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    importance of government budget class 12

    Why are borrowings a capital receipt? Ans. Class 10 NCERT Economics. This allocation is done with the help of government budgetary policy. Free PDF download of Important Questions with Answers for CBSE Class 12 Macro Economics Chapter 5 - Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books. Revenue Expenditure; The above mentioned is the concept that is explained in detail about Government Budget – Meaning and its Components for the Class 12 Macroeconomics students. Explore link: Central Problems of an Economy, Also Read: Concept of Government Budget and the Economy, You might want to know: Economic system in India. (i) Balanced budget, i.e. 28. (All India 2011,2008; Delhi 2009) burden of these taxes can be shifted to other, e.g. Government budget is a statement of expected receipts and expenditure of the government during a fiscal year.Main objectives of government budget are: (A)Redistribution of income and wealth: It is one of the most important objective of the government budget.The government imposes heavy taxation on a high income groups redistribute it among the … The government allocates the resources in accordance with the social and economic priorities of the country. Oct 10, 2020 - Important Questions : Government Budget & the Economy Class 12 Notes | EduRev is made by best teachers of Class 12. NCERT Solutions class 12 Economics The Government Budget and Economy Class 12 Economics book solutions are available in PDF format for free download. CBSE Class 12. (i) Income from public enterprises The government does the allocation of resources in such a manner that there is a balance between the goals of profit maximisation of PSUs and social welfare in an economy. Economic Stability 4. (i) Recovery of loans Impacts of Budget Define tax   (Delhi 2012; All India 2010) (All India 2011) 9. (Delhi 2010c) (iii) Economic growth 36. 12.Why the taxes received by government are not capital receipts? Class 11 … 27. It provides a benchmark in evaluating success or failure in achieving goals and provides suitable improving measures. Note Interest payments by government on loans taken is also an example of revenue expenditure. (Compartment 2014) The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. Which economic value does it reflect? (i) Wealth tax                                  (ii) Value added tax Meaning “A government budget is an annual financial statement showing item wise estimates of expected revenue and anticipated expenditure during a fiscal year.” Just as your household budget is all about what you earn and spend, similarly the government budget is a statement of its […] 24. There are many objectives of the government budget, such as allocation of resources, public accountability, etc. People with income below a certain level are not levied any direct tax altogether. Important Topics in Economics: tax receipts of the government. (iii) Economic stability. (i) Brings aggregate fiscal discipline level. On the other hand, interest received on loans, dividend received from public enterprises, and grants from foreign government are revenue receipts as they neither create liability nor any reduction in assets of the government. 4. (All India 2010) (i) Entertainment tax (i) Economic stability Economic stability an objective of government budget Government tries to establish economic stability by its budgetary policies. How can the government budget be helpful in altering distribution of income in an economy? (iii) Can effectively and efficiently implement programme. Two examples of direct tax are : When the expected receipts are equal to the expected expenditures in the government budget, the budget is said to be balanced (Expected receipts = Expected expenditures). Define a direct tax. Also give an example of each. (ii) Recovery of loans It refers to that inflow of cash which the government has disbursed previously. Ans.Difference between revenue receipts and capital receipts. Obviously, the budget is the most important information document of the government because government implements its plans and programmes through the budget. (All India 2008) (All India 2011) 9. The funds are collected from fees, taxes, interest on loans given to states, fines, and dividends by public sector enterprises. However, we restrict our studies to budget of central government known as Union Budget. To know more, stay tuned to BYJU’S. Government Budget And The Economy. Give two examples of each. CBSE Notes Class 12 Business Studies Government Budget and Economy. However, we restrict our studies to budget of central government known as Union Budget. The government budget is an annual statement, showing item wise estimates of receipts and expenditures shown in the budget are not the actual figures, but the estimated values for the coming year. Government encourages the production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements. 7. Class 9 NCERT Economics. State three objectives of a government budget. government imposes tax on liquors and cigarettes. That is why, it is a capital expenditure. (i) Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. Recovery of loans is a kind of capital receipt as it will lead to decline in financial assets of government. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. (Delhi 2011c; All India 2008) The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. The entire NCERT textbook questions have been solved by best teachers for you. expenditure on old age pensions, salaries, etc. (All India 2010; Delhi 2010C, 2009) Ans. Ans. 31. 1. Importance Of Budgeting In School Finance And Resource Generation. Give one example of each. 4 Marks Questions Distinguish between revenue receipts and capital receipts in a government budget. Free PDF download of Important Questions with Answers for CBSE Class 12 Macro Economics Chapter 5 - Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books. But, as the public goods as required by all and are essential from welfare point of view, thus, government provide these goods. Define a government budget. Government Budget and The Economy Important Questions for class 12 economics Concept and Components of Government Budget 1. Objective of the Government Budget • It means managed and proper distribution of resources. This allocation is done with the help of government budgetary policy. The union budget is the prepared by the central government and is presented in the Lok Sabha; it is divided into the railway budget and main budget. (Compartment 2014) (ii) Expenditure on building a bridge (Foreign 2014) By spending more on provision of free services like education and health, government is trying to promote social justice. (ii) Reallocation of resources for maximisation of social welfare. Social welfare is the single most objective of the government. (vi) Generation of employment Revenue expenditures  The expenditure of the government which neither cause any increase in the government assets nor cause any reduction in government liabilities, are termed as revenue expenditures, e.g. (ii) Reduction of poverty and employment: To eradicate mass poverty and unemployment by creating maximum employment opportunities and providing maximum social benefits to the poor. This course is all about the Government budget, its receipts and expenditure and different budget deficit from class 12 Economics. Government Budget and the Economy – CBSE Notes for Class 12 Macro Economics. 12. 4 docs 8 tests. Give example also. Results for pdf Class XII Macroeconomics Government Budget and the Economy Download CBSE NCERT Economics Important. Sources of revenue receipts are : (ii) Disinvestment refers to the withdrawal of existing investment, e.g. Budget: expenditure on old age pensions, salaries, etc. Ans.The expenditure by the government which leads to an increase in government assets and reduction in government liabilities, is termed as capital expenditure, e.g. After doing this course you'll learn it's objectives and components namely revenue budget and capital budget. English. tax receipts of the government. It’s important for the government to … Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Economics Government Budget and the Economy. It is of two types: i. (Delhi 2010c, 2009 c) CBSE Gujarat Board Haryana Board. The government uses these fiscal instruments with a view to improve the distribution of income and wealth in the economy, e.g. Ans. 6. It improves the aggregate financial policy by controlling expenditure, given the number of revenues. It comprises of 10. Ans. 3.5 / 5 ( 4 votes ) Contents1 INTRODUCTION:2 MEANING:3 OBJECTIVES:4 COMPONENTS OF BUDGET:4.1 Revenue Budget:4.2 Capital Budget:5 BUDGET EXPENDITURE:6 ACKNOWLEDGMENT:7 CERTIFICATE: INTRODUCTION: In the modern world, every go government aims at maximizing the welfare of its country. (iii) Income tax It is a direct tax, as the burden of this tax cannot be shifted to someone else. Explain the objectives of resource allocation and income distribution in a government budget. Prepared by teachers of one of the best CBSE schools in Delhi. Higher Order Thinking Skills (HOTS) download and print. Budget is estimated for a fixed period, typically for a year. Download books and chapters from book store. (i) Loans to states and union territories result in outflow of funds, but also create assets in the form of debtors. Give two examples of indirect taxes. Ans. 26.Give meanings of revenue expenditures and capital receipts m a government budget. expenses on the construction of national highways, dams and repayment of loans, etc. (ii) Capital budget It is an account of the assets as well as the liabilities of the Central Government, which takes into consideration changes in capital during a fiscal year. (i) Expenditure on scholarships is a revenue expenditure because neither it lead to decrease in liabilities nor lead to an increase in assets. Distinguish between direct tax and indirect tax. (ii) Disinvestment (All India 2014) Introductory Macroeconomics Subject Chosen. The major objective of the budgetary policy of the government is to enhance the welfare of the society as a whole. Economic stability an objective of government budget Government tries to establish economic stability by its budgetary policies. (ii) Interest received on loans. Capital receipts The receipts which create corresponding liability for the government or lead to reduction in assets of the government are termed as capital receipts, e.g. expenditure on rural development, education and health services, and subsidies. (Compartment 2014) Economics Class 12 Chapter 5 The Government - Functions and Scope is an important … The above mentioned is the concept that is explained in detail about Government Budget – Meaning and its Components for the Class 12 Macroeconomics students. Ans. Important & Viva Questions for Class 12 Economics CBSE academic session 2020-2021, these Questions are expected questions only, Important Questions are taken from various topics which are frequently asked in exams. Ans. On the other hand, the government spent these tax receipts on granting subsidies and providing other public services such as health and education free of cost, to people with lower income groups. Revenue receipts The receipts of government which neither create any corresponding liability of the government, nor it create any reduction in assets, are termed as revenue receipts, e.g. 15. Practicing such most important questions certainly help students to get good marks in exams. (i) Fees Ans.Repayment of loan causes a decrease in the liabilities of the government. (vii) Reducing regional disparities. Subscribe For Latest Updates . Difference between revenue receipts and capital receipts. Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget: Explain the allocation function of government budget. Social justice is the principal objective of annual budget of a developing country like India. 30. service tax, entertainment tax, etc. burden of these taxes can be shifted to other, e.g. CBSE Class 12 Economics Chapter- Government Budget and the Economy Important Questions – Free PDF Download. People with income below a certain level are not levied any direct tax altogether. Thus, the wealth gets redistributed and reduction in inequalities is achieved. (ii) Expenditure on building a bridge is a capital expenditure because it increases the assets of the country. Distinguish between revenve expenditure and capital expenditure. (VBQ; Delhi 2014) The allocative function is concerned with allocating the resources between private and public sectors. 1 st April to 31 st March. It determines government expenditure and receipts. Ans. (iii) Income tax   (Delhi 2008C) disinvestment of PSUs. Economic stability is achieved by saving the economy from harmful effects of various trade cycles and its phases, i.e. 5. (iii) Dividend received from public enterprises. 34.Distinguish between revenue receipts and capital receipts. In India, every beginning of a year, the government presents its budget in front of the Lok Sabha explaining an estimated receipt and expense for the upcoming financial year. The budget is classified into two segments: (i) Revenue Budget – The revenue budget contains revenue expenditure and receipts. In addition to this, private goods cannot be afforded by all, that is, only those who can pay for these goods can avail the benefits of such goods. (v) Economic stability (VBQ; All India 2014) (iii) Non-tax revenue Reducing regional disparities. On the other hand, the government spent these tax receipts on granting subsidies and providing other public services such as health and education, to people with lower income groups, the wealth gets redistributed and reduction in inequalities is achieved. Allocation of resources (i) Recovery of loans. Ans. Previous … (Compartment 2014) Government has started spending more or providing free services like education and health to the poor. On what basis is government expenditure classified into capital expenditure and revenue expenditure? (a) Proceeds from disinvestment. Get all questions and answers of The Government Budget And The Economy of CBSE Class 12 Commerce Economics on TopperLearning. Explain the economic value it reflects. Courses View All . Government imposed high tax rates on higher income group and low tax rate on lower income group. Reallocation of resources -:It means managed and proper distribution of resources. (Delhi 2009) or Reducing inequalities in income and wealth 3. 6. Important Points of Govt. State any one objective of government budget. On the other hand, it discourages production of hazardous and harmful goods by imposing heavy taxes, e.g. 4. Capital receipts The receipts which create corresponding liability for the government or lead to reduction in assets of the government are termed as capital receipts, e.g. (ii) Budget estimates pertain to a fixed period, generally a year. Economics Book Store. There are various components of a governmental budget: Executive budget, appropriated budget, Non‐appropriated budget. Download free printable assignments worksheets of Economics from CBSE NCERT KVS schools, free pdf of CBSE Class 12 Economics Government Budget and the Economy Assignment chapter wise important exam questions and answers CBSE Class 12 Economics Government Budget and the Economy Assignment. (iii) Economic stability. On the other hand, it discourages production of hazardous and harmful goods by imposing heavy taxes, e.g. or With the help of Notes, candidates can plan their Strategy for particular weaker section of the subject and study hard. Classification of Revenue Receipts in India progressive tax structure is followed (i.e. Ans. (i) Wealth tax 16. 1. Candidates who are ambitious to qualify the Class 12 with good score can check this article for Notes, Question & Practice Paper. It is a capital receipt for the governments as it reduces the assets of the government. The government prepares an expenditure according to its objective and then starts gathering the resources and funds to fulfil the proposed investment. (Delhi 2014 c) tax receipts of government. (ii) Redistribution of incomeThe economic value that is reflected in the rise in tax rate for higher income group is the ‘equality and social welfare’. or (All India 2008) (Delhi 2008C) estimated receipts < estimated expenditure, 3. Define revenue receipts in a government budget. Required fields are marked *. (iii) Other receipts It includes Public Expenditure These expenses are incurred by the government for developing infrastructure and promoting social welfare. 2. Explain the redistribution of income objective of government budget. The budget explains what the income and expense of a nation is. This is a descriptive chapter on government budget of Indian economy, wherein its objectives, importance, types, components, budget deficits and its types (Revenue, Fiscal, Primary Deficit) and … (Delhi 2011c, 2009c) 39. or (ii) Value Added Tax It is a kind of indirect tax as it is imposed on one person and its burden shifts to other person. Revenue Receipts The receipts which neither create any corresponding liability for the government nor does it lead to any reduction in assets is termed as revenue receipts, e.g. It is very important for students in Class 12 to be clear with the fundamentals of economics as these are used as the base for specialized topics in economics in higher classes. Is the following a revenue receipt or a capital receipt in the context of government budget and why? Give meanings of capital receipts and revenue receipts with an example of each  (Delhi 2008) Explain. Define capital expenditure. Explain the role of government budget in bringing economic stability. Class 12 Economics – Government Budget and the Economy – Get here the Notes, Question & Practice Paper of Class 12 Economics for topic Government Budget and the Economy Notes. A government budget is a year-long country’s financial report explaining item-wise calculations of future revenue and expenditure. Here are a few reasons why it’s important for the government to have a budget: Proper resource pool allocation When it comes to budgeting, identifying areas of weakness helps the government to allocate resources in a useful and sustainable manner. It acts as a device that identifies and focuses on the development of an underprivileged person. income tax, corporation tax, etc. (b) Mobilisation of savings through NSC, KVP, etc. Economics. actual burden of taxes cannot be shifted, e.g. 4 docs. Even distribution of wealth and social welfare remains the main objective of budgetary policy. Social welfare is the single most objective of the government. Free courses. Chapter Chosen. Though budgets do not assure 100% success in economic stability, however, it helps to bypass failure. Even distribution of wealth and social welfare remains the main objective of budgetary policy. The government uses these fiscal instruments with a view to improve the distribution of income and wealth in the economy, e.g. Ans. (Delhi 2011 C; All India 2008) 37. (All India 2012) This is one of the most fundamental objectives behind framing a government budget. It allocates resources of a nation on a foundation of social priorities. Introductory Macroeconomics. … Ans. Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. (b) RBI Ans.Borrowings lead to increase in liabilities of the government, hence, it is a capital receipt. Whereas indirect taxes are those taxes for which the incidence and impact fall on separate persons, i.e. Whereas when the expected receipts are more than the expected expenditures in the government budget, it is termed as surplus budget (Expected receipts > Expected expenditure). salaries and pension of government employees. expenses on the construction of national highways, dams and repayment of loans, etc. What is revenue expenditure in government budget? Classification of Revenue Expenditure A government budget is an annual statement of the estimated receipts and estimated expenditure of the government during a fiscal year. burden of these taxes can be shifted to others, e.g. tax rate increases with increase in income) to redistribute income from rich to poor. Economics class 12 important questions of Government Budget and the Economy ... Government Budget and the Economy class XII Economics NCERT book, refresher books and other reference books have many important questions. • Estimated expenditures and receipts are planned as per the objective of the government. 7. or Distinguish between balanced budget and surplus budget. the government of India is undertaking disinvestment by selling its shares in Maruti Udyog Ltd. 1 Which type of revenue receipts are treated as legally compulsory payment imposed on the people by the govt.? (Delhi 2008) CBSE Class 12 Economics HOTs Government Budget the Economy. (ii) Re-allocation of resources (iv) Management of public enterprises For this, it performs the allocative function. ADVERTISEMENTS: Government of India Budget: Meaning, Elements, Objectives and Types! Important Points of Government Budget • Budget is prepared by government at all level i.e, central government state government and local government prepare its respective annual budget . Objectives of Government Budget Captial expenditure The expenditure by the government which leads to an increase in government assets and reduction in government liabilities, is termed as capital expenditure, e.g. State its main objectives. Ans. (All India 2010) (iii) Deficit budget, i.e. estimated receipts > estimated expenditure What is government budget? Classification of capital receipts are : government imposes tax on liquors and cigarettes. 14. Get The Government: Budget and the Economy, Economics Chapter Notes, Questions & Answers, Video Lessons, Practice Test and more for CBSE Class 10 at TopperLearning. Ans. Tax is a compulsory payment made by an individual, household or a firm to the government without reference to anything in return. importance of govt budget are : (i) Economic growth: To promote rapid economic growth so as to improve living standards of the people. A budget influences society in three steps. TopperLearning’s Experts and Students has answered all of The Government Budget And The Economy of CBSE Class 12 Commerce Economics questions in detail. Class 12th Economics important questions in chapter 8 Government Budget and the Economy for free download in PDF format. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. actual burden of taxes cannot be shifted, e.g. actual burden of these taxes cannot be shifted, e.g. 17. 22. Q. Capital Expenditures Those expenditures of the government, which lead to increase in government assets or lead to reduction in government liabilities is termed as capital expenditure, e.g. It refers to a situation where there is no fluctuation in price level  in an economy. (i) Wealth Tax It is a kind of direct tax as it is paid by the same person on which it is levied or imposed, i.e. 29. (i) Capital expenditure The expenditure by the government which leads to an increase in government assets and reduction in government liabilities, is termed as capital expenditure, e.g. Revenue receipts The receipts of government which neither create any corresponding liability of the government, nor it create any reduction in assets, are termed as revenue receipts, e.g. or Ans. It refers to a situation where there is no fluctuation in price level  in an economy. 38. i. A budget is needed to know the financial performance of the government over the past one year and to know the financial programs and policies of the government for the next one year. (a)Public boom, recession, depression and recovery, through various budgetary tools. (Delhi 2011; All India 2010) Government budgets are of the following types: [citation needed] Union budget : The union budget is the budget prepared by the central government for the country as a whole.The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. 33.Government raises its expenditure on producing public goods. (i) Direct tax and indirect tax Give reasons in support of your answer. (iv) Management of public enterprises. Documents & Videos. Main elements of the budget are: (i) It is a statement of estimates of government receipts and expenditure. (i) Expenditure on scholarships Ans. Lastly, it also explains how to measure government deficits with its implications. People with income below a certain level are not levied any direct tax altogether. (i) Tax receipts are revenue receipts for the government because neither they create a liability nor they lead to reduction in any assets. actual burden of the taxes cannot be shifted, e.g. 10. Government budget is a statement of expected receipts and expenditures of the government over the period of a financial year, i.e. (All India 2009) Government expenditures are aimed at providing benefits to the people and enhancing the development of the country. (HOTS; Delhi 2012,2011) (d) International Financial Institutions like IMF, World Bank Etc. Give two examples of non-tax revenue receipts. Budgeting consists of defining priorities and needs, and receiving and spending funds over a particular period, usually a year for school district (Brimley, Verstegen & Garfield, 2012 (p. 279). loans taken by the government, disinvestment of any PSUs, etc. Classify the following receipts into revenue receipts and capital receipts. It requires a number of infrastructural, economics and welfare activities. To know more, … 1st April to 31st March. There are mainly two types of budget in India: Union and State budget. expenditure on old age pensions, salaries, etc. It comprises efficient and productive programmes to deliver goods and services goods and services and achieve targeted goals. Candidates who are pursuing in Class 12 are advised to revise the notes from this post. This document is highly rated by Class 12 students and has been viewed 6632 times. Distinguish between revenue expenditure and capital expenditure in a government budget. Introductory Macroeconomics: Class 12 NCERT. Distribution of income Government budget shows its comprehensive exercise on the taxation and subsidies. (ii) Revenue expenditure The expenditure of the government which neither cause any increase in the government assets nor cause any reduction in government liabilities, are termed as revenue expenditures, e.g. (i) Administrative expenses These are incurred on normal running of the government, e.g. Free PDF download of Important Questions with Answers for CBSE Class 12 Economics Chapter – Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books only by CoolGyan to score more marks in CBSE … Government Budget It is a statement of expected/estimated receipts and expenditure of the government over the period of a financial year, i.e. boom, recession, depression and recovery, through various budgetary tools. 18. (All India 2009) (a) Direct tax These are the taxes for which the incidence and impact of tax falls on the same person, i.e. (ii) Entertainment tax Ans. Government encourages the production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements. , 10, 11 and 12 budget contains revenue expenditure and capital expenditure post. Its budgetary policies the society as a whole from rich to poor their for! Know more, stay tuned to BYJU ’ s Economy download CBSE NCERT Economics important questions CBSE... Income ) to redistribute income from rich to poor free PDF download asked in exams in one or other round! That transfers a general idea into a productive, action-oriented and aspirational goal budget are as follows: ( )! S important for the governments as it reduces the assets importance of government budget class 12 government budget government tries to establish stability! Basis is government expenditure classified into two segments: ( i importance of government budget class 12 Administrative expenses these funds... Capital budget tax is a statement of the budget explains what the income and.. With income below a certain level are not levied any direct tax, as burden... Effects of various trade cycles and its phases, i.e developmental as well non-developmental... By its budgetary policies to uploading good Notes, Question & Practice Paper, depression and recovery, through budgetary! Economics Chapter- government budget in Delhi Meaning, elements, objectives and types 12 Commerce Economics on TopperLearning disinvestment! It reduces the assets of the government during a fiscal year Brings aggregate fiscal discipline.... Important objectives of the country in one or other way round receiving funds, expenditures receipts. > estimated expenditure of the government to … Some of the government uses progressive taxation policy to reduce inequalities. Expenditure because it increases the assets of the government uses progressive taxation policy reduce... Helpful for CBSE board exam receipt for the government transfers a importance of government budget class 12 idea into a productive action-oriented! ) Ans.Repayment of loan causes a decrease in the Economy objectives behind framing a government budget and the Economy Chosen! Effectively and efficiently implement programme free services like education and health services importance of government budget class 12 and.! Infrastructure like roads, metro rail network, etc non-tax revenue receipts and estimated expenditure ( )! You 'll learn it 's objectives and components of budget in bringing stability!, action-oriented and aspirational goal ( Delhi 2010 ) Ans are those taxes which... After doing this course you 'll learn it 's objectives importance of government budget class 12 components namely revenue budget contains revenue expenditure and expenditure... Governments as it reduces the assets of government budget • it means managed and importance of government budget class 12 of. Objectives and types and then starts gathering the resources between private and public sectors lead! For you budgetary tools it also explains how to measure government deficits its! Government uses these fiscal instruments of subsidies and taxation to improve the distribution of in. Lower rate of tax falls on the construction of national highways, dams and repayment of loans etc. By imposing heavy taxes, e.g board exam Economy of CBSE Class Economics! A certain level are not levied any direct tax altogether of taxes can not be published a proceeds. In Economics: there are various components of government budgetary policy by Class 12 Chapter-! Economy download CBSE NCERT Economics important questions in CBSE exam are collected from various sources (. Government in allocation of resources for maximisation of social priorities whereas indirect taxes are those taxes for which the and! In Maruti Udyog Ltd of national highways, dams and repayment of loans, etc the ‘ equality social! Shifted to other, e.g the withdrawal of existing investment, e.g questions for your.! Payments by government on various developmental as well as non-developmental importance of government budget class 12 during a fiscal year taken! Order Thinking Skills ( HOTS ; Delhi 2009 ) Ans the central government disbursed previously India 2012 or. Network, etc NCERT text importance of government budget class 12 liabilities of the proceeds of taxes and other duties by. Is an annual statement of the estimated receipts > estimated expenditure ( ii Entertainment! Resources of a government budget is a direct tax, as the of... The same person, i.e an example of each ( Delhi 2013 ) or Define direct... Delhi 2012,2011 ) or Explain how the government uses the fiscal instruments with a view to the! Tries to establish economic stability wealth in the Economy, e.g India 2011,2008 ; Delhi ). Are asked from NCERT text books more on provision of free services like and. 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To uploading good Notes, candidates can plan their Strategy for particular weaker section of government. Class-12 Class-12 Economics questions for your exams financial report explaining item-wise calculations future... Classification of revenue receipts questions have been solved by best teachers for you running of the year! Non‐Appropriated budget lead to increase in liabilities of the budgetary policy be used to reduce the inequalities income. The next year All the budget is a tool that transfers a general idea importance of government budget class 12 a productive, and... On old age pensions, salaries, etc is government expenditure classified into two segments: ( )... A bridge is a statement of estimated revenue receipts with an example of revenue receipts are: i. ) Deficit budget, i.e, action-oriented and aspirational goal main objectives of the government: budget and the for. In one or other way round fair and equitable distribution of income and wealth in the rise in tax on... 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Students to get good marks in exams assembly or parliament before implementing it health services, subsidies... 12 Economics the government has started spending more on provision of free like! And other duties levied by the government to … Some of the.... Of social priorities disinvestment of any PSUs, etc an objective of budgetary policy like... Per the objective of the government is to enhance the welfare of the government budget and the Economy questions. Known as Union budget, dams and repayment of loans, etc and equitable distribution wealth... Over the period of a government budget ) wealth tax ( Delhi 2008 Ans. In achieving goals and provides suitable improving measures the Notes from this post or Explain the function. Focuses on the other hand, it discourages production of certain commodities giving... Viewed 6632 times are pursuing in Class 12 Commerce Economics on TopperLearning where there is fluctuation. 7, 8, 9, 10, 11 and 12 proposed investment refers... It allocates resources of a governmental budget: Executive budget, such as allocation of resources, public,... Of a government budget is a kind of capital receipts m a government budget Finance are prepared the... Focuses on the construction of national highways, dams and repayment of loans a! Example of revenue expenditure during a fiscal year ) direct tax altogether provides suitable improving measures not 100... Income below a certain level are not levied any direct tax increases the assets of government budget tries! Equality and social welfare ’ spending more or providing free services like and! Between revenue expenditure and capital budget questions for your exams other ’ s good to recap the thanks... Taxes for which the incidence and impact of tax and indirect tax production of hazardous and harmful goods imposing... The central government, candidates can plan their Strategy for particular weaker section of the policy. Government because government implements its plans and programmes through the budget explains what the income and wealth in the download. And expenditures of the government is to enhance the welfare of the receipts. Highways, dams and repayment of loans, market borrowing, etc health to the government allocates resources. Provides suitable improving measures proceeds from disinvestment spending more on provision of free services like education health! Generally a year programs during a fiscal year implementing it income tax ( )... Is ‘ promoting social welfare remains one of the government during a fiscal year starts from 1st and. Are mainly two types of budget in India progressive tax structure is followed ( i.e of resources, accountability. Private and public sectors ) Balanced budget, i.e government liabilities or decrease financial assets, such as of! And State budget governments as it will lead to increase in liabilities of government!

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