2022-23 Budgetary Exercise To Commence From 12 October

The Finance Ministry intends to start with the 2022-23 annual budget preparation from 12 October. This will be the fourth budget happening under Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. The budget for the following year will need to tackle severe issues concerning demand generation, creation of new jobs and place the economy on a steady 8% plus growth path.

The circular stated that – all financial advisers need to enter all the required details in connection with these meetings as per Appendices I to VII in the RE module of the Union Budget Information System (UBIS).

The Budget Estimates (BE) concerning 2022-23 will be finalised provisionally once the expenditure secretary finishes discussions with other financial advisers and secretaries. Pre-budget meetings are set to commence from 12 October; they will continue until the second week of November.

The 2022-23 Budget is probably going to happen on 1 February. The budget concerning the current fiscal had anticipated a growth rate of around 10.5%, while the fiscal deficit was fixed at 6.8% of the GDP.

Tentative ceilings concerning all expenditure classes, including the Centrally Sponsored Schemes (CSS) and the Central Sector (CS) schemes, will be discussed in the pre-budget meetings.

Join our Telegram channel to keep getting updates on all things finance.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in

You May Also Like

Taxation of dividend income received on or after 1 April 2020 (FY 2020-21)

You may receive a dividend from your equity or mutual fund investments.…
GSTR-9

CBIC has notified an extension of two months to various GST compliance

The government of India has notified yet another extension for the completion…
Gold Jewellery

24K Gold Rate in India for November 2019: Week 4

The fourth week began with the gold rate in India holding at…

Due date to file annual GSTR-4 for FY 2019-20 gets further extended

The government has further pushed the deadline to file the brand new…