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What is the primary role of the Finance Ministry during the budget execution phase?
- a)Preparing detailed estimates for all government departments
- b)Enacting the budget by passing it through the legislative process
- c)Vetting and consolidating budget estimates received from departments
- d)Regulating revenue collection and supervising expenditure
Correct answer is option 'D'. Can you explain this answer?
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What is the primary role of the Finance Ministry during the budget exe...
Regulating revenue collection and supervising expenditure
The primary role of the Finance Ministry during the budget execution phase is to regulate revenue collection and supervise expenditure. This involves ensuring that the government collects the necessary revenue to finance its budgeted expenditures and overseeing how these funds are spent.
Regulating revenue collection
The Finance Ministry is responsible for overseeing the collection of revenue through various sources such as taxes, duties, and fees. It sets targets for revenue collection based on the budget estimates and works to ensure that these targets are met. This may involve implementing tax policies, monitoring compliance, and taking action against tax evasion.
Supervising expenditure
In addition to regulating revenue collection, the Finance Ministry also supervises the expenditure of government funds. It ensures that expenditures are in line with the budget allocations and that they are spent efficiently and effectively. This may involve conducting financial audits, monitoring spending patterns, and identifying areas where cost savings can be made.
Overall, the Finance Ministry plays a crucial role in ensuring that the government's budget is executed in a responsible and transparent manner, ultimately contributing to the overall financial health and stability of the country.
The primary role of the Finance Ministry during the budget execution phase is to regulate revenue collection and supervise expenditure. This involves ensuring that the government collects the necessary revenue to finance its budgeted expenditures and overseeing how these funds are spent.
Regulating revenue collection
The Finance Ministry is responsible for overseeing the collection of revenue through various sources such as taxes, duties, and fees. It sets targets for revenue collection based on the budget estimates and works to ensure that these targets are met. This may involve implementing tax policies, monitoring compliance, and taking action against tax evasion.
Supervising expenditure
In addition to regulating revenue collection, the Finance Ministry also supervises the expenditure of government funds. It ensures that expenditures are in line with the budget allocations and that they are spent efficiently and effectively. This may involve conducting financial audits, monitoring spending patterns, and identifying areas where cost savings can be made.
Overall, the Finance Ministry plays a crucial role in ensuring that the government's budget is executed in a responsible and transparent manner, ultimately contributing to the overall financial health and stability of the country.
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What is the primary role of the Finance Ministry during the budget exe...
The Finance Ministry is primarily responsible for regulating revenue collection and supervising expenditure during the budget execution phase.
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What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer?
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What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer?.
What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the primary role of the Finance Ministry during the budget execution phase?a)Preparing detailed estimates for all government departmentsb)Enacting the budget by passing it through the legislative processc)Vetting and consolidating budget estimates received from departmentsd)Regulating revenue collection and supervising expenditureCorrect answer is option 'D'. Can you explain this answer?.
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