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Budget 2018
Feb 01, 2018 08:08 PM IST | Source: Moneycontrol.com

Budget 2018: Remembering India's most iconic Budgets

These were some of the Budgets that impacted our economy in the most significant of ways, bringing in changes and reforms that define it even today.

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1947| Independent India's first Finance Minister RK Shanmukham Chetty presented India's first Budget, which allocated 46% of total expenditure (Rs 197.39 crore) to the Defence Services Department. (Image: Wikimedia Commons)
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1947| Independent India's first Finance Minister RK Shanmukham Chetty presented India's first Budget, which allocated 46% of total expenditure (Rs 197.39 crore) to the Defence Services Department. (Image: Wikimedia Commons)

1968| Morarji Ranchhodji Desai's Budget, commonly known as the People's Budget, simplified the assessment of goods by introducing the system of self-assessment for all manufacturers. This Budget also abolished 'spouse allowance'which was a tax saving tool for both the taxpayers - husband and the wife. This was done in order to "to eliminate this unintended strain on the relationship of marriage."
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1968| Morarji Ranchhodji Desai's Budget, commonly known as the People's Budget, simplified the assessment of goods by introducing the system of self-assessment for all manufacturers. This Budget also abolished 'spouse allowance'which was a tax saving tool for both the taxpayers - husband and the wife. This was done in order to "to eliminate this unintended strain on the relationship of marriage."

1991| Commonly known as the Epochal Budget, the then-Finance Minister Manmohan Singh under the Narasimha Rao government, took steps for India to welcome globalization and slashed import licensing and promoted exports.
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1991| Commonly known as the Epochal Budget, the then-Finance Minister Manmohan Singh under the Narasimha Rao government, took steps for India to welcome globalization and slashed import licensing and promoted exports.

1997| The-then Finance Minister P Chidambaram’s “Dream Budget” put across a roadmap for economic reforms in India which included lowering income tax rates, removal of the surcharge on corporate taxes, and introduced a scheme on prevention of black money.
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1997| The-then Finance Minister P Chidambaram’s “Dream Budget” put across a roadmap for economic reforms in India which included lowering income tax rates, removal of the surcharge on corporate taxes, and introduced a scheme on prevention of black money.

2000| The-then Finance Minister Yashwant Sinha put forward the 'The Millennium Budget' which aimed at making India a software-IT hub, as it introduced exporting software.
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2000| The-then Finance Minister Yashwant Sinha put forward the 'The Millennium Budget' which aimed at making India a software-IT hub, as it introduced exporting software.

2005| Commonly known as the Aam Aadmi Budget and tabled by former Finance Minister P Chidambaram, the Budget introduced lower corporate tax and customs duty, MNREGA and RTI.
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2005| Commonly known as the Aam Aadmi Budget and tabled by former Finance Minister P Chidambaram, the Budget introduced lower corporate tax and customs duty, MNREGA and RTI.

2018| Finance Minister Arun Jaitley will present this year's Budget on Feb 1 - the Budget after India adopted Goods and Services Tax - a new tax reform.
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2018| Finance Minister Arun Jaitley will present this year's Budget on Feb 1 - the Budget after India adopted Goods and Services Tax - a new tax reform.

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