The Union Budget for the next year is reported to be presented on January 31 or February 1, 2017. The government’s decision on the advancing budget, though, will be taken after consultations with both political parties and the Parliament. This decision is likely to arrive sometime in September. According to CNBC, he Union budget is said to be presented in January, due to which the Winter session of the Parliament might start on an advanced date. The decisions on both the advancing budget date and the Winter Session might be taken together.
The Union budget has always been presented on the February 28, or 29, but this session will be seeing a change to complete the budget exercise, before the beginning of a new fiscal year. The Finance Ministry is doing a complete revamp of the Budget presentation, which will see the scrapping of the separate budget presentation of the budget for Railways. The budget papers will also look a lot slimmer with no mention of after excise duties, service tax and the cesses being subsumed in the regime of the Goods and Service Tax.
Though the Indian constitution doesn’t have any mandate on the budget presentation, it is normally presented on the last working day of February. The two-stage approval process of the Indian Parliamentary system takes it the middle of May. The Financial year begins on April 1 and in March, the government takes the approval of the parliament for Vote on Account of a sum of money, sufficient enough to meet the expenditure for 2-3 months.