Budgeting can be defined as the process of estimating revenue and expenses during a specific period of time. A national budget is the budget of a country. The government need to spends money on things like national defence, infrastructure, grants for research, education, and the arts, and social programs such as Social Security and Medicare which the government gets the money from taxes and fees. It is much like any budget in that it estimates necessary spending against necessary income, only on a much larger scale. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. Through this budget, the government implements economic policy and realises its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government, ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution.

Sahreen Younis Ahanger

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