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.

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

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