NEW DELHI: In a first, Parliament today completed the Budget exercise for fiscal beginning April 1 well before the start of the financial year, giving the Government more time to implement welfare spending programmes and taxation plans.
Scrapping a colonial-era tradition of presenting the Budget at the end of February, Finance Minister Arun Jaitley for the first time in the history of independent India has presented the annual accounts on February 1.
While Parliament had earlier approved the spending proposals (demands for grants) and General Budget, it cleared the taxation proposals contained in the Finance Bill 2017 today.
Rajya Sabha, where the ruling party does not have a majority, yesterday approved the Finance Bill with five amendments but the lower house of Parliament or Lok Sabha today rejected all the changes and Speaker Sumitra Mahajan said the bill was considered approved in original form by Parliament.
This will ensure proposals take effect from April 1. (AGENCIES)
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