It is stated that Union Budget has for decades been presented on last day of February, but this could soon change with the government mulling advancing it to January end so as to complete the budget exercise before the beginning of the new fiscal.


Meanwhile the Finance Ministry is doing an overhaul of the entire Budget making exercise which may see scrapping of the current practice of presenting a separate budget for Railways and the Budget document finding almost no mention after excise duties, service tax and cusses being subsumed in the Goods and Service Tax (GST) regime.


Sources have also said the government is of the view that the Budget exercise should ideally be over by March 31st every year as against the present practice of it being carried in two phases spread between February and May.


Another source has stated that states are being consulted for capital and revenue expenditure classification, where an internal group is working on it and this will give the right direction in simplification of accounts and also how we focus on expenditure.



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