Key Things to Remember
With excise duty and service tax being subsumed in the Goods and Services Tax (GST), the classifications in the forthcoming budget may undergo change.
The official had said that since the GST rates are decided by a GST Council, headed by Union Finance Minister and comprising of representatives of all states, the Budget for 2018-19 may not have any tax proposals concerning excise and service tax levies.
Only proposals for changes in direct taxes, both personal income tax and corporate tax, besides customs duty, are likely to be presented in the Budget along with new schemes and programmes of the government.
With the preponement of Budget, ministries are now allocated their budgeted funds from the start of the financial year beginning April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans.
Besides advancing the presentation date, the Budget scrapped the Plan and non-Plan distinction as well.
(With inputs from PTI)
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.
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, a senior government official had earlier said.
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, he had said.
- The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before 2019 General Elections
- This will also be the first Budget post implementation of the GST regime
- There might be less than a month’s gap between the Winter Session and the Budget Session