The budget goes through six steps. The first three stages are: Presentation, General Discussion and Scrutiny by departmental committees.<\/p>\n
On the basis of report of the departmental committees, the Lok Sabha takes up voting of demand for grants. The demands are presented ministry wise. A demand become a grant after it has been voted upon.<\/p>\n
The next step is the passing of Appropriation bill. This is done in order to satisfy the constitutional requirement which says: “no money shall be withdrawn from the Consolidated Fund of India except under
\nappropriation made by law”.<\/p>\n
However, passing of this bill takes time. In the meantime, government needs certain amount to run its normal activities. To overcome this functional difficulty, the constitution has authorised the Lok Saha to
\nmake any grant in advance in respect to the estimated expenditure for a part of the financial year, pending the completion of the voting of demands for grants and the enactment of the appropriation bill. This
\nprovision is known as the ‘vote on account’. It is passed after the general discussion on budget is over.<\/p>\n
Finally, the Finance Bill is introduced to give effect to the financial proposals of the Government of India for the following year. The Finance Act legalises the income side of the budget and completes the process
\nof the enactment of the budget.<\/p>\n","protected":false},"excerpt":{"rendered":"
The budget goes through six steps. The first three stages are: Presentation, General Discussion and Scrutiny by departmental committees. On the basis of report of the departmental committees, the Lok Sabha takes up voting of demand for grants. The demands are presented ministry wise. A demand become a grant after it has been voted upon. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[308],"tags":[],"class_list":["post-25850","post","type-post","status-publish","format-standard","hentry","category-economics"],"acf":[],"yoast_head":"\n