Budget 2015-16: Finance Ministry begins budget exercise, seeks inputs

NEW DELHI: The Finance Ministry today initiated the budgetary exercise for 2015-16 by seeking inputs from various ministries and departments.

"The Budget circular for 2015-16 is hereby issued containing the timelines for submission to the Finance Ministry along with prescribed formats," said an office memorandum.

The circular also contains the compendium of instructions issued from time to time by Ministry of Finance on various issues.

Prescribing timelines for submission of proposals, discussion with Secretaries and finalisation of demand for grants, it asked officials to strictly adhere to the schedule.

The ministries have been asked to submit revised estimates of expenditure for 2014-15 and demand for grants for the next financial year beginning April 1, 2015.

The Budget, which contains revised estimates for the current financial year and estimates for the next fiscal, is presented by the Finance Minister in the Lok Sabha on the last working day of February.

This would be the second Budget of the Modi government. Finance Minister Arun Jaitley presented the Budget for 2014-15 on July 10, which was actually a follow-up of the interim Budget presented by the then Finance Minister P Chidambaram.

Besides, the demand for grants, the Budget will also have taxation proposals which form a part of the Finance Bill.