Finance minister Arun Jaitley is likely to present India’s first post Goods and Services Tax (GST) and the current government’s last full Budget on February 1. The tentative schedule being drawn up for the Budget Session means that there would be less than a month’s gap between two sessions of Parliament. As per the 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 presented by the new government. The official said this will be the first budget post implementation of the Goods and Services Tax (GST) regime. With excise duty and service tax being subsumed in the Goods and Services Tax (GST), the classifications in the forthcoming budget may undergo change, he said.

Source: Hindustan Times December 03, 2017 07:52 UTC