Budget 2024: Nirmala Sitharaman will bring vote on account this time, what does this mean? Know how it is different from the interim budget

Photo:FILE vote on account

New With the beginning of the year, discussions start regarding the country’s budget. Every year on 1 February, the country’s budget (Budget 2024) for the upcoming financial year is presented by the Union Finance Minister. This time also Finance Minister Nirmala Sitharaman will present the general budget on 1 February. But this year is different. General elections are going to be held in the country this year. Usually when general elections are held, an interim budget is presented. After this, when the new government comes, it is the responsibility of presenting the full budget. But this time the Finance Minister will not present the interim budget. This time they will bring Vote on Account Budget. Finance Minister Nirmala Sitharaman has said that this time the budget will be vote on account. He has told that there will not be any big announcements in this budget. Let us know what it is and how it is different from the interim budget.

After all, what is vote on account?

According to Article 116 of the Indian Constitution, vote on account or vote on account is an advance grant to the government from the Consolidated Fund of India to meet short-term expenditure requirements until the beginning of the new financial year. Information about the Consolidated Fund of India is given in Article 266 of the Indian Constitution. All the revenue coming to the central government is stored here only. This revenue includes taxes, interest on loans and a part of state taxes. According to law, the Consolidated Fund cannot be withdrawn except with the permission of the Central Government and by making an Appropriation Undertake every year during the Union Budget.

How is it different from the interim budget?

Now you would like to know what is the difference between interim budget and vote on account. In the interim budget, the central government presents details of income along with expenditure. The interim budget includes revenue, fiscal deficit, expenditure, financial performance and projections for the coming months. On the other hand, only information about government expenses is presented in Vote on Account. It does not mention the income of the government. Now if we talk about the similarities between the two, neither of them make major policy announcements. Both the interim budget and vote on account take place for a few months.

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