The ministry has issued timelines for different processes, for the Budget to be presented in February.
The Ministry of Finance will start working for the Union Budget 2018-19 from next week.
It is India's first Budget post-GST and also the last full-fledged Budget for the current NDA government.
The finance ministry has issued timelines for different processes, for the Budget to be presented in February.
The excise duty and service tax were subsumed in the Goods and Services Tax (GST) and, hence, the classifications will undergo change, an official was quoted as saying.
There will also be a new category for revenues, which have been accrued from GST in the Budget 2018-19.
Since the GST rates are decided by a GST Council, which includes finance ministers of Union and states, the Budget will not have any tax proposals related to excise and service tax levies, the official told PTI.
Monday, September 11, 2017