Govt feels the entire exercise should be over by March 31 Union Budget has for decades been presented on last day of February , but this could soon change with the government mulling advan cing it to January end so as to complete the budget exercise before the beginning of the new fiscal. Finance Ministry is doing an overhaul of the entire Budget making exercise which may see scrapping of the current practice of presenting a separate budget for Railways and the Budget document getting slimmer with indirect tax proposals finding almost no mention after excise duties, service tax and cesses being subsumed in the Goods and Services Tax (GST) regime. Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure. Sources said the government is of the view that the Budget exercise should ideally be over by March 31every year as against the present practi ce of it being carried in two phases spread betwe en