The Centre has prepared a list of 16 bills, including the GST Bill, Lokpal (Amendment) Bill, Factories (Amendment) Bill and the Anti-Hijacking Bill as priority to seek their passage in the Parliament.
Facts you need to know about the Union Budget:
WHO MAKES THE BUDGET
Budget is made through a consultative process involving ministry of finance, NITI Aayog and spending ministries.
The budget division of department of economic affairs under the Ministry of Finance starts the making of budget either in the last week of August or the first fortnight of September annually.
HOW IS THE BUDGET MADE
In September, a circular is issued to all Union ministries, states, UTs, autonomous bodies, departments and the defence forces for preparing the estimates for the next year.
Extensive consultations take place between Union ministries and the Department of Expenditure of the finance ministry once all ministries & departments send in their demands.
Views of farmers, businessmen, FIIs, economists and civil society groups are also taken by the Department of Economic Affairs and Department of Revenue.
The pre-budget meetings are completed by the end of January. All the proposals prepared in the pre-budget meetings are discussed with the PM before the Budget is frozen.
The printing of budget starts with customary ‘Halwa ceremony’ to mark the beginning of the process.
BUDGET PRESENTATION
The Secretary General of the Lok Sabha Secretariat seeks approval of President after the Speaker agrees to the date suggested by the government.
On the morning of the budget, the government seeks President’s approval through a “Summary for the President” approved by the FM and PM.
FM presents the budget in the Lok Sabha outlining key estimates and proposals.
Finance Minister briefs the cabinet on the budget proposals through a ‘summary for the cabinet’ just before he presents the budget.
The ‘Annual Financial Statement’ is laid on the Table of the Rajya Sabha after the FM’s speech.
FM’s budget speech has two parts. Part A deals with general economic survey of the country and policy statements. Part B contains tax proposals.
The ‘Annual Financial Statement’ is laid on the Table of the Rajya Sabha after the FM’s speech.
The bill is required to be passed by both the Houses and receive assent of the President within 75 days of its introduction.
The budget process gets over once the Finance Bill is passed and signed by the President.
