New Delhi, November 28, 2017
Finance Minister Arun Jaitley will begin consultations with various stakeholders from next week as he prepares to present the last full budget of the Modi government on February 1.
The pre-budget consultations will begin from next Tuesday with the finance minister meeting representatives from the agriculture sector and trade unions.
"His first meeting would be with representatives of different agriculture groups followed by representatives of trade unions," a finance ministry statement said.
This would be the first budget after the implementation of the Goods and Services Tax and the same will be reflected in the revenue statement.
While a new classification for revenues to be accrued from the GST will be included in the budget for the next financial year, for the current year two sets of accounting may be presented - one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.
This will be Finance Minister Arun Jaitley's fifth Budget in a row. As per practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget is presented by the new government.
[The Deccan Herald]