Union Budget 2026: New I-T Act to Come Into Force from April 1
"Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make susbstantial strides in poverty reduction and improvement in the lives of our people." - FM Nirmala Sitharaman
Presenting Union Budget 2026-27, Union Finance Minister Nirmala Sitharaman says,"We have pursued far-reaching structural reforms. Fiscal prudence and monetary stability, while maintaining a strong thrust on public investment, keeping self-reliance as a pillar. We have built domestic manufacturing capacity, energy security and reduced critical import dependencies."
Congress leader Sachin Pilot on Sunday took a dig at the Centre ahead of the Union Budget, alleging that the government’s policies over the years have failed to make a tangible impact at the grassroots. He urged the government to deliver meaningful relief to the poor, farmers, youth and the middle class.
The Union Cabinet, headed by Prime Minister Narendra Modi, approved the Union Budget 2026-27 following a meeting in Parliament. - AFP Photo
GST: Goods and Services Tax (GST) collection in 2025-26 is estimated to rise 11 per cent to Rs 11.78 lakh crore. FY27 GST revenue projections will be closely watched, as the revenue growth is expected to gain momentum with the government's implementation of rate reductions since September 2025.
Tax Revenue: The 2025-26 Budget had pegged gross tax revenues at Rs 42.70 lakh crore, an 11 per cent growth over FY25. This includes Rs 25.20 lakh crore estimated to come from direct taxes (personal income tax + corporate tax), and Rs 17.5 lakh crore from indirect taxes (customs + excise duty + GST).
Capital Expenditure: The government's planned capital expenditure for this fiscal year is budgeted at Rs 11.2 lakh crore. The government is likely to maintain its focus on capital expenditure in the upcoming Budget, with a 10-15 per cent increase in the capex target from the current level, as private sector players remain cautious.