Finance Ministry says Union Budget to be presented on February 1st

Photo of Indian's Finance Minister Arun Jaitley.

New Delhi: The date for the next General Budget which is scheduled for next financial year has been finalised by the Minister of State for Finance Arjun Ram Meghwal today and he mentioned that the Budget will be presented on February 1st.

Meghwal told media persons in an interview, “Though a formal confirmation is awaited from the Cabinet Committee on Economic Affairs, but it is almost decided that February 1 will be the date for presentation of the Budget. The date will be formally decided in the CCEA meeting.”

The minister said that it was also necessary to present the Budget early as the implementation date of the Goods and Services Tax (GST) has been fixed at April 1, 2017.

There are two other major changes regarding the upcoming Union Budget are, converging of the Rail Budget with the General Budget and doing away with the Plan and Non-Plan Expenditure.

Instead the Budget will have Revenue and Expenditure classification.

Read:- Budget Session to commence January 29

Economic Affairs Secretary Shaktikanta Das had said earlier, “Revenue Department has also started the pre-Budget consultations with the various stakeholders and Finance Minister’s (Arun Jaitley) consultations with major stakeholders are also planned to be held in advance.”

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