8 Things which we need to know for Budget 2019 in India
What will Budget 2019 Briefcase have-in for you?
Image Credit: www.freepik.com
Dated: Budget 2019 – Running down the clock. What is behind the briefcase lock? *Rolling Eyes*
Endless questions striking in the head – What will be budget 2019 expectations? When will budget 2019 be announced? Will Budget 2019 make us happy? What is the list of announcements on the cards? Should we start purchasing? Anything good in the pocket of budget 2019 for salaried employees? And so on….
Tick-tock… The curiosity is at its peak… The emotions are shortened in our cellphone to express the feelings…
Before jumping on the conclusion, let’s go through a few of the things which we need to know for budget 2019 in India. Here:
The Modi government will present Interim Budget 2019 on February 01, Friday. This will be the last budget before the Lok Sabha elections.
Before that, what is the Interim Budget?
It is an annual report of the government’s total expenditure in other words, a set of accounts which includes government expenditure and receipts. Although, it might not have that ‘Big Policy Proposals’.
- The budget is prepared by budget division officials in the finance ministry and is served to us after discussing with other ministries. It is comprised of an annual financial statement, budget speech, financial bill, macroeconomic framework and demand for grants.
- On February 28 or 29’ 1999, the budget was presented at 5 pm. However, the budget presentation was changed by former Finance Minister Mr. Yashwant Sinha with timing from 5 pm-11 am. Since then, budget presentation starts on dot 11 am.
- Until 2016, Railway Budget was always announced a few days forth of the budget, but Mr. Jaitley changed this convention, thus, presenting a combined budget in 2016.
- The Interim Budget is presented in the election year because the out-going government needs some funds to function till the incoming takes over. NOTE: This Interim budget is followed by a ‘full budget’ by the next government.
- The budget is usually presented on the last working day of February. But, the Modi government changed this tradition by fixing the budget day on the 1st February.
- Both the Parliament houses – The Lok Sabha and The Rajya Sabha, will remain in the budget session till 13th February.
- The outgoing government has the authority to announce new policies, make any tax changes in the Interim Budget.
- The announcements for the Railways in this year’s budget is included.
Till then, the time awaits!