Budget 2027-28 Exercise To Begin October 12, Finance Ministry Sets Timeline For Estimates
· Free Press Journal
New Delhi: The Finance Ministry will begin preparations for the Union Budget 2027-28 from October 12, with the exercise taking place amid global economic uncertainty and elevated food and fuel prices.
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The upcoming Budget is expected to continue the government’s reform push, with an emphasis on accelerating economic growth, generating employment and strengthening domestic demand.
Pre-Budget Meetings From October 12
According to the Budget Circular 2027-28 issued by the Department of Economic Affairs, pre-Budget meetings chaired by the Secretary (Expenditure) will start on October 12, 2026.
Financial Advisers have been asked to ensure that all necessary details are properly entered into the Union Budget Information System (UBIS) by October 6.
Hard copies of the required data in prescribed formats will also have to be submitted for cross-verification.
The pre-Budget meetings are scheduled to continue until mid-November 2026.
Budget And Revised Estimates
During the exercise, the government will work on Budget Estimates for 2027-28 and Revised Estimates for 2026-27.
Both sets of estimates will be provisionally finalised after the pre-Budget meetings are completed.
Russia Trip Under ₹1.5 Lakh: Turning A Travel Budget Into An EMI You Can Actually CarryFollowing detailed discussions, provisional expenditure ceilings will be communicated to individual ministries and departments.
The Finance Ministry will subsequently decide the final expenditure ceilings after considering the government’s spending priorities and projected receipts.
Final expenditure figures will be transmitted through UBIS and reflected in the system by the end of December 2026 or early January 2027.
Tax Estimates To Be Submitted
The circular has also asked the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) to provide estimates of central taxes and duties, including surcharges and cesses, to the Budget Division.
The 2027-28 Budget will be the fourth Budget of the Modi 3.0 government. It will also mark Finance Minister Nirmala Sitharaman’s 10th consecutive Union Budget, giving her a rare distinction in India’s fiscal policymaking history.