The Indian finance ministry has released timelines for submission of proposals by ministries and departments for preparing the first budget following the implementation of the goods and services tax (GST). The pre-budget meetings will start from October 9, according to the department of economic affairs circular for the fiscal 2018-19 budget.

Estimates of capital receipts have to be submitted to the budget division by October 16 and for revenue receipts by November 15.

"All data, as per the prescribed formats, will need to be submitted on UBIS (Union Budget Information System) platform. Data entered in the UBIS shall form the basis for generating both Statement of Budget Estimates and the Detailed Demand for Grants," the circular said.

The basis of the final budgetary allocations will be the ceilings indicated in the Medium-term Expenditure Framework (MTEF) statement, it added.

The outcome budget framework would need to be prepared as per the allocations indicated in the MTEF statement, the circular said.

The government expects GDP estimates, a key macro- economic data used in preparation of the budget, from the Central Statistics Office by January 6. (DS)

Fibre2Fashion News Desk – India

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