Budget 2018 likely on February 1, GST might affect presentation
The last budget for the current government, the first after GST, is likely to be presented on February 1 next year. The Budget Session of Parliament will probably begin on January 30, said a senior government official. The Economic Survey is likely to be tabled the next day. This will be Finance Minister Arun Jaitley's fifth consecutive Budget.
The 2018 Budget to be the NDA's last before polls
According to the tentative schedule for Budget 2018, there would be less than a month's gap from the Winter Session, which is scheduled for December 15-January 5. It would be the NDA government's last Budget before the 2019 elections. In 2019, it would take a vote-on-account (approval for essential spending) for a limited period. The new government will present a full-fledged budget.
How will GST affect the Budget?
Though GST was implemented in July'17, the 2017 Budget had projected tax revenues through customs duty, central excise, service and direct tax. Classification in Budget 2018 is likely to undergo changes. For the current year, two sets of accounting might be presented for pre- and post-July. Changes are likely to be addressed only in direct taxes and customs duty, not excise and service tax.
This year's Budget saw new developments too
The 2017 Budget also saw several changes: it was the first time it was presented on February 1 instead of February end. This was to ensure the proposals take effect from April 1 instead of mid-May, which meant departments could start spending only from August-September, after monsoon. A separate Railways Budget had also been scrapped and merged with the Union Budget.
