Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: TDS :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD
 
 
Budget Extravaganza »
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
 State plan budget utilisation in Odisha
 Maharashtra wants budget advanced to February
 Coastal economic zones may get 10-year tax exemption in next Budget
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1
 Finance Ministry may talk to EC before finalising Budget date
 Govt starts biggest ever overhaul of Budget
 How does an early budget impact you
 

Cabinets formal nod to be sought for Budget on Feb. 1
September, 27th 2016

The Finance Ministry has settled on February 1 as the new date for the presentation of the Union Budget, with the decision expected to be placed before the Cabinet for formal approval “soon”, a senior official of the Ministry told The Hindu.The Cabinet had last week approved the merger of the railway budget with the general budget and had given an in-principle nod for presenting the Budget earlier than February 28.

“We have decided the date for the Budget to be February 1,” the Finance Ministry official, who did not wish to be identified, said. “The formal process of approval by the Cabinet will take place soon.”

The idea behind bringing forward the Budget date, according to the government, is so that ministries and state governments can begin disbursing funds from the beginning of the financial year. At the moment, with the Budget being presented at the end of February, several processes, including the vote on account, result in states being able to disburse funds only by late May.

Advancing the Budget date will allow them to release funds by April.

“The Department (of Economic Affairs) has held extensive consultations with the financial advisers of various ministries and departments and the revised calendar has been drawn up,” Economic Affairs Shaktikanta Das told reporters last week. “There is a state of preparedness already in place.”

The decision to change the Budget date, and correspondingly the dates of the Budget session of Parliament, does not require Parliamentary approval, according to M.R. Madhavan, co-founder and current President of the think-tank PRS Legislative Research.

“The decision to change the Budget date is a Cabinet decision,” Mr. Madhavan said.

“The Cabinet advises the President and the President summons Parliament. The Parliament has no say on when it meets, the government decides that. This is very clear in the Constitution.”

The government is also reported to be in talks with the Election Commission to make sure that the presentation of the Budget does not clash with the assembly elections that are due to be held next year in States including Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.

The Ministry of Finance released the Budget circular for the 2017-18 Budget on September 23. The Cabinet had also approved the removal of the Plan and Non-Plan distinction in government accounts, something Finance Minister Arun Jaitley had proposed in his Budget speech this year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions