From Date To Time And Its Importance: Everything You Need To Know About The Upcoming Union Budget 2023?

Just three weeks are left until the?Union Budget 2023 is presented in Parliament. This will be the last full budget to be presented by the PM Modi-led government before the nation goes for general elections in 2024.

And with global?recession?fears, rising interest rates, unemployment, and inflationary concerns among the bothering points, the worrisome economic scenario makes the upcoming Budget 2023?an even more crucial one for the nation.

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Also Read:?Explained: What Is The Insurance Laws (Amendment) Bill,?2022?Which Maybe Presented In Budget 2023

But when and how will the budget be presented? And what is the significance behind it? If you aren’t aware of such information, let us bring to your attention the key aspects surrounding the budget for 2023 that you should know.

1. When and who will present the Union Budget 2023?

The Union Budget is expected to be presented on February 1, 2023, by India’s Finance Minister Nirmala Sitharaman.?The Finance Minister usually starts the budget speech at 11 a.m.

2. When will Parliament's Budget Session begin and end??

The budget session of Parliament is expected to begin on January 31st, 2023, and end on April 8th, 2023.??On January 31, India's President Droupadi Murmu would officially open the budget session by addressing both Houses of Parliament assembled together at 11 a.m.

3. When Did The Government Begin The 2023 Budget Making Exercise?

The?Ministry of Finance?commenced its annual budget-making exercise for Union Budget 2023 on?October 10, 2022.

4. What Is the Purpose of the Budget?

Preparing the annual union budget is?not only important but in fact compulsory. Under Article 112 of the Constitution, a statement of estimated receipts and expenditures of the Government of India has to be laid before Parliament with respect to every financial year. By presenting the Union Budget on an annual basis, the government announces its fiscal roadmap for the next financial year.

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Also Read:?Income Tax Exemption Limit Likely To Get Extended To Rs 5 Lakh?In Budget 2023

5. What Documents Are Included In The Budget?

The budget documents generally include the Finance Minister's speech in Parliament, highlights, the annual financial statement, the finance bill, demands for grants, statements mandated under the FRBM Act, the expenditure and receipt budget, a memorandum explaining the provisions in the financial bill, key features of the budget, budget at a glance, the key to the budget document, the?macroeconomic framework statement, and some other documents.

6. Is the budget presented only once?

The Union Budget is presented only once a year, mostly on February 1st, since the announcement regarding the same in 2016. Before that, it was presented on the last working day of the month of February every year.

7. What Exactly Is an Interim Budget?

In exceptional or occasional cases, such as the change of government midway through a financial year, an interim budget may be presented. It is similar to a full budget in nature but is presented for a temporary period instead of for the entire financial year.

8. When Was The First Budget Presented?

India's first budget was announced in pre-independent India, on April 7, 1860, when Scottish economist and politician James Wilson, of the East India Company, presented it to the British Crown.?The first union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947.

9. Which Were the Longest and Shortest Budget Speeches?

The current Finance Minister?Nirmala Sitharaman’s Budget 2020 speech (delivered on February 1, 2020) was the longest speech in the history of independent India, as it lasted for close to 2 hours and 42 minutes.

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As far as the shortest one is concerned, 1977's Budget Speech, delivered by then Finance Minister Hirubhai Mulljibhai Patel, was the shortest?one, measuring in at just 800 words.

10. Will the Budget of 2023 Be Paperless?

Yes, continuing the practise of presenting paperless budgets since 2021, Budget 2023, which is prepared for the upcoming financial year 2023–24, is expected to be paperless too.

11. What Is The Biggest Source Of Revenue For The Central Government?

The center's net tax revenue typically accounts for the majority of the tax revenue included in receipts when compared to total government receipts.

This includes tax revenue in the form of corporation tax, taxes on income, customs, GST, service tax, Union Excise Duties etc.?

12.?Is The Rail Budget Merged?

Yes, in September 2016, the?government had announced that the Rail Budget will be merged with the Union Budget, and this practice has been taking place since the Union Budget 2017. This decision is said to be based on the recommendations of a committee headed by then-NITI Aayog member Bibek Debroy and included Bibek Debroy and Kishore Desai.

Also Read:?Govt Likely To Increase Customs Duty On 35 Items In?Budget 2023

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