The Budget session of the Parliament will start on January 31. The first part of the session will conclude on February 13, while the second part of the session will begin on March 10. The Budget session will end on April 4.
The budgetary process is a lengthy affair spanning over months. The Union Budget is prepared by the Department of Economic Affairs under the finance ministry. The budgetary process comes to an end with the printing of the Budget documents and then it is presented in Parliament.
Finance Minister Nirmala Sirtharaman will table her eighth straight Budget on February 1.
On the day of the presentation of the Union Budget, no discussion happens on the Budget. The passing of the Union Budget involves the voting on the Demand for Grants, passing of the Appropriation Bill and the passing of the Finance Bill. While the passing of the Appropriation Bill authorises the government to withdraw funds from the Consolidated Fund of India, the passing of the Finance Bill gives effect to the financial proposals of the government for the upcoming fiscal.
Once the Union Budget is presented, can it be amended? Let's find out details about the Union Budget amendments.
Can The Budget Be Amended?
Yes, the Union Budget can indeed be amended, but such changes must undergo specific procedures. The Budget, which includes the Finance Bill, outlines the government's fiscal policies and taxation plans for the year.
These changes are debated and voted upon in Parliament, and they can lead to alterations in the government's tax policies or other fiscal provisions.
After the Budget is presented, the government introduces the Appropriation Bill, which details how the government's expenditure will be allocated. This Bill, like the Finance Bill, can also be amended, but these amendments are subject to parliamentary procedures and approval.
The Parliamentary Standing Committee on Finance examines the Budget and may recommend certain changes or revisions. These are typically discussed and voted on in both houses of Parliament.
If there are significant changes in the economy or fiscal policy after the Budget is presented, the Finance Minister may propose mid-year amendments or revisions to the Budget.
