ALSO READFinancial literacy making steady progress: Arjun Ram Meghwal Hopeful of GST Bill passage in August : Arjun Ram Meghwal Govt won't revise corporate governance norms, says Arjun Ram Meghwal People are withdrawing money but not spending it: Arjun Ram Meghwal Gangwar backs GST, Meghwal bats for growth
The government on Friday said the early presentation of Budget will accelerate implementation of public schemes and the date would be finalised after taking into account the schedule for state elections.
A proposal was made for advancing the date of budget presentation from the last working day of February to February 1, 2017 or any other date as may be necessary, Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
"While approving this proposal, Cabinet, in its meeting held on September 21 directed that for 2017-18, the date of Budget presentation be determined taking into account the notification regarding calenders of state elections," Meghwal said.
He said that the government has considered the various aspects relating to advancing the date of the presentation.
Major advantages of the move include "operationalising the budget for new schemes/projects included in the Budget right from the commencement of financial year and ministries/ departments can plan their expenditure allocations for the full year even better".
The benefit of new taxation measures involving legislative changes in central excise and service tax will accrue to the government from the commencement of the financial year, he said.
"Various stakeholders like business and industry are also likely to benefit from the advancement of presentation of Union Budget as they would have greater clarity on tax measures," he said, adding it would also "help accelerate the process and timely delivery of services and implementation of schemes/projects".