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Annual budget in simple language means a projected income and expenditure for the entire 12 months. The Annual budgets apply to a fiscal year or calendar year. There is a need to create an annual budget for a country, as it is not possible to levy taxes as and when the income is needed and spend money in whichever sphere the government decides. Keeping the limited resources, a well-planned Union budget is created by indicating the income and expenditure.
What is Union Budget?
Our parliamentary system works on West Minister model. Our Annual budget is approved subject to the approval of legislature at both center and state levels. The Annual financial statements is presented before both the houses of Parliament. This is also termed as the budget of the Union government. The expenditure estimates included in the budget has to be presented before the Lok Sabha in the form of “Demand for Grants”.
Union Budget Date
In Our country, the budget is presented on a fixed date as decided by the President. This year The Union Budget 2018 will be presented on February 1, Parliamentary Affairs Minister Ananth Kumar announced on 5th of January. The minister further stated that the budget session of the parliament will be conducted from January 29 to April 6, 2018.
The Phase 1 of the session will be held from January 29 to February 9 while the second phase will be from March 5 to April 6, as told by Mr. Kumar.
Union Budget 2018: Economic Facets and Taxation
The budget will be presented by the Finance Minister Mr. Arun Jaitley in the noon for the fiscal year 2018-19. President Ramnath Kovind will address both the houses of the Parliament on January 29, 2018. Last year also the budget presentation date was the same. The Union budget presentation is usually in two parts; Part A: Economic Survey, Part B: Taxation proposals. On January 29th itself Economic survey will be presented before both the houses.
Union Budget 2018: Post GST And Demonetization
This year’s budget has significance as it is the first budget presented after the post GST and demonetization era. This budget is also the last budget to be presented to Prime Minister Modi Government. This will also be the last budget presentation by Mr. Jaitley before the general election in 2019.
Union Budget 2018: Agriculture Being Highest Priority
The general presentation of the budget and its outlines will be presented from January 29 to February 9, 2018. The Parliament will commence again from March 5th to April 6th to discuss taxation proposals. Both the sessions will have a recess in between for the standing committees to clear the budgetary proposals. Last year the government has scrapped the practice of separate railway budget. In an interview given by Mr.Jaitley the agricultural sector will receive the highest priority in the Union Budget this year.
All eyes are set on the Union budget for 2018-29, and what is in store for our country for this year. We will have to wait for the Union Budget sessions to commence and Mr. Jaitley to make budgetary announcements.