What is the Indian budget system?

The Indian budget i.e. the Union Budget was presented on the last working day of February till 2016. Post 2016, the Indian budget was presented on 1st February. The Indian budget is presented in the Lok Sabha by the Finance Minister of India. You can read about the Union Budget 2021-22 Summary in the given link.

The financial year begins from April 1, hence the budget has to be passed by the Lok Sabha prior to coming into effect on 1st April. Article 112 of the Constitution of India gives details on the Union Budget.

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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