New Delhi, Jan 31: Finance Minister Arun Jaitley will present the Union Budget 2018 in Lok Sabha on February 1. This will be Arun Jaitley’s first full Budget after the government rolled out Goods and Services Tax (GST) and the last before the 2019 Lok Sabha elections. Jaitley will present the Union Budget for the financial year 2018-19 at 11 am. Lok Sabha TV, Rajya Sabha TV, DD News and other channels of Doordarshan will host live streaming of the Union Budget 2018-19.Also Read - Budget 2021: Interesting Facts About Indian Budget And How It Changed Over The Years

The Union Budget 2018 will be different from previous budgets due to the GST rollout. There are two main components of the Union Budget. The first part deals with new schemes and fund allocation for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes. This year’s budget will need to take into account only those items like petroleum products that still remain outside the purview of GST. Also Read - Late Arun Jaitley's Son Rohan Files Nomination For DDCA President's Post

There could be changes in customs and excise duties on products that are outside the purview of GST. With the general elections due in 2019, the government will present next year, instead of a full Budget, a vote-on-account, which only deals with the expenditure. Besides, new schemes and changes to taxation are not presented in a vote-on-account. Also Read - 'Miss my Friend a Lot,' Says PM Modi on 1st Death Anniversary of Arun Jaitley; Many Political Leaders Pay Tribute