In union budget 2009, Government of India had estimated Rs. 26800 crores for education and this year govt. of India had estimated Rs. 31036 crores. After this, I am sorry to say that there is no quality education at school level in India.
  5. Rate of Minimum Alternate Tax (MAT) increased from the current rate of 15 percent to 18 per cent of book profits.
  6. Fiscal deficit for BE 2010-11 at 5.5 per cent of GDP, which works out to Rs.3,81,408 crore.
  7. Plan allocation to Ministry of Health & Family Welfare increased from Rs 19,534 crore in 2009-10 to Rs 22,300 crore for 2010-11. No need to pay on heath. Govt. should care and expend for the health of their ministers, others will protect with zero cost natural way.

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Accounting Education: Government Budget
Government Budget
Accounting Education
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