While in the year 1947 declaring Independent India’s first Finance Minister RK Shanmukham Chetty gave away the India’s debut Budget which apportioned 46% of the full expenditure of Rs.197.39 crore to the Defence Services Dept.
Later in 1968, Morarji Ranchhodji Desai’s Budget, which is generally called as the People’s Budget, eased the assessment of goods by bringing the system of self-assessment for all producers. This year Budget too ended ‘spouse allowance’ that was a tax saving tool for two of the taxpayers – husband & the wife. This was made in order to “to abandon this unintended strain on the relationship of wedding.”
Thereafter in 1991 also Commonly termed as the Epochal Budget, the then-Finance Minister Manmohan Singh deputed under the Narasimha Rao govt., devised steps for India to invite globalization and reduced import licensing & promoted exports.
Followed by 1997 budget where The-then Finance Minister P Chidambaram’s “Dream Budget” placed across a roadmap for Indian economic reforms which comprised decreasing income tax rates, elimination of the surcharge on corporate taxes, and brought a scheme on avoid of black money.
The millennium budget of year 2000 was announced by The-then Finance Minister Yashwant Sinha centered at creating India a software-IT hub by introducing software exports.
The year 2005 budget as Commonly called as the Aam Aadmi Budget and set by former Finance Minister P Chidambaram launched lower corporate tax & customs duty, MNREGA & RTI.
Now this year in 2018 Finance Minister Arun Jaitley will give away the union Budget on Feb 1, 2018 is also the first Budget after India adopted Goods and Services Tax.