In order to begin all the tax proposals, expenditure and schemes from new fiscal on April 1, the budget session of Parliament is likely to be convened on January 24. Cabinet would also discuss proposal for merging Railway Budget with General Budget.
January 24 would give time to complete all legislative work before the beginning of the new fiscal from April. While early convening of the Budget Session may become a norm in the years to come.
In this row the Winter Session of Parliament is likely to be convened on November 12 this year to get the supporting legislations for the GST rollout approved early.
The Finance Ministry is overhauling the Budget making exercise which may see scrapping of the current practice of presenting a separate budget for the Railways as well as shifting to multi-year outcome based budgeting, sources said.
Till now the Budget Session was convened in the third or fourth week of February, and the Union Budget presented on last date of the month. This led to the legislative approvals taking place in two phases spread between February and May.