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India New Budget 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011 highlights, Speech and expectations.



India Budget

The Union Budget of India also called the general India budget is presented each year on the last working day of February. The budget is presented by the Finance Minister of India in Parliament. Budget is most economic event in the country which outlines all the economic planning of the Government of India for the next year. It is not only important for corporates but for individuals from all sections of the society.

Origin and History

The first general budget of India was presented by the India's first Finance Minister Sir R.K. Shanmugham Chetty on November 26, 1947. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors including the industrial, financial and other sectors.

Passing of Budget

The annual India budget has to be passed by the House of the parliament before it can come into effect on April 1, the start of India's financial year. The Indian parliament has one month to review and modify the government's budget proposals. If by April 1, the parliamentary discussion of the budget has not been completed, the budget as proposed by the minister of finance goes into effect and subject to retroactive modifications after the parliamentary review.

State Level Budget

Each state government maintains its own budget, prepared by the state's minister of finance in consultation with appropriate officials of the central government. Primary control over state finances rests with the state legislature in the same manner as at the central government level. State finances are supervised by the central government, however, through the Comptroller and the Auditor General of India; the latter reviews State Government accounts annually and reports the findings to the appropriate state governor for submission to the State's Legislature. The Central and State Budgets consist of a budget for current expenditures, known as the budget on revenue account, and a capital budget for economic and social development expenditures.

Separate Budget for Railway and Postal Department

The Indian Railways, the largest Public-Sector Enterprise, and the Posts and Telegraph Departments have their own budgets, funds, and accounts. The appropriations and disbursements under their budgets are subject to the same form of parliamentary and audit control as other government revenues and expenditures.


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    What is New?

    Date: 03-02-2025
    [F. No. CBIC-190354/236/2021-TRU]
    Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

    Date: 01-02-2025
    Notification No. 13/2025-Customs
    Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

    Date: 01-02-2025
    Notification No. 12/2025-Customs
    Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

    Date: 01-02-2025
    Notification No. 11/2025 – Customs
    Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

    Date: 01-02-2025
    Notification No. 09/2025-Customs
    Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

    Date: 01-02-2025
    Notification No. 07/2025-Customs
    Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.

    Date: 01-02-2025
    Notification No. 04/2025–Customs
    Seeks to exempt the import duty on goods which are being rationalized in the tariff.

    Date: 01-02-2025
    Notification No. 03/2025-Customs
    Seeks to further amend notification No. 27/2011-Customs dated 30 th June, 2017 so as to reduce the export duty on crust leather.

    Date: 01-02-2025
    Notification No. 10/2025 – Customs
    Seeks to further amend notification No. 57/2017 dated 30 th June, 2017 so as to change BCD rates on inputs/parts used for manufacture of parts of cellular mobile phones along with other high technology telecom equipments.

    Date: 23-01-2025
    NOTIFICATION NO. 08/2025 – CENTRAL TAX
    Central Tax Notification for waiver of the late fee



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