Current Affairs Telugu Daily
First post-GST union budget going to be introduced on February 1
Finance Minister Arun Jaitley is likely to present India’s first post-GST and the current government's last full Budget on 1 February 2018.This will be Jaitley's 5th Budget in a row
The Budget session of Parliament may begin on 30 January with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament.
The Economic Survey, detailing the state of the economy, is likely to be tabled on 31 January and the Union Budget may be presented the following day
Last year changes to the tradition of the budget:
The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before the 2019 General Elections.
- The nearly century-old tradition of having a separate budget for the railways was scrapped and merged with the general budget.
- Purpose of preponement of budget in last year: The Budget presentation was advanced by a month to ensure that proposals take effect from 1 April, the beginning of the new financial year. Previously, when the Budget was presented at the end of February, the three-stage Parliament approval process used to get completed some time in mid-May, weeks ahead of the onset of monsoon rains. This meant government departments would start spending on projects only from August-end or September after the monsoon season ended.
- Besides advancing the presentation date, the Budget scrapped the Plan and non-Plan distinction as well.
As per the practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Full budget Vs Vote-on-account budget:
Vote-on-account deals only with the expenditure side of the government's budget. The government gives an estimate of funds it requires to meet the expenditure that it incurs during the first three to four months of an election financial year until a new government is in place.
Vote-on-account would ensure that sufficient funds are at the disposal of the government to allow it to run the administration of the country until a new government takes over
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