Which of the budgets is used in India?

Based upon the revenue expected by the Government and based on the estimated expenditure of the Government, the budget of Government can be classified as surplus budget, balanced budget and deficit budget. You can read about the Union Budget 2021-22 Summary in the given link.

Article 112 of the Indian Constitution gives details of the Union Budget of India, it is referred to as Annual Financial Statement.

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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