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Today, i.e. on 25 March, the Finance Bill from Lok Sabha passed with 35 amendments. This includes amendments such as abolishing 6% digital tax on online advertising.
Now this bill will go to Rajya Sabha. After the Finance Bill is passed from both houses of Parliament, it will be sent to the President for approval. After getting approval from the President, this will be made a law and the budget process for 2025-26 will be completed.
Learn the entire process of budget in 7 points …
- Budget preparation: Budget is prepared by the Finance Ministry. Various ministries, departments and experts are consulted under the leadership of the Finance Minister.
- Budget presentation: Every year on 1 February, the Finance Minister presents the annual budget in the Lok Sabha. The budget speech contains the details of the government’s income and expenditure.
- Discussion in Parliament: After the budget is presented, it is discussed in a detailed discussion in the Lok Sabha and Rajya Sabha. MPs express their views on various aspects.
- Appropriation Bill: After discussion, it is introduced in both houses, which allows the government to withdraw funds from the integrated fund.
- Finance Bill: The Finance Bill is introduced in both Lok Sabha and Rajya Sabha to implement the tax changes proposed in the budget.
- President’s approval: After both bills (appropriation and finance) are passed by Parliament, they are sent to the President for approval.
- implement: After the President’s consent, they become laws and the budget comes into force. The budget applies for the financial year starting from 1 April.
After both the Appropriation Bill and the Finance Bill are passed, the budget proposal becomes law. After this the government:
- Money can be spent according to the approved allocation.
- Tax changes and other financial measures can be implemented.
- One can start implementing schemes and policies announced in the budget.
4 big things related to budget …
- The Union Budget 2025-26 is proposed to have a total of Rs 50.65 lakh crore expert, which is 7.4% more than the current financial year.
- The proposed capital experts for the next financial year are Rs 11.22 lakh crore and the effective capital experience is Rs 15.48 lakh crore.
- It has a gross tax revenue collection of Rs 42.70 lakh crore and gross loan of Rs 14.01 lakh crore.
- The fiscal deficit for FY 2026 is estimated to be 4.4% as against 4.8% of the current financial year.
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