(a) Legislative Powers:-The Parliament of the Union Government is competent to legislate on all matters that are enumerated in the Union List and the Concurrent List of the Constitution. In the Concurrent List, the Parliament and the State Legislatures have joint jurisdiction. However, in case of conflict over any law made under the Concurrent List, the Union Law will prevail upon the State Law provided the State Law has not received the earlier assent of the President.
(b) Financial Powers:- In the financial domain the Parliament is the supreme authority. Not a single paisa can be spent by the Executive without parliamentary sanction. The budget is annually prepared by the Cabinet and it is submitted for the approval of the Parliament. The Parliament also approves all proposals of the Union Government to impose taxes.
(c) Executive Powers:- The Parliament keeps a day-to-day watch over the activities of the Executive. As ours is a parliamentary system of Government, the Executive is responsible to the Parliament for all acts of omissions and commissions. The Parliament may remove a Cabinet out of power by a vote of no confidence. It may reject a bill or a budget proposal of the Cabinet.