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An appropriation bill is a bill that authorizes the government to withdraw funds from the Consolidated Fund of India for use during the financial year. [3] Although Appropriation Acts are not included in any official list of central laws, they technically remain on the books.
The 2018 budget was considered to be a crucial one, [9] [10] [11] as it would be the first since the rollout of the Goods and Service Tax (GST) regime in India. [12] [13] [14] It was widely expected that the budget would either increase the exemption limit, or introduce a standard deduction for salaried people to reduce the tax burden, in addition to a reduction of the tax rate for the ₹ 5 ...
The Appropriation Acts (Repeal) Bill, 2015 was introduced in the Lok Sabha on 24 April 2015 by then Minister of Law and Justice, D.V. Sadananda Gowda. The Bill sought to repeal 758 Appropriation Acts including 111 state appropriation acts enacted by Parliament between 1950 and 1976, and Railway Appropriation Acts enacted during 1950–2012.
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The Finance Minister of India started speech by quoting "Madam Speaker, On this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18. Spring is a season of optimism. I extend my warm greetings to everyone on this occasion." [13] In his speech the Finance Minister of India, Arun Jaitley has quoted that the Agenda for 2017 ...
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
A Consolidated Fund (Appropriation) Bill is brought in and passed at the end of the parliamentary year before the Summer recess. When passed, this is known as the Appropriation Act, and allocates the monies from the Consolidated Fund to the purposes set out in the main annual departmental expenditure estimates (the annual government department ...