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When is Effective date of the Finance Bill

Effective date of the Finance Bill

About Effective date of the Finance Bill

When is Effective date of the Finance Bill

The Union Budget not only contains the government's annual financial statement but also a road map for how the country's finances will be managed in the next financial year. As such, it is a piece of legislation that has to be vetted by Parliament. Usually, the Union Budget is presented a month or two before the end of the ongoing financial year and is effective from April 1 of the next financial year.
 
Rule 219 of the Rules of Procedure of the Lok Sabha states: ‘Finance Bill’ means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.
 

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