The Ministry of Finance is all set to start the exercise to prepare the annual Budget for the next financial year 2023-24 from October 10.
“Pre-budget meetings chaired by the secretary (Expenditure) shall commence on October 10, 2022,” the Budget Division of the Department of Economic Affairs said.
“Financial advisers should ensure that the necessary details required in appendices I to VII are properly entered. Hard copies of the data along with specified formats should be submitted for cross-verification,” it added.
The circular issued by the Department of Economic Affairs has requested the financial advisers to go through the budget circular carefully.
It has also asked them to take note of important points mentioned in the Estimated Committed Liabilities (ECL) module in the Union Budget Information System (UBIS) for projecting allocations.
During the election year, the government presents a Vote on Account for a limited period. Usually, the budget is cleared till July.
Hence, It will be the last full budget for Modi 2.0 before the Lok Sabha elections to be held in April-May of 2024.
The requirement of funds for all categories of expenditures along with receipts of Ministries/ Departments will be discussed during the pre-budget meetings.
“Requirement of funds for all categories of expenditures along with receipts of Ministries/ Departments will be discussed during the pre-budget meetings,” the Budget Division of the finance ministry said.
Final ceilings will be decided separately by the Ministry of Finance latest by January 10, 2023, after an assessment of fiscal space, it added. In financial parlance, the maximum permitted level in a financial transaction is called the ceiling.
Finally, the Budget for 2023-24 is likely to be tabled on February 1.
(inputs from ANI)