Section 5: Measures for Fiscal Transparency

(1) The State Government shall take suitable measures to ensure greater transparency in its fiscal operation in public interest and minimize as far as practicable in public interest, secrecy in the preparation of the annual budget. (2) In particular and without prejudice to the generality of the foregoing provisions, the State Government shall, at the time of presentation of the annual budge, disclose in a statement in the form as may be prescribe:- (a) the significant changes in the accounting standards, policies and practices affection or likely to effect the computation of prescribed fiscal indicators; (b) as far as practicable, and consistent with protection of public interest, the contingent liabilities created by way of guarantees, the actual liabilities arising out of borrowing by Public Sector Undertaking and Special Purpose Vehicles and other equivalent instrument where liability for repayment is on the State Government, allocation and commitments made by the State Government having potential budgetary, implication including revenue demand raised but not realized, tax expenditure; losses incurred in providing public goods, and services through public utilities and undertaking, liability in respect of major works and contracts, and subsidy payments and impact of the same on the fiscal position of the State including in relation to the targets referred to in sub-section (3) of section 4.