Finance Minister Nirmala Sitharaman paid homage to former Finance Minister Arun Jaitley (Photo Credit: PTI File)
New Delhi:
Presenting the Union Budget 2020 in Lok Sabha, Finance Minister Nirmala Sitharaman paid homage to former Finance Minister Arun Jaitley, saying he was the 'chief architect of Goods and Services Tax'. During her Budget speech, Nirmala said, “I pay homage to visionary leader Late Arun Jaitley, the chief architect of Goods and Services Tax. GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically.”
FM Nirmala Sitharaman: I pay homage to visionary leader Late Arun Jaitley, the chief architect of Goods and Services Tax. GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically. pic.twitter.com/GZEPlA3wNq
— ANI (@ANI) February 1, 2020
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Arun Jaitley was India’s Finance Minister from 2014, when Modi government stormed into power, to 2019. The Budgets presented by Jaitley in the first term of NDA government were seen as efforts to remove the burden from the salaried, middle class. His Budgets were marked by raising the income tax exemption limit by Rs 50,000 to Rs. 2.5 lakh—and for senior citizens to Rs 3 lakh.
One of the major achievements of Jaitley include the introduction of Goods and Services Tax (GST). He is remembered as the finance minister who brought India under one unified indirect tax regime.
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It was under Jaitley only, when Railways Budget was merged the railway budget with the General budge. This was done with the aim of presenting a holistic picture of the financial picture of government—to advancing the budget presentation to 1 February.
