Budget 2024 Date Live Updates: All eyes on Union Budget presentation; When will FM Sitharaman table Budget 2024? – Budget 2024 News

As defined by Article 116 of the Indian Constitution, a vote on account is an advance grant to the government from the Consolidated Fund of India to cover short-term expenditure requirements until the new financial year begins. The Consolidated Fund of India stores all the revenue generated by the central government, and this includes taxes, interest on loans, and a portion of state taxes.

Vote on Account is the estimated expenditure that covers the expenses that are required before a new government takes charge. A vote on account is merely an interim authorization to spend money.

One major difference between a Vote on Account and the interim budget is that the former can’t impact the tax regime, whereas the interim Budget can change it. Also, an interim Budget consists of both expenditures and receipts whereas a vote on account lists only the expenditure borne by the government.

In the interim budget, the incumbent government presents estimates of its expenditure, revenue, fiscal deficit and financial performance and projections for the upcoming financial year. The ruling government, at the end of its tenure, presents an interim budget for 3-4 months to keep the country running.

An interim budget does not make any major policy announcements which could financially burden the next government that will present the full Union Budget.

While a budget has two parts – the report of expenses and income in the previous year and the proposed expenses and income generation in the coming year, the interim budget contains the first part, but the second part will contain documentation of basic expenses until the election.

An interim budget is presented by the incumbent government or the government that is going through a transition period or is in its last year in office before the general elections held every 5 years. An incumbent government cannot present the full budget.

The interim budget contains detailed documentation of all the expenses to be incurred and every rupee to be earned through taxes in the coming few months until the general elections. With this, the incumbent government seeks a vote of approval from Parliament to extract money from the consolidated fund of India, where the government puts all its revenue, to meet its budget expenses before the end of the financial year. The interim budget also consists of some policy measures.

The first budget presented earlier this year on February 1 was the interim budget, which served as a vote on account. It is presented by the incumbent government ahead of the general elections. This functions as a temporary financial plan to maintain government operations until the new budget is enacted.

A full budget is presented once the new government is sworn in and it is expected to be tabled by the finance minister in the third week of July.

Finance Minister Nirmala Sitharaman is expected to hold a series of consultations with the finance ministers of various states, sources told CNBC TV18. In addition to this, the finance minister is also likely to hold pre-budget discussions with industry stakeholders on June 20.

These meetings will be preceded by a consultation with Revenue Secretary Sanjay Malhotra on June 18.

The full Budget for FY25 or 2024-2025 will be presented in a few weeks from now. According to most reports the Budget is expected to be presented in the third week of July coinciding with the Monsoon Session of the Parliament. On February 1, 2024, the BJP Government had presented the Interim Budget, which is technically a vote on account ahead of the elections to take care of Govt expenses in the interim till a new Government is voted to power. This happens every 5 years or when the existing Govt is dissolved and elections are held for electing a new Government.

According to the data released by the Ministry of Finance, the Central Goods and Services Tax (CGST) collection stood at Rs 32,409 crore. The State Goods and Services Tax (SGST) came in at Rs 40,265 crore. Meanwhile, Integrated Goods and Services Tax (IGST) was at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods. For the full FY25 so far, the ministry collected CGST of Rs 76,255 crore and SGST of Rs 93,804 crore. IGST for FY25 so far came in at Rs 1,87,404 crore, including Rs 77,706 crore collected on imported goods.

According to the latest data released by the Ministry of Finance, Goods & Services Tax (GST) collections during the month of May 2024 came in at Rs 1.73 lakh crore. This is10 per cent higher than the same period last year. For April, GST collection had breached the Rs 2 lakh crore milestone. The gross GST collection during April was recorded at Rs 2.10 lakh crore, up 12.4 per cent on-year.

The 52nd GST Council meeting was held on October 7, 2023, and was presided over by Union Finance Minister Nirmala Sitharaman and attended by Finance MoS Shri Pankaj Chaudhary, the Revenue Secretary, Chairman CBIC, Member CM, Member GST, Member TP and senior officers from Union Government and States. In this meeting, the GST Council had announced the imposition of 28% levy on online gaming, casinos, and horse racing. Later in the March GST meeting, the council had postponed the review of the levy imposed on the proceeds from online gaming.

The Finance Minister will preside over the 53rd GST Council meeting on June 22, 2024.

The government, just a day after Nirmala Sitharaman formally assumed charge as the Union Minister of Finance and Corporate Affairs, announced that the 53rd GST Council meet is slated to be held on June 22, 2024 in New Delhi. “The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” the official handle of GST Council on X, had stated.

Finance Minister Nirmala Sitharaman is expected to hold pre-budget consultations with industry stakeholders on June 20, sources have said. The Union Budget, meanwhile, is slated to be tabled in the Parliament in the third week of July. The pre-budget consultation would be preceded by an official meeting with the Revenue Secretary, slated for today (June 18).

The Monsoon Session of Parliament is slated to begin on July 22, sources have stated, while adding that the session is likely to continue until August 9.

The government is also likely to present the Union Budget for 2024-25 during the Monsoon Session. The Session is also likely to cover the oath/affirmation of newly elected members, the election of the speaker, the President’s address, and subsequent discussions.

The Ministry of Parliamentary Affairs announced that the first session of 18th Lok Sabha will be held from June 24, 2024 to July 3, 2024. This session will witness oath/affirmation of the newly elected members of the Lok Sabha, election of Speaker, address of the President of India and the discussion thereon, the release stated.

On June 12, Parliamentary Affairs Minister Kiren Rijiju had posted on X, “First Session of 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for oath/affirmation of newly elected Members, Election of Speaker, President’s Address and discussion thereon. 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24.”

Finance Minister Nirmala Sitharaman, who took charge of the office on June 12, will present the Union Budget for FY25 for the seventh consecutive time. This follows her presentation of the interim budget earlier in February this year.

According to reports, the Union Budget for the fiscal year 2024-25 is expected to be presented in the Parliament in the third week of July. However, there is no official announcement on the date of the presentation of the Budget.

Finance Minister Nirmala Sitharaman has, on February 1, 2024, presented the interim budget for 2024-25 in the Parliament.

With the Modi 3.0 government preparing its full Budget for FY 2024-25, North Block, which houses the finance ministry in New Delhi, is ‘quarantined’ starting June 13 until the Budget is presented in July. The ministry will be out of bounds for visitors and media till the Union Budget is tabled in the Parliament.

Per a report by PTI, all the entry and exit points of the finance minister, during the ‘quarantine’ period, are guarded by security personnel while the Intelligence Bureau (IB) personnel, assisted by Delhi police, keep a close watch on the movements of people entering the rooms of the officials working on the Budget.

After taking charge as the finance minister of India, Nirmala Sitharaman instructed the officials to start the budget formulation process, while stressing on the importance of meticulous planning and thorough analysis. Preparation for the Union Budget 2024-25 kick-started last week in Delhi.

The early start is aimed to ensure that the Budget is well-structured and effectively addresses the country’s economic priorities and even challenges.

On June 12, Nirmala Sitharaman took charge as the Finance and Corporate Affairs Minister of the newly formed NDA government. The finance minister is slated to soon present the final Budget for FY25, in line with the tone of Modi 3.0 government’s priorities and direction towards a ‘Viksit Bharat’.

Nirmala Sitharaman noted that the government is fully committed to ensuring ‘Ease of Living’ for its citizens and will continue to take further steps in this regard. She also asserted that the government is committed towards policy continuity.

Greetings! Welcome to the live coverage of Budget 2024-25. Here, we will keep you updated with all the information and announcements about the probable date when Finance Minister Nirmala Sitharaman is expected to table the Budget and about all the key metrics and economic parameters that may or may not affect the announcements in the annual Budget. Stay tuned with financialexpress.com.