Read more about Annual Budget 2018 on Business Standard. Annual Budget 2018 simply means projected income and expenditure for entire 12 months. Annual budget applies to fiscal year, know more latest updates on Budget 2018 India.
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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
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
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.