Annual Budget 2018

Annual budget2018 in simple language means a projected income and expenditure for the entire 12 months. The Annual budgets apply to a fiscal year or calendar year. There is a need to create an annual budget for a country, as it is not possible to levy taxes as and when the income is needed and spend money in whichever sphere the government decides. Keeping the limited resources, a well-planned Union budget is created by indicating the income and expenditure.

What is Union Budget?

Our parliamentary system works on West Minister model. Our Annual budget is approved subject to the approval of legislature at both center and state levels. The Annual financial statements is presented before both the houses of Parliament. This is also termed as the budget of the Union government. The expenditure estimates included in the budget has to be presented before the Lok Sabha in the form of “Demand for Grants”.

Union Budget Date

In Our country, the budget is presented on a fixed date as decided by the President. This year The Union Budget 2018 will be presented on February 1, Parliamentary Affairs Minister Ananth Kumar announced on 5th of January. The minister further stated that the budget session of the parliament will be conducted from January 29 to April 6, 2018.
The Phase 1 of the session will be held from January 29 to February 9 while the second phase will be from March 5 to April 6, as told by Mr. Kumar.