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| Vote-on-account needed if no Budget by August 1: Chawla |
| Press Trust of India / New Delhi May 20, 2009, 15:20 IST |
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Without specifying the date for presentation of the full Budget for the current fiscal in Parliament, Finance Secretary Ashok Chawla today said that the vote-on-account may be needed for another short period, if it is not possible to pass the Budget by August 1.
"Unless you have Finance Minister in position, unless the political executive and the Cabinet decides the date by which they want the budget to be ready, it's very difficult for us to say anything (about the Budget day)," he told reporters here today.
However, he said another vote-on-account may be required, in case the full Budget is not passed by August 1.
"What is very clear is that the interim Budget as has been approved by Parliament operates by the end of July. So, the Government has the ability to carry on expenditure and its functioning till then. If, after that from the first of August, it is not possible to pass full Budget we need vote-on-account for another short period beyond that," he added.
The Congress manifesto has promised to bring the Budget within 45 days of formation of the new Government.
"Within 45 days of forming the new Government, the Indian National Congress will present the regular Budget for the year 2009-10 with the basic objective of returning to the path of faster and more inclusive growth, which is so essential for fulfilling all our social and economic objectives," the manifesto said.
Already, major industry chambers — CII, FICCI and Assocham — had met Finance Ministry officials giving their wish-list like removing Fringe Benefit Tax and surcharge on corporate tax, tax incentives for investment and raising of income tax exemption limit.
The Government had come out with interim Budget for 2009-10 earlier this year, announcing measures to boost the slowing down industry. The interim Budget had cut excise duty and service tax by two per cent each among other measures to give the third stimulus package to the industry.
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