New Delhi: Union Budget 2020-21 is likely to be presented on February 1, which is a Saturday. Usually, the Budget is not presented on a Saturday but, in 2015, the National Democratic Alliance government broke with the tradition and presented it on a Saturday. Also Read - Nirmala Sitharaman Promises More Stimulus Measures For Sectors of Economy in Distress as And When Required
After 2015, this will be the first time that the Budget will be presented on a Saturday. “Tradition will continue,” parliamentary affairs minister Prahlad Joshi said, as quoted by reports. Also Read - Govt Will Continue to Take Good Reforms to Boost Economy: Sitharaman on Corporate Tax Cut
The Economic Survey will be presented on January 31, sources said. Also Read - Budget 2020 Bonanza: Major Changes in Personal Income Tax Slabs Likely
Before the Modi government came to power, the Budget used to be presented on the last working day of February. The Modi government decided to advance it to the first day so that the budgetary process gets completed by March 31.
The exercise to prepare for the Budget started from October 14. It will be the second Budget of both the Modi 2.0 government and finance minister Nirmala Sitharaman.
On November 11, the ministry issued a circular asking industry and trade associations to give “suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same”.
The Budget Estimates for 2020-21 will be provisionally finalised after the expenditure secretary completes discussions with other secretaries and financial advisers.
On July 5, Sitharaman presented her first Budget while Piyush Goyal presented the interim Budget on February 1. Soon after her maiden Budget, the finance minister announced a cut in corporate income taxes from 30 per cent to 22 per cent.