When should the new Budget be passed?
This may be putting the cart before the horse – we are yet to have a Finance Minister. In spite of the DMK sulking, we are sure to have a Finance Minister today. The validity of the Interim Budget also known as ‘vote on account' expires on 31.07.2009. So the new Budget has to be passed before 31.07.2009.
The Congress in its manifesto had stated, “Within 45 days of forming the new government, the Indian National Congress will present the regular budget for 2009-10 with the basic objective of returning to the path of faster and more inclusive growth, which is so essential for fulfilling all our social and economic objectives,”
The new Government is coming into existence today. 45 days means July 6 th . So the Budget has to be presented before 06.07.2009 and passed and assented by President by 01.08.2009. This is too close – in 24 days the Budget has to be passed by both houses of Parliament and signed by the President.
Nothing to worry – if the government cannot present the Budget and get it enacted before 31.07.2009, they can have another vote on account and leisurely present the Budget sometime in September or October.
In any case the Customs, excise and Service Tax rates have been already reduced and the only hope in the budget is reduction of Income Tax.
Running the Government is certainly more difficult than winning elections.