Business/Economy

First Union Budget post GST will be presented on February 1

First Union Budget post GST will be presented on February 1

The Union Budget for the current year will be proposed on the first day of February, Ananth Kumar, Parliamentary Affairs Minister, disclosed this week. The Affairs Minister further reported that the budget session of the parliament will, however, take place from January 29 to April 6 of this year.

Further reports claimed that the first Phase of the session will be held from January 29 to February 9 and the second Phase will go on from March 5 to April 6.

Finance Minister Arun Jaitley will present the Budget 2018 for the fiscal year 2018-19.

Additionally, President Ramnath Kovind will address the sitting of the two Houses jointly on January 29 and the Economic Survey is scheduled to be tabled on the same date.

The upcoming budget holds special importance to the country as it will be the first budget after the implementation of GST (Goods and Services Tax) regime. On the other hand, it will be Arun Jaitley’s last full budget as the General elections are scheduled in 2019.

Last year, the budget was presented on February 1 for the first time, as opposed to the last day of the month, as the norm was prior to that. The government also put forward the practice of a detached railway budget last year.