What are the 2 main parts of a budget?

The 2 main parts of a Government budget are revenue and expenditure of the Government. The Government gets its major share of revenue from Goods and Services Tax (GST), Income tax, corporation tax, customs and excise duties. You can read about the Union Budget 2021-22 Summary in the given link.

Disinvestment of public sector undertakings (PSU’s) are also another important means of getting more revenue. The Government usually spends a lot on social welfare schemes, infrastructure projects, and in sectors of the economy which will generate employment.

Further readings:

  1. Taxation in India – Direct taxes & Indirect Taxes, Features of Taxation System
  2. Revenue Receipts- Tax Revenue and Non-Tax Revenue

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