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Budget 2018
Last Updated : Jan 31, 2018 09:06 AM IST | Source: Moneycontrol.com

Budget Trivia (Part IV): Did you know which budget exempted payment on earned leaves from taxes?

Encompassing over 70 years of history of independent India, in our Budget Trivia series, we present to you 70 lesser-known facts about the Budget process

1977-78 || What was unique about the 1977-78 budget? Ans: This was the first budget presented by a non-Congress government with Finance minister HM Patel presenting it (Patel was minister in Morarji Desai-led government. US embassy, New Delhi/File)
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1977-78 || What was unique about the 1977-78 budget? Ans: This was the first budget presented by a non-Congress government with Finance minister HM Patel presenting it (Patel was minister in Morarji Desai-led government. US embassy, New Delhi/File)

1978-79 || This budget was presented barely a month after a defining event in Indian economy, a decision that was repeated 30 years later. The budget speech argued in favour of this controversial decision. What decision are we talking about? Ans: Demonetisation. On January 16, 1978, the Janata Party government decided to scrap Rs 1,000, Rs 5,000 and Rs 10,000 notes, a move aimed at controlling illegal transactions. (RBI)
2/10

1978-79 || This budget was presented barely a month after a defining event in Indian economy, a decision that was repeated 30 years later. The budget speech argued in favour of this controversial decision. What decision are we talking about? Ans: Demonetisation. On January 16, 1978, the Janata Party government decided to scrap Rs 1,000, Rs 5,000 and Rs 10,000 notes, a move aimed at controlling illegal transactions. (RBI)

1979-80 || This budget announced a far-reaching measure that benefitted a class of non-cereal producing farmers. What was the measure? Ans: It abolished excise duty on unmanufactured tobacco, a tax that dated back to 1943. The move brought relief at one stroke to nearly a million tobacco growers, curers, small dealers and warehouse licensees from excise control. (Reuters)
3/10

1979-80 || This budget announced a far-reaching measure that benefitted a class of non-cereal producing farmers. What was the measure? Ans: It abolished excise duty on unmanufactured tobacco, a tax that dated back to 1943. The move brought relief at one stroke to nearly a million tobacco growers, curers, small dealers and warehouse licensees from excise control. (Reuters)

1980-81 || This budget introduced a new step to curb expenditure on non-essentials and aspirational lifestyle spending? What was the measure? || Ans: A new tax, over and above the existing state and central levies on food and drinks, was imposed on gross receipts of hotels to check conspicuous consumption in luxury hotels. A new tax at 15 percent was imposed on gross receipts of hotels in which the minimum tariff for a single room is 75 rupees per day. (Reuters)
4/10

1980-81 || This budget introduced a new step to curb expenditure on non-essentials and aspirational lifestyle spending? What was the measure? || Ans: A new tax, over and above the existing state and central levies on food and drinks, was imposed on gross receipts of hotels to check conspicuous consumption in luxury hotels. A new tax at 15 percent was imposed on gross receipts of hotels in which the minimum tariff for a single room is 75 rupees per day. (Reuters)

1981-82 || A proposal in this budget had a wide-reaching impact on the media industry. What measure are we talking about? Ans: The budget imposed an import tax of 15 percent on imported newsprint, which until then was fully exempt from any customs duty. (Reuters)
5/10

1981-82 || A proposal in this budget had a wide-reaching impact on the media industry. What measure are we talking about? Ans: The budget imposed an import tax of 15 percent on imported newsprint, which until then was fully exempt from any customs duty. (Reuters)

1982-83 || This budget announced a measure which provided relief to thousands of salaried people who were nearing retirement. What was the measure? Ans: The budget proposed to exempt from tax the unused earned leaves that employees encashed on retirement. (American Advisors Group/Flickr)
6/10

1982-83 || This budget announced a measure which provided relief to thousands of salaried people who were nearing retirement. What was the measure? Ans: The budget proposed to exempt from tax the unused earned leaves that employees encashed on retirement. (American Advisors Group/Flickr)

1983-84 || To economise on housewives’ fuel bills without affecting the nutritional and, the gastronomic value of what they cook, this budget proposed to exempt one product from excise duties. Which is this product? Ans: Pressure Cooker (Wikimedia Commons)
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1983-84 || To economise on housewives’ fuel bills without affecting the nutritional and, the gastronomic value of what they cook, this budget proposed to exempt one product from excise duties. Which is this product? Ans: Pressure Cooker (Wikimedia Commons)

1984-85 ||Finance minister Pranab Mukherjee quoted India’s most famous economist and political scientist. This person was to be quoted many times later by successive finance ministers in their budget speeches. Who are we talking about? Ans: Kautilya. Mukherjee and many of his successors widely quoted Arthashastra in their budget speeches (Reuters)
8/10

1984-85 ||Finance minister Pranab Mukherjee quoted India’s most famous economist and political scientist. This person was to be quoted many times later by successive finance ministers in their budget speeches. Who are we talking about? Ans: Kautilya. Mukherjee and many of his successors widely quoted Arthashastra in their budget speeches (Reuters)

1985-86 || Finance minister VP Singh in this budget speech proposed the setting up of an institution that laid down the foundations of a modern-day insolvency code. Which institution is this? Ans: Board for Financial and Industrial Reconstruction (BIFR), aimed at providing a speedy mechanism for amalgamation, mergers and devise other solutions as may be necessary to deal with the problem of sick units in the large and medium sector. (Wikimedia Commons)
9/10

1985-86 || Finance minister VP Singh in this budget speech proposed the setting up of an institution that laid down the foundations of a modern-day insolvency code. Which institution is this? Ans: Board for Financial and Industrial Reconstruction (BIFR), aimed at providing a speedy mechanism for amalgamation, mergers and devise other solutions as may be necessary to deal with the problem of sick units in the large and medium sector. (Wikimedia Commons)

1986-87 || This budget announced a new tax that evolved into the current day goods and services tax (GST). Which tax is this? Ans: Modified Value Added Tax (MODVAT), which allowed the manufacturer to obtain instant and complete reimbursement of the excise duty paid on the components and raw materials. (eFile989/Flickr)
10/10

1986-87 || This budget announced a new tax that evolved into the current day goods and services tax (GST). Which tax is this? Ans: Modified Value Added Tax (MODVAT), which allowed the manufacturer to obtain instant and complete reimbursement of the excise duty paid on the components and raw materials. (eFile989/Flickr)

First Published on Jan 30, 2018 01:02 pm
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