According to a circular released by the Union Budget 2023 –24 division of the Finance Ministry,
the Central Government will start the procedure for producing the Union Budget 2023 –24 on October 10 and go from there.
The penultimate full budget before the scheduled general elections in April-May 2024,
it would be the fifth for the Modi 2.0 administration and Sitharaman.
The government offers a Vote on Account for a brief time during an election year.
The budget is typically finalized until July
The letter states that pre-budget meetings and meetings to review updated estimates will start on October 10.
The Budget Circular (2023-24) of the Budget Division of the Department
of Economic Affairs, dated September 6, 2022, states that “Pre-budget meetings presided over by the secretary (Expenditure) should resume on October 10, 2022.” Financial advisors should make sure that the appropriate information is accurately entered for appendices I through VII. The circular indicated that hard copies of the data in the prescribed formats should be given for cross-referencing.
Additionally, the Union Home Ministry has requested that the finance secretaries of all union territories provide a declaration in advance that breaks out all plan outlays.
After pre-budget meetings are through, the budget estimates for 2023–24 would be tentatively finalized
it was stated.
It was also noted that meetings for the RE (Revised Estimate) will continue until about mid–November 2022.
Income tax slab rates for ay 2023-24 will be more beneficial in the future for the country.
The Union Budget 2023 deficit for the current fiscal was estimated at 6.4% of GDP
While the growth rate for the current fiscal was predicted to be between 7 and 7.5% in real terms (GDP).
The government of Prime Minister Narendra Modi did away with the colonial
custom of delivering the budget at the end of February. On February 1st, 2017, the annual accounts were first delivered by the then-finance minister, Arun Jaitley.
Since the Budget was prepared, ministries are now given their planned funding at
the beginning of the fiscal year, which begins in April. This offers government agencies additional spending flexibility and enables businesses time to adjust to new tax and business regulations.
This meant that when the monsoon season had passed, only in the months of August or
September would government agencies begin investing in projects.
Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023
Ms Sitharaman will make the budget presentation for the fourth time this year. Working women have high expectations for this year’s budget as well. This year, they anticipate the following from FM Nirmala Sitharaman.
Nirmala Sitharaman, the finance minister, will deliver the Union Budget 2022 to Parliament on February 1st, 2022. Every sector in India is impacted by budget pronouncements, including older folks. In order to understand their viewpoints on Budget 2022, we spoke with a few older individuals.
Nirmala Sitharaman, the finance minister, will announce the federal budget on February 1st, 2022. Numerous Indian entrepreneurs are also hoping that this union budget would help them grow.