Budget Documents

The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below:
1. Annual Financial Statement (AFS)
2. Demands for Grants (DG) 
3. Finance Bill
4. Statements mandated under FRBM Act:
             i. Macro-Economic Framework Statement
             ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
5. Receipt Budget
6. Expenditure Budget
7. Expenditure Profile
8. Budget at a Glance

Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year which runs from 1st April to 31st March. Annual Financial Statement is the main Budget document and is commonly referred to as the Budget Statement.

The receipts and disbursements are shown under three parts in which Government Accounts are kept viz.,
(i) The Consolidated Fund of India,
(ii) The Contingency Fund of India and
(iii) The Public Account of India.
The Annual Financial Statement distinguishes the expenditure on revenue account from the expenditure on other accounts, as is mandated in the Constitution of India.
The Revenue and the Capital sections together, therefore make the Union Budget. 

Article 113 of the Constitution mandates that the estimates of expenditure from the Consolidated Fund of India included in the Annual Financial Statement and required to be voted by the Lok Sabha, be submitted in the form of Demands for Grants.
The Demands for Grants are presented to the Lok Sabha along with the Annual Financial 12 Statement. Generally, one Demand for Grant is presented in respect of each Ministry or Department. However, more than one Demand may be presented for a Ministry or Department depending on the nature of expenditure.

Finance Bill is  presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget.
It also contains other provisions relating to Budget that could be classified as Money Bill.

It contains an assessment of the growth prospects of the economy along with the statement of specific underlying assumptions. It also contains an assessment regarding the GDP growth rate, the domestic economy and the stability of the external sector of the economy, fiscal balance of the Central Government and the external sector balance of the economy.

It sets out the three-year rolling targets for six specific fiscal indicators in relation to GDP at market prices, namely (i) Fiscal Deficit, (ii) Revenue Deficit, (iii) Primary Deficit (iv) Tax Revenue (v) Non-tax Revenue and (vi) Central Government Debt.
The Statement includes the underlying assumptions, an assessment of the balance between revenue receipts and revenue expenditure and the use of capital receipts including market borrowings for the creation of productive assets.

The document provides details of tax and non-tax revenue receipts and capital receipts and explains the estimates.
Trend of receipts and expenditure along with deficit indicators, statement pertaining to National Small Savings Fund (NSSF), Statement of Liabilities, Statement of Guarantees given by the government, statements of Assets and details of External Assistance are also included in Receipts Budget.

In the Expenditure Budget, the estimates made for a scheme/programme are brought together and shown on a net basis on Revenue and Capital basis at one place.

It gives an aggregation of various types of expenditure and certain other items across demands.

This document shows in brief, receipts and disbursements along with broad details of tax revenues and other receipts,This document provides details of resources transferred by the Central Government to State and Union Territory Governments.
Also shows the revenue deficit, the gross primary deficit and the gross fiscal deficit of the Central Government.

The excess of Government’s revenue expenditure over revenue receipts constitutes revenue deficit of Government.

The difference between the total expenditure of Government by way of revenue, capital and loans net of repayments on the one hand and revenue receipts of Government and capital receipts which are not in the nature of borrowing but which accrue to Government on the other, constitutes gross fiscal deficit.

Gross primary deficit is gross fiscal deficit reduced by the gross interest payments.