Budget 2017 marks the midpoint of the NDA government’s term and will be one of the most crucial presented by Finance Minister Arun Jaitley. Apart from being the annual financial document to be presented right after demonetisation, the budget also incorporates a number of firsts.
News18 brings you a curtain raiser to the historic nature of Budget 2017.
• Budget Date: The unveiling of the budget has been brought forward by a month from its traditional date of February 28 to February 1
• Change in the Financial Year: There are reports that the government wants to change the financial year so that it coincides with the calendar year. This may be the last budget that runs from April 1, 2017 to March 31, 2018
• GST: The landmark Goods and Services tax is supposed to come into operation from June or July, thus marking the single biggest reform in indirect taxation. This may well be the last time indirect tax proposals are presented in the budget.
• Rail Budget: The rail budget has been wrapped into the General Budget, marking the end of a 92 year old tradition of presenting separate budgets.
• Elections: Polls for crucial states like Uttar Pradesh and Punjab will be held right after the budget. The outcome of the elections may well set the tone for the General Elections in 2019. Budget 2017 may contain some clues for the state elections.
• Digital Payments: Since the budget follows demonetisation it may have a major push for digital payments.
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