JOIN USThe Budget-making process has gathered pace after the government decided to advance its presentation to late-January or early-February, instead of the last week of February.
The Finance Ministry has asked industry bodies and traders to provide their suggestion by October 18.
“You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justifications for the same,” the ministry said in a communication to industry and trade associations.
The Union Cabinet had last month given its approval to merge the Rail Budget into the Union Budget, and the bringing-forward of the Budget date to early-February or late-January taking into account Assembly elections in five states.
The merger of the Rail Budget is expected to free the Railways from political pressure.
Vote-on-account
The advancement in the Budget presentation is expected to free the government from presenting a vote-on-account in Parliament. It is also expected to manage the social welfare schemes better, the funds for which can flow in time.
The Budget presentation date may undergo another change next year, if the Shankar Acharya panel recommends a change in the financial year itself. The committee is expected to submit its report by December-end. At present, India follows April-March financial year.