Union Finance Minister Nirmala Sitharamam will present the Union Budget 2023 on February 1.
While the nation waits with a lot of anticipation, here is a sneak peek into what supplementary grants mean.
Supplementary grants are extra grants approved by the parliament, to meet the expenditure of the government in a given fiscal year.
Also Read: Budget 2023 | What is direct tax?
When the expenditure incurred by the government exceeds the grants approved by the parliament, the Finance Ministry and the Railways request for extra grants from the parliament. The government has to present the expenditure incurred on the last day of the financial year.
These excesses are reviewed by the Public Accounts Committee which pass on their recommendations to the Parliament.
Also Read: Budget 2023 | What is indirect tax?
After actual expenditure is incurred, the demand for excess grants is made and presented to the House.
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