New Delhi: The presentation of Union Budget 2017 will be very distinct. Though this is going to be Finance Minister Arun Jaitley's fourth Budget, there are a couple of things that are going to make it very peculiar this time.
Let's have a look at a key peculiarities of the upcoming Union Budget 2017.
PAPERLESS BUDGET
- For the first time, a paperless Budget is going to be presented
- All the documents related to Budget will be presented online
- By logging on to Union Budget Information System, all the documents can be downloaded
- No Budget document can be accessed through pen drive or hard copy
ADVANCEMENT OF BUDGET DATE
- The presentation of Budget has also been advanced this year
- It will be presented on February 1 as against the old practice of presenting it on the last working day of February
- Government wants to complete the Budget process between March 31 and April 15
NO DISTINCTION BETWEEN PLANNED AND NON-PLANNED EXPENDITURE
- The abolition of Planning Commission will also have its impact this year
- For the first time, there will be no distinction between planned and non-planned expenditure
GST
-Since the government is committed to implementing Goods and Services tax by July 1, indirect tax would be announced for the last time
ECONOMIC SURVEY
- The Economic Survey will be presented at the first day of the Budget Session which will start on January 31
- As per the old practice, Economic Survey was presented after about five days of starting of Budget Session
NO SEPARATE RAIL BUDGET
- This year there will not be any separate Rail Budget because it has been merged with Union Budget
- All the major announcements related to the Railway sector will be made during the Union Budget
CENTRAL SECTOR AND CENTRALLY SPONSORED SCHEMES
- No plan or scheme will be divided into state and central plan
- All the plans will come under Central sector and centrally sponsored schemes
