What are the two types of budget?

Based on the feasibility of estimates, the Government budget can be categorised as deficit budget, surplus budget and balanced budge.You can read about the Union Budget 2021 Summary in the given link.

An annual financial statement which gives information on the expected government receipts or revenue and the estimated government expenditure is known as the Government budget. If the expected government receipts are equal to the estimated government expenditure in a particular financial year then it is known as the balanced budget.

Further readings:

  1. Difference between Economic Survey and Union Budget
  2. Previous Years Economics Mains Questions in UPSC Civil Service Exam, General Studies Paper – 3

Related Links

Revenue Receipts- Tax Revenue and Non-Tax Revenue

Goods and Services Tax (GST) – An Overview on Slabs, Rates, Origin

Taxation System in India – Types, GST, VAT, Objectives, Limitation

VAT – Indirect Tax Subsumed by GST

UPSC Mains General Studies Paper-III Strategy, Syllabus & Structure

Previous Years Economy Questions in UPSC Prelims [2013-2021]

Fiscal Responsibility & Budget Management (FRBM) Act – UPSC Economics Notes

Economics Notes For UPSC IAS Examination

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