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Lok Sabha passes Budget Demands for Grants
Context
The Lok Sabha has passed the Demands for Grants for Budget 2023-24 and the Appropriation Bill by a voice vote ‘without any discussion’.
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Demand for Grants is the form in which estimates of expenditure from the Consolidated Fund, included in the annual financial statement and required to be voted upon in the Lok Sabha, are submitted in pursuance of Article 113 of the Constitution. |
About Appropriation Bill:
- Appropriation Bill gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.
- Post the discussions on Budget proposals and the Voting on Demand for Grants; the government introduces the Appropriation Bill in the Lok Sabha.
- It is intended to give authority to the government to withdraw from the Consolidated Fund, the amounts so voted for meeting the expenditure during the financial year.
Consolidated Fund of India:
- The Consolidated Fund of India includes revenues, which are received by the government through taxes and expenses incurred in the form of borrowings and loans.
- It represents one of the three parts of the Annual Financial Statement with the other two:
- the Contingency Fund
- Public Account
- All government expenditures are met by consolidated funds except a few made by contingency fund or public fund.
- The Consolidated Fund of India was created under Article 266of the Constitution. It is also considered as the most important part of the financial statement.
- Similar to the Centre, every state has its own Consolidated Fund as well.
What goes into Consolidated Fund of India?
- All the government revenue generated from taxes, asset sale, earnings from state-run companies, etc. go into the Consolidated Fund of India.
- The fund gets money from:
- Revenue earned in direct taxes such as income tax, corporate tax, etc.
- Revenue earned in indirect taxes such as GST
- Dividends and profits from PSUs (Public Sector Undertakings)
- Money earned through government’s general services
- Disinvestment receipts
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