Union Budget 2020 : Everything You Wanted To Know About The Budget

The Union Budget also referred to as the annual financial statement is actually a ledger about the income and expenses of the Union government of India. The budget also details expected expenses for various projects and expected revenue from direct and indirect taxes.

After the Finance Ministers tables the budget in the Parliament, it is also necessary to get the budget passed in both houses of Parliament before it can be implemented. The budget is an extremely significant exercise for the economy of the country. Yearly accounting of income and expenditure of the government, review of the financial health of the country and the resulting transparency and subsequent course correction helps to keep the country’s economy on track.

Union Budget history

• India’s first Budget was presented on February 18, 1860, by James W Mahalanobis. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on November 26, 1947. In 2001, the then finance minister Yashwant Sinha broke the colonial practice of presenting the Budget in the evening and started the tradition of reading it out from 11 am. Indira Gandhi became the first woman finance minister to present India’s Budget in Parliament in 1970. Nirmala Sitharaman, who was appointed as the finance and corporate affairs minister on May 31, 2019, is the second woman to have presented the Budget on July 5, 2019.

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Classification of Different Types of Budgets

• The three types of budget are deficit budget, balanced budget and surplus budget. As the name suggests the most ideal budget would be a balanced budget. In this type of budget government's expenditure is equal to the expected income. Many economists believe that a balanced budget would be an ideal budget and can ensure economic stability. Deficit budget is presented when the government's expenditure is more than its revenue collection. Although not the most ideal scenario but most of the times due to various reason deficit budgets are tabled especially in developing countries. In developing and under-developed countries the government’s spending on social welfare scheme and increased public spending to stimulate the economy are major causes of a deficit budget. Surplus budget is when the government’s projected revenue is more than its expenditure, the same happens mostly in rich countries and economies.

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Union Budget 2020

• Finance Minister Nirmala Sitharaman is set to present the Budget 2020 on February 1. The Union Budget is an estimate of income and expenditure of the government for a set period of time. It is an annual financial report of India. The Budget also documents how much money the Centre could expect to raise in the coming fiscal and how and where it would spend the money. The Budget is prepared by the Ministry of Finance in consultation with other ministries, states and experts. Ministry officials hold discussions with non-governmental organisations (NGOs), private sector and other stakeholders before preparing the Budget.

As per Article 112 of the Indian Constitution, it is mandatory for the government to present this annual statement. The Union Budget is classified into Capital Budget, Revenue Budget and Expenditure Budget.

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Who were the last 5 NDA's Finance Ministers?

The Last 5 National Democratic Alliance Finance Ministers.

Budget 2019 Live : Today Finance Minister Nirmala Sitharaman will present her first Union budget in Parliament at 11 am. This is also the first Budget of the Narendra Modi-led NDA government in its second term.

Here is the list of last 5 NDA’s Finance Ministers who presented Union Budget for the people of India:

1. Yashwant Sinha (19 March 1998 – 1 July 2002)

2. Jaswant Singh (1 July 2002 – 22 May 2004)

3. Arun Jaitley (26 May 2014 – 14 May 2018)

4. Piyush Goyal (14 May 2018 – 22 August 2018 & 23 Jan 2019 – 15 Feb 2019)

5. Nirmala Sitharaman (31 May 2019 – Incumbent)

If you want to catch the live updates on today’s union budget 2019 than please follow the link → Budget 2019

Budget 2019 LIVE : Nirmala Sitharam to present her first budget in Parliament today at 11 am

The annual Union Budget 2019-2019 will be tabled in Parliament by Finance Minister Nirmala Sitharam today.

Budget 2019: Finance Minister Nirmala Sitharam will present her first Union Budget in Parliament today at 11 am. This is also the first Budget of the Narendra Modi-led NDA government in its second term.

Nirmala Sitharaman’s budget will be keenly watched, as it comes at the back of record unemployment, farm distress, a sagging investment ecosystem and contracting service sector. Macroeconomic cues are not encouraging either, with the rise of protectionism trade disputes (specifically the US-China trade war) emanating around the world.

Nirmala Sitharaman will become the second woman to present the Budget in the Indian parliament. In 1970-71, the then Prime Minister of India, Indira Gandhi took the portfolio of the Finance Minister after Moraji Desai resigned. But Sitharaman does hold the distinction of being the first independent female finance minister of India as Indira Gandhi was also the prime minister of the country at the time she handled the finance portfolio.

Budget 2019 is expected to lay down the Modi 2.0 government’s road map for the economy and the nation for the next five years. It might look to boost spending at the cost of short-term slippage in fiscal deficit targets.

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Explainer: What is an interim budget? What FM Jaitley can and cannot do

This will be the last Budget of the current BJP-led NDA government before the 2019 General Elections.

Interim Budget 2019: With just a few months left before the Narendra Modi government formally completes its tenure, Finance Minister Arun Jaitley will present NDA regime's first interim budget on February 1, 2019.

As this will be the ruling BJP government’s last budget before the upcoming Lok Sabha elections, here's an explanation of what an interim budget actually means.

What is an interim budget?

An interim budget is presented by a government which is going through a transition period or is in its last year in office ahead of the general elections. Traditionally, an incumbent government cannot present a full-fledged Union Budget in the election year. Instead, the Finance Minister presents an interim budget during the joint sitting of Rajya Sabha and Lok Sabha in the Parliament, the livemint reported.

With an interim budget, the incumbent government seeks a vote of approval from the Parliament to draw money from the Consolidated Fund of India to meet its budget expenses before the end of the financial year, i.e; March 31st, 2019. It is a traditional practice which takes place in the run-up to every general election, according to an India Today report.

The full-fledged Union Budget is presented by the newly-elected government after Lok Sabha polls. In recent times, interim budgets have been instrumental for the incumbent governments to list out their achievements to draw voters' support.

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Budget 2019: FinMin starts 'Know Your Budget' series to educate people on Twitter

The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight.

Interim Budget 2019: Seeking to educate general public about the budgetary process, the finance ministry Tuesday started a series on Twitter providing definitions of various terms used in the budget.

The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight.

The government on February 1 would unveil the interim Budget for 2019-20 as the general elections are due in the next couple of months. The Union Budget 2019 for the next fiscal would be presented by the new government.

The series which began on the ministry's Twitter handle on Tuesday explained what is Union Budget and Vote on Account.

The Budget, the ministry explains, "is the most comprehensive report of the government's finances in which revenues from all sources and outlays for all activities are consolidated.

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Budget 2018 Updates: GST collections fall to lowest in November at Rs 80,808 cr

The collections are lower than the Rs 83,346 cr in October and way below the average target of Rs 91,000 cr a month.

Budget 2018 Updates : In continuance with the slide, the mop-up under the goods and services tax (GST) in November fell to just above Rs 80,000 crore – a decline that could be attributed to the rate reduction for more than 200 items in the same month and the use of the integrated GST (IGST) as credit for paying taxes.

This will heighten the Centre’s fiscal concerns ahead of the Union Budget, dashing hopes of any further reduction in rates in the near future.

“The collection under the GST for November has been Rs 80,808 crore till December 25, 2017,” the government said in a release on Tuesday. The collections are lower than the Rs 83,346 crore in October and way below the average target of Rs 91,000 crore a month.

Experts say the GST collections will decline also in December and stabilise from January.

The slowdown has prompted the GST Council, in its meeting on December 16, to do a nation-wide roll-out of the electronic way bill on June 1 next year to plug revenue leakages and tighten enforcement.

The roll-out for inter-state movements of goods has been advanced to February 1 from April 1 decided earlier. As many as 5.31 million assessees filed returns for November (till December 25) out of the 8.24 million registered. The number does not include those under the composition scheme. Besides, those with an annual turnover of up to Rs 1.5 crore are allowed to file quarterly returns.

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Budget News : Budget session of Parliament to begin from Jan 29; Union Budget on Feb 1

The first phase of the session will be from January 29 to February 9.

Budget News : The Budget session of Parliament will commence from January 29 and the Union Budget will be presented on February 1, the Cabinet Committee on Parliamentary Affairs recommended on Friday.

President Ram Nath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day, Parliamentary Affairs Minister Ananth Kumar told reporters here.

The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6, Kumar said.

The recommendation of the session dates was made by the CCPA which met here.

The winter session of Parliament ended on Friday.

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Budget 2018-19 : PM Modi likely to meet economists on Jan 10

Union Budget 2018-19, which will be the final budget for PM Modi-led NDA regime before the 2019 general elections, will be presented on Feb 1.

Budget 2018-19 : Prime Minister Narendra Modi is likely to hold a meeting with top economists of the country on January 10.

This meeting is a usual practice before budget, and was conducted in 2017 as well.

Modi had also called for a similar meeting in December 2017, where the impact of demonetisation was discussed.

Union Budget 2018-19, which will be the final budget for Prime Minister Modi-led National Democratic Alliance (NDA) regime before the 2019 general elections, will be presented on February 1.

Prime Minister Modi will chair the meetup of over 30 eminent economists.

Finance Minister Arun Jaitley; CEO, NITI Aayog, Amitabh Kant; Vice Chairman, NITI Aayog, Rajiv Kumar; chairman, Economic Advisory Council to the Prime Minister, Bibek Debroy, and other members of the Economic Advisory Council will also be present.

Amitabh Kant and Rajiv Kumar are also expected to give a detailed presentation to the Prime Minister about the work done by the NITI Aayog.

The Prime Minister is also expected to take stock of the economy.

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Union Budget 2018: What it is and why it is so important

Business Standard explains the importance of Union Budget of India and the whole process of its making and passing in Parliament

 

Budget 2018 : In a federal country like ours, the constitution of India demarcates the governance structure through a three-tier system – the Union government, state governments, and local governments. In the scheme of distribution of power among them, the central or Union government enjoys the highest position.

Budget 2018 Under Article 112 of the Constitution of India, the central government is constitutionally bound to lay down the ‘annual financial report’ of the country. This report is commonly known as the Union Budget of India.

The Union Budget holds the same character as the budgets of other levels of government, except in the source of revenue and expenditure.

The Union Budget comprises the most extensive account of the Indian government, and it can be considered the statement of the government’s income and expenditure. Presented in Parliament every year, the Budget document details how much money the Union government expects to raise in the coming financial year, and how and where it intends to spend that money.

The Union budget gives the statement of receipts and expenditure of three consecutive years:
1) Actuals for the preceding year
2) Estimates for the present year
3) Estimates for the coming year

The Union Budget also includes the Finance Bill and Appropriation Bill, both of which are to be passed by both Houses of Parliament before implementation on April 1 of the new financial year.

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