Consider the following statements regarding enactment of budget in the Parliament :
- 1. Railway Budget used to be presented before the General Budget.
- 2. The Finance bill must be enacted within 75 days of its introduction.
Which of the above statements is/are correct ?
1 only
2 only
Neither 1 nor 2
Both 1 and 2
Answer is Wrong!
Answer is Right!
This question was previously asked in
UPSC Combined Section Officer – 2024
– The Finance Bill contains the government’s financial proposals for the upcoming financial year, including tax proposals. The Provisional Collection of Taxes Act, 1931, allows the government to collect certain taxes for a period of up to 75 days immediately after the Finance Bill is introduced, pending its final enactment. This effectively requires the Finance Bill to be enacted within 75 days of its introduction to make these tax proposals permanent.