Indian Union Budget 2018-19 latest information
Union Budget for the year 2018-19 will be presented by Finance Minister Arun Jaitley on February 1st, 2018. The Union Budget 2018 will come into force from April 1st, 2018.
What is Union Budget?
The Union Budget of India is also known as the Annual Financial Statement in the Article 112 of the constitution of India. The government usually presents the Union Budget in the parliament on the first day of February. The Union Budget is presented by Finance Minister of India. The Union Budget will be presented with the Finance bill and the Appropriation bill and it must be passed to the two houses in the parliament i.e Upper house and Lower house before coming in to effect from April 1, in the start of the financial year of India.
The first Union Budget was presented to the parliament by R.K. Shanmukham Chetty on November 26, 1947. Usually, the Union Budget was made an announcement at 5:00 pm on the last working day in the month of February until the year 1999. In the year 1999 Yashwanth Sinha who was the finance minister of NDA government led by Atal Bihari Vajpayee changed the timings of the budget from evening 5:00 pm to 11 am in the morning.
Again in the year, 2017 Arun Jaitley the finance minister of NDA government led by Narendra Modi made an announcement on the change of Union Budget presentation. He said that the budget will be presented on February 1 of every year instead of last working day of February. A railway budget was presented separately after 92 years which was merged into Union budget.
Highlights of Union Budget for the financial year of 2017 -2018
- Financial Sector
- Financial Situation
- Funding of political parties
- Defence Sector
- Tax proposals
- Personal Income Tax
- Energy Sector
- Agriculture Sector
- Rural Population
- For Youth Benefits
- For the poor and underprivileged health care.
- Infrastructure and Railways.
The main highlight of the Union Budget for the financial year of 2017 -18 is Demonetisation.
Get complete detailed information about 2017-18 union budget from – Union Budget 2017-18
Major Sectors to cover in Union Budget 2018 – 19
- Priority to Agriculture
- Increasing of Social Security Pension
- Excise and Service tax being subsumed in the goods and Service Tat (GST)
- Finance Sector
- Defence Sector
The Union budget for the financial year 2018-19 will presented on February 1st, 2018 by finance minister Arun Jaitley.
Union Budget 2018-19 complete details ……….. Coming soon